Common use of Waivers of Default Clause in Contracts

Waivers of Default. Prior to the declaration of the acceleration of the maturity of the rentals due hereunder and of the maturity of all the Trust Certificates as provided in Section 5.01, the holders of more than 50% in aggregate unpaid principal amount of the Trust Certificates at the time outstanding may on behalf of the holders of all the Trust Certificates waive any past Default and its consequences, except a Default in the payment of any installment of rental then due and payable pursuant to Section 4.04 in respect of the principal of, or interest on, the Trust Certificates, but no such waiver shall extend to or affect any subsequent Default or impair any right consequent thereon. If at any time after the principal of all the Trust Certificates shall have been declared and become due and payable or if at any time after the entire amount of rentals shall have been declared and become due and payable, all as provided in Section 5.01, all arrears of rent (with interest at the Penalty Rate upon any overdue installments, to the extent legally enforceable), the expenses and reasonable compensation of the Trustee, together with all expenses of the trust occasioned by the Company's Default, and all other sums which shall have become due and payable hereunder shall be paid by the Company before any sale or lease by the Trustee of any of the Trust Equipment, and every other Default shall be made good or secured to the satisfaction of the Trustee and the holders of the Trust Certificates, or provision deemed by the Trustee to be adequate shall be made therefor, then, and in every such case, the Trustee, if so requested by the holders of more than 50% in aggregate unpaid principal amount of the Trust Certificates then outstanding according to their terms, shall by written notice to the Company

Waivers of Default. Prior to the The Trustee shall waive any Default hereunder and its consequences and rescind any declaration of the acceleration of principal upon the maturity written request of the rentals due hereunder and Owners of the maturity of all the Trust Certificates as provided in Section 5.01, the holders of more than 50% at least a majority in aggregate unpaid principal amount of all Outstanding Bonds; provided, however, that there shall not be waived any Default hereunder unless and until the Trust Certificates at Trustee shall have received written notice from the time outstanding Credit Provider that the Credit Facility has been reinstated in full; and provided further that any Default under subsection (d) of Section 9.01 hereof may on behalf only be waived upon the written request of the holders Credit Provider; provided, however, that the corresponding event of default under the Reimbursement Agreement shall have been rescinded by the Credit Provider (and in such case the consent of the Owners of the Bonds shall not be required); and provided further that there shall not be waived any Default specified in subsection (a) or (b) of Section 9.01 hereof unless, prior to such waiver or rescission, the Company shall have caused to be paid to the Trustee (i) all arrears of principal and interest (other than principal of or interest on the Trust Certificates waive any past Default and its consequences, except a Default in the payment of any installment of rental then Bonds which became due and payable pursuant by declaration of acceleration), with interest at the rate then borne by the Bonds on overdue installments, to Section 4.04 in respect the extent permitted by law, and (ii) all fees and expenses of the principal ofTrustee in connection with such Default. In case of any waiver or rescission described above, or interest onin case any proceeding taken by the Trustee on account of any such Default shall have been discontinued or concluded or determined adversely, then and in every such case the Issuer, the Trust CertificatesTrustee and the Owners of Bonds shall be restored to their former positions and rights hereunder, respectively, but no such waiver or rescission shall extend to or affect any subsequent Default or other Default, or impair any right consequent thereon. If at any time after Notwithstanding the principal foregoing, no waiver, rescission or annulment of all the Trust Certificates shall have been declared and become due and payable or if at any time after the entire amount of rentals shall have been declared and become due and payable, all as provided in Section 5.01, all arrears of rent (with interest at the Penalty Rate upon any overdue installments, to the extent legally enforceable), the expenses and reasonable compensation of the Trustee, together with all expenses of the trust occasioned by the Company's Default, and all other sums which shall have become due and payable a Default hereunder shall be paid by made if the Company before any sale or lease by Credit Provider shall theretofore have honored in full a drawing under the Trustee Credit Facility in respect of any of the Trust Equipment, and every other Default shall be made good or secured to the satisfaction of the Trustee and the holders of the Trust Certificates, or provision deemed by the Trustee to be adequate shall be made therefor, then, and in every such case, the Trustee, if so requested by the holders of more than 50% in aggregate unpaid principal amount of the Trust Certificates then outstanding according to their terms, shall by written notice to the CompanyDefault.

