Common use of Waiver of Past Servicer Termination Events Clause in Contracts

Waiver of Past Servicer Termination Events. The Noteholders holding not less than 51% of the Note Balance of the Controlling Class may, on behalf of all Noteholders, waive in writing any Servicer Termination Event and its consequences, except an event resulting from the failure to make any required deposits to or payments from the Trust Accounts in accordance with this Agreement. Upon any such waiver of a Servicer Termination Event, such event shall cease to exist, and shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event or impair any right consequent thereto. ARTICLE NINE TERMINATION

Waiver of Past Servicer Termination Events. The Noteholders holding not less than 51% of the Note Balance of the Controlling Class may, on behalf of all Noteholders, waive in writing any Servicer Termination Event and its consequences, except an event resulting from the failure to make any required deposits to or payments from the Trust Accounts in accordance with this Agreement. Upon any such waiver of a Servicer Termination Event, such event shall cease to exist, and shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event or impair any right consequent thereto. ARTICLE NINE TERMINATIONthis