Common use of Waiver of Servicer Termination Events Clause in Contracts

Waiver of Servicer Termination Events. The Noteholders of a majority of the Note Balance of the Controlling Class or, if no Notes are Outstanding, the Owner Trustee, at the direction of the holder of the Residual Interest, may direct the Indenture Trustee to waive a Servicer Termination Event, except failure to make required deposits or payment from any of the Bank Accounts, and its consequences. On waiver, the Servicer Termination Event will cease to exist, and will be deemed to have been remedied for every purpose of this Agreement. No waiver will extend to a later or other event or impair any right relating to a later or other event. The Issuer will promptly notify the Rating Agencies of any waiver.