Waivers of Default. Prior to the The Trustee shall waive any Default hereunder and its consequences and rescind any declaration of the acceleration of principal upon the maturity written request of the rentals due hereunder and Owners of the maturity of all the Trust Certificates as provided in Section 5.01, the holders of (a) more than 50% two-thirds (2/3) in aggregate unpaid principal amount of the Trust Certificates at the time outstanding may on behalf all Outstanding Bonds in respect of the holders of all the Trust Certificates waive any past Default and its consequences, except a Default which default in the payment of principal or interest, or both, exists or (b) more than two-thirds (2/3) in aggregate principal amount of Outstanding Bonds in the case of any installment other Default; PROVIDED, HOWEVER, that there shall not be waived any Default hereunder unless and until the Trustee shall have received written notice from the Bank that the Letter of rental then Credit has been reinstated in full; and PROVIDED FURTHER that any Default under subsection (e) of SECTION 9.01 hereof may only be waived upon the written request of the Bank (and in such case the consent of the Owners of the Bonds shall not be required); and PROVIDED FURTHER that there shall not be waived any Default specified in subsection (a) or (b) of SECTION 9.01 hereof unless prior to such waiver or rescission, the Company shall have caused to be paid to the Trustee (i) all arrears of principal and interest (other than principal of or interest on the Bonds which became due and payable pursuant by declaration of acceleration), with interest at the rate then borne by the Bonds on overdue installments, to Section 4.04 in respect the extent permitted by law, and (ii) all expenses of the principal ofTrustee in connection with such Default. In case of any waiver or rescission described above, or interest onin case any proceeding taken by the Trustee on account of any such Default shall have been discontinued or concluded or determined adversely, then and in every such case the Issuer, the Trust CertificatesTrustee and the Owners of Bonds shall be restored to their former positions and rights hereunder, respectively, but no such waiver or rescission shall extend to or affect any subsequent Default or other Default, or impair any right consequent thereon. If at any time after Notwithstanding the principal foregoing, no waiver, rescission or annulment of all the Trust Certificates shall have been declared and become due and payable or if at any time after the entire amount of rentals shall have been declared and become due and payable, all as provided in Section 5.01, all arrears of rent (with interest at the Penalty Rate upon any overdue installments, to the extent legally enforceable), the expenses and reasonable compensation of the Trustee, together with all expenses of the trust occasioned by the Company's Default, and all other sums which shall have become due and payable a Default hereunder shall be paid by made without the Company before any sale or lease by Bank's consent if the Trustee Bank shall theretofore have honored in full a drawing under the Letter of any Credit in respect of the Trust Equipment, and every other Default shall be made good or secured to the satisfaction of the Trustee and the holders of the Trust Certificates, or provision deemed by the Trustee to be adequate shall be made therefor, then, and in every such case, the Trustee, if so requested by the holders of more than 50% in aggregate unpaid principal amount of the Trust Certificates then outstanding according to their terms, shall by written notice to the CompanyDefault.

Waivers of Default. Prior to the The Trustee shall waive any Default hereunder and its consequences and rescind any declaration of the acceleration of principal upon the maturity written request of the rentals due hereunder and Owners of the maturity of all the Trust Certificates as provided in Section 5.01, the holders of (1) more than 50% two-thirds (2/3) in aggregate unpaid principal amount of the Trust Certificates at the time outstanding may on behalf all Outstanding Bonds in respect of the holders of all the Trust Certificates waive any past Default and its consequences, except a Default which default in the payment of principal or interest, or both, exists or (2) more than two-thirds (2/3) in aggregate principal amount of Outstanding Bonds in the case of any installment other Event of rental then Default; provided, however, that any Event of Default under subsection (e) of Section 10.01 hereof may only be waived upon the written request of the Bank (and in such case the consent of the Owners of the Bonds shall not be required); and provided further that there shall not be waived any Event of Default specified in subsection (a) or (b) of Section 10.01 hereof unless prior to such waiver or rescission, all arrears of principal and interest (other than principal of or interest on the Bonds which became due and payable pursuant by declaration of acceleration), with interest at the Late Payment Rate on overdue installments, to Section 4.04 in respect the extent permitted by law, and all expenses of the principal ofTrustee in connection with such Event of Default shall have been paid or provided for. In case of any waiver or rescission described above, or interest onin case any proceeding taken by the Trustee on account of any such Event of Default shall have been discontinued or concluded or determined adversely, then and in every such case the Authority, the Trust CertificatesTrustee and the Owners of Bond shall be restored to their former positions and rights hereunder, respectively, but no such waiver or rescission shall extend to or affect any subsequent Default or other Event of Default, or impair any right consequent thereon. If at any time after Notwithstanding the principal foregoing, no waiver, rescission or annulment of all the Trust Certificates shall have been declared and become due and payable or if at any time after the entire amount an Event of rentals shall have been declared and become due and payable, all as provided in Section 5.01, all arrears of rent (with interest at the Penalty Rate upon any overdue installments, to the extent legally enforceable), the expenses and reasonable compensation of the Trustee, together with all expenses of the trust occasioned by the Company's Default, and all other sums which shall have become due and payable Default hereunder shall be paid by made if the Company before any sale or lease by Bank shall theretofore have honored in full a drawing under the Trustee Letter of any Credit in respect of the Trust Equipment, and every other Default shall be made good or secured to the satisfaction such Event of the Trustee and the holders of the Trust Certificates, or provision deemed by the Trustee to be adequate shall be made therefor, then, and in every such case, the Trustee, if so requested by the holders of more than 50% in aggregate unpaid principal amount of the Trust Certificates then outstanding according to their terms, shall by written notice to the CompanyDefault.

