Common use of Waiver of Past Servicer Defaults Clause in Contracts

Waiver of Past Servicer Defaults. The Noteholders evidencing a majority of the Outstanding Amount of the Notes, in the case of any Servicer Default which does not adversely affect the Indenture Trustee or the Noteholders, may, on behalf of all Noteholders, waive in writing any default by the Servicer in the performance of its obligations hereunder and any consequences thereof, except a default in making any required deposits to or payments from any of the Trust Accounts (or giving instructions regarding the same) in accordance with this Agreement. Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereto. The Issuer may designate another servicer with respect to its student loans. Any servicer, other than Grad Partners, Inc., may be appointed, provided that a Rating Confirmation has been received with respect thereto.

Waiver of Past Servicer Defaults. The Noteholders evidencing a majority of the Outstanding Amount of the Notes, in the case of any Servicer Default which does not adversely affect the Indenture Trustee or the Noteholders, may, on behalf of all Noteholders, waive in writing any default by the Servicer in the performance of its obligations hereunder and any consequences thereof, except a default in making any required deposits to or payments from any of the Trust Accounts (or giving instructions regarding the same) in accordance with this Agreement. Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereto. The Issuer may designate another servicer with respect to its student loans. Any servicer, other than Grad Partners, Inc.The Student Loan Corporation, may be appointed, provided that a Rating Confirmation has been received with respect thereto.

Waiver of Past Servicer Defaults. The Noteholders evidencing a majority of the Outstanding Amount of the Notes, in the case of any Servicer Default which does not adversely affect the Indenture Trustee or the Noteholders, may, on behalf of all Noteholders, waive in writing any default by the Servicer in the performance of its obligations hereunder and any consequences thereof, except a default in making any required deposits to or payments from any of the Trust Accounts (or giving instructions regarding the same) in accordance with this Agreement. Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereto. The Issuer may designate another servicer with respect to its student loans. Any servicer, other than Grad Partners, Inc.The Student Loan Corporation, may be appointed, provided appointed only if the rating agencies rating the Notes provide written confirmation that a Rating Confirmation has been received with respect theretothe appointment of the new servicer will not adversely affect the rating on any of the Notes.