Waivers of Default. No delay or omission of the Indenture Trustee, any Holder or any Exchange Counterparty to exercise any right or power arising upon the happening of an Event of Default shall impair any right or power or shall be construed to be a waiver of any such Event of Default or to be an acquiescence therein and every power and remedy given by this Article VIII to the Indenture Trustee, the Holders or any Exchange Counterparty may be exercised from time to time and as often as may be deemed necessary by the Indenture Trustee, such Holders or any Exchange Counterparty. No waiver of any Event of Default hereunder, whether by the Indenture Trustee, any Holder or any Exchange Counterparty, shall extend to or shall affect any subsequent Event of Default or shall impair any rights or remedies consequent thereon. Prior to the a declaration of the acceleration of accelerating the maturity of the rentals due hereunder and of the maturity of all the Trust Certificates Notes as provided in Section 5.018.1 hereof, the holders Holders of more not less than 50% two-thirds (2/3) in aggregate unpaid principal amount of the Trust Certificates Directing Notes at the time outstanding may Outstanding and each Exchange Counterparty (so long as such Exchange Counterparty is not in default of its obligations under its respective Exchange Agreement and such Exchange Agreement has not be terminated), or their attorneys-in-fact duly authorized, may, on behalf of the holders Holders of all of the Trust Certificates Notes and each such Exchange Counterparty, respectively, waive any past Default failure under this Indenture and its consequencesconsequences with respect to the Notes, except a Default failure in the payment of any installment of rental then due and payable pursuant to Section 4.04 in respect of the principal of, of or interest on, the Trust Certificates, but no such waiver shall extend to or affect any subsequent Default or impair any right consequent thereon. If at any time after the principal of all the Trust Certificates shall have been declared and become due and payable or if at any time after the entire amount of rentals shall have been declared and become due and payable, all as provided in Section 5.01, all arrears of rent (with interest at the Penalty Rate upon any overdue installments, to the extent legally enforceable), the expenses and reasonable compensation of the Trustee, together with all expenses of the trust occasioned by the Company's Default, and all other sums which shall have become due and payable hereunder shall be paid by the Company before any sale or lease by the Trustee of on any of the Trust EquipmentNotes. The Indenture Trustee shall, and every other Default shall be made good or secured to upon the satisfaction written request of the Trustee and the holders of the Trust Certificates, or provision deemed by the Trustee to be adequate shall be made therefor, then, and in every such case, the Trustee, if so requested by the holders of more than 50% in aggregate unpaid principal amount of the Trust Certificates then outstanding according to their terms, shall by written notice to the Companyan Exchange Counterparty,

Waivers of Default. Prior to the The Trustee shall waive any Default hereunder and its consequences and rescind any declaration of the acceleration of principal upon the maturity written request of the rentals due hereunder and Owners of the maturity of all the Trust Certificates as provided in Section 5.01, the holders of more than 50% at least a majority in aggregate unpaid principal amount of all Outstanding Bonds; provided, however, that there shall not be waived any Default hereunder unless and until the Trust Certificates at Trustee shall have received written notice from the time outstanding Credit Provider that the Credit Facility has been reinstated in full; and provided further that any Default under subsection (d) of Section 9.01 hereof may on behalf only be waived upon the written request of the holders Credit Provider (and in such case the consent of the Owners of the Bonds shall not be required); and provided further that there shall not be waived any Default specified in subsection (a) or (b) of Section 9.01 hereof unless prior to such waiver or rescission, the Company shall have caused to be paid to the Trustee (i) all arrears of principal and interest (other than principal of or interest on the Trust Certificates waive any past Default and its consequences, except a Default in the payment of any installment of rental then Bonds which became due and payable pursuant by declaration of acceleration), with interest at the rate then borne by the Bonds on overdue installments, to Section 4.04 in respect the extent permitted by law, and (ii) all fees and expenses of the principal ofTrustee in connection with such Default. In case of any waiver or rescission described above, or interest onin case any proceeding taken by the Trustee on account of any such Default shall have been discontinued or concluded or determined adversely, then and in every such case the Issuer, the Trust CertificatesTrustee and the Owners of Bonds shall be restored to their former positions and rights hereunder, respectively, but no such waiver or rescission shall extend to or affect any subsequent Default or other Default, or impair any right consequent thereon. If at any time after Notwithstanding the principal foregoing, no waiver, rescission or annulment of all the Trust Certificates shall have been declared and become due and payable or if at any time after the entire amount of rentals shall have been declared and become due and payable, all as provided in Section 5.01, all arrears of rent (with interest at the Penalty Rate upon any overdue installments, to the extent legally enforceable), the expenses and reasonable compensation of the Trustee, together with all expenses of the trust occasioned by the Company's Default, and all other sums which shall have become due and payable a Default hereunder shall be paid by made if the Company before any sale or lease by Credit Provider shall theretofore have honored in full a drawing under the Trustee Credit Facility in respect of any of the Trust Equipment, and every other Default shall be made good or secured to the satisfaction of the Trustee and the holders of the Trust Certificates, or provision deemed by the Trustee to be adequate shall be made therefor, then, and in every such case, the Trustee, if so requested by the holders of more than 50% in aggregate unpaid principal amount of the Trust Certificates then outstanding according to their terms, shall by written notice to the CompanyDefault.

Waivers of Default. No delay or omission of the Indenture Trustee, any Holder or any Exchange Counterparty to exercise any right or power arising upon the happening of an Event of Default shall impair any right or power or shall be construed to be a waiver of any such Event of Default or to be an acquiescence therein and every power and remedy given by this Article VIII to the Indenture Trustee, the Holders or any Exchange Counterparty may be exercised from time to time and as often as may be deemed necessary by the Indenture Trustee, such Holders or any Exchange Counterparty. No waiver of any Event of Default hereunder, whether by the Indenture Trustee, any Holder or any Exchange Counterparty, shall extend to or shall affect any subsequent Event of Default or shall impair any rights or remedies consequent thereon. Prior to the a declaration of the acceleration of accelerating the maturity of the rentals due hereunder and of the maturity of all the Trust Certificates Notes as provided in Section 5.018.1 hereof, the holders Holders of more not less than 50% two-thirds (2/3) in aggregate unpaid principal amount of the Trust Certificates Directing Notes at the time outstanding may Outstanding and each Exchange Counterparty (so long as such Exchange Counterparty is not in default of its obligations under its respective Exchange Agreement and such Exchange Agreement has not be terminated), or their attorneys-in-fact duly authorized, may, on behalf of the holders Holders of all of the Trust Certificates Notes and each such Exchange Counterparty, respectively, waive any past Default failure under this Indenture and its consequencesconsequences with respect to the Notes, except a Default failure in payment of the principal of or interest on any of the Notes. The Indenture Trustee shall, upon the written request of an Exchange Counterparty, except as otherwise provided in the next succeeding paragraph, waive any failure in the payment of any installment of rental then due and payable pursuant an Issuer Exchange Payment to Section 4.04 in respect of the principal of, or interest on, the Trust Certificates, but no such Exchange Counterparty. No such waiver shall extend to or affect any subsequent Default or other failure or impair any right consequent thereon. If at any time after the principal of all the Trust Certificates shall have been declared and become due and payable or if at any time after the entire amount of rentals shall have been declared and become due and payable, all as provided in Section 5.01, all arrears of rent (with interest at the Penalty Rate upon any overdue installments, to the extent legally enforceable), the expenses and reasonable compensation of the Trustee, together with all expenses of the trust occasioned by the Company's Default, and all other sums which shall have become due and payable hereunder shall be paid by the Company before any sale or lease by the Trustee of any of the Trust Equipment, and every other Default shall be made good or secured to the satisfaction of the Trustee and the holders of the Trust Certificates, or provision deemed by the Trustee to be adequate shall be made therefor, then, and in every such case, the Trustee, if so requested by the holders of more than 50% in aggregate unpaid principal amount of the Trust Certificates then outstanding according to their terms, shall by written notice to the Company.

Waivers of Default. Prior to the declaration of the acceleration of the maturity of the rentals amounts due hereunder and of the maturity of all the Trust Certificates as provided in Section 5.01, the holders of more than at least 50% in aggregate unpaid principal amount of the Trust Certificates at the time outstanding may on behalf of the holders of all the Trust Certificates waive any past Default and its consequences, except a Default in the payment of any installment of rental any amount then due and payable pursuant to Section 4.04 in respect of the principal of, or interest on, the Trust Certificates, but no such waiver shall extend to or affect any subsequent Default or impair any right consequent thereon. If at any time after the principal of all the Trust Certificates shall have been declared and become due and payable or if at any time after the entire amount of rentals the payments required hereunder shall have been declared and become due and payable, all as provided in Section 5.01, all arrears of rent amounts payable under Section 4.04 (with interest at the Penalty Rate upon any overdue installments, to the extent legally enforceable), the expenses and reasonable compensation of the Trustee, together with all expenses of the trust occasioned by the Company's Default, and all other sums which shall have become due and payable hereunder shall be paid by Union pursuant to its guarantee endorsed on the Company Trust Certificates before any sale or lease by the Trustee of any of the Trust Equipment, and every other Default shall be made good or secured to the satisfaction of the Trustee and the holders of the Trust Certificates, or provision deemed by the Trustee to be adequate shall be made therefor, then, and in every such case, the Trustee, if so requested by the holders of more than 50at least 66-2/3% in aggregate unpaid principal amount of the Trust Certificates then outstanding according to their terms, shall by written notice to the CompanyCompany waive the Default by reason of which there shall have been such declaration or declarations and the consequences of such Default, but no such waiver shall extend to or affect any subsequent Default or impair any right consequent thereon.

Waivers of Default. Prior to the The Trustee shall waive any Default hereunder and its consequences and rescind any declaration of the acceleration of principal upon the maturity written request of the rentals due hereunder and Owners of the maturity of all the Trust Certificates as provided in Section 5.01, the holders of more than 50% at least a majority in aggregate unpaid principal amount of all Outstanding Bonds; provided, however, that there shall not be waived any Default hereunder unless and until the Trust Certificates at Trustee shall have received written notice from the time outstanding Credit Provider that the Credit Facility has been reinstated in full; and provided further that any Default under subsection (d) of Section 9.01 hereof may on behalf only be waived upon the written request of the holders Credit Provider provided, however, that the corresponding event of default under the Reimbursement Agreement shall have been rescinded by the Credit Provider (and in such case the consent of the Owners of the Bonds shall not be required); and provided further that there shall not be waived any Default specified in subsection (a) or (b) of Section 9.01 hereof unless, prior to such waiver or rescission, the Company shall have caused to be paid to the Trustee (i) all arrears of principal and interest (other than principal of or interest on the Trust Certificates waive any past Default and its consequences, except a Default in the payment of any installment of rental then Bonds which became due and payable pursuant by declaration of acceleration), with interest at the rate then borne by the Bonds on overdue installments, to Section 4.04 in respect the extent permitted by law, and (ii) all fees and expenses of the principal ofTrustee in connection with such Default. In case of any waiver or rescission described above, or interest onin case any proceeding taken by the Trustee on account of any such Default shall have been discontinued or concluded or determined adversely, then and in every such case the Issuer, the Trust CertificatesTrustee and the Owners of Bonds shall be restored to their former positions and rights hereunder, respectively, but no such waiver or rescission shall extend to or affect any subsequent Default or other Default, or impair any right consequent thereon. If at any time after Notwithstanding the principal foregoing, no waiver, rescission or annulment of all the Trust Certificates shall have been declared and become due and payable or if at any time after the entire amount of rentals shall have been declared and become due and payable, all as provided in Section 5.01, all arrears of rent (with interest at the Penalty Rate upon any overdue installments, to the extent legally enforceable), the expenses and reasonable compensation of the Trustee, together with all expenses of the trust occasioned by the Company's Default, and all other sums which shall have become due and payable a Default hereunder shall be paid by made if the Company before any sale or lease by Credit Provider shall theretofore have honored in full a drawing under the Trustee Credit Facility in respect of any of the Trust Equipment, and every other Default shall be made good or secured to the satisfaction of the Trustee and the holders of the Trust Certificates, or provision deemed by the Trustee to be adequate shall be made therefor, then, and in every such case, the Trustee, if so requested by the holders of more than 50% in aggregate unpaid principal amount of the Trust Certificates then outstanding according to their terms, shall by written notice to the CompanyDefault.

Waivers of Default. Prior to the declaration of the ------------------ acceleration of the maturity of the rentals due hereunder and of the maturity of all the Trust Certificates Notes as provided in Section 5.014.01, the holders of more than 50% in aggregate unpaid principal amount of the Trust Certificates Notes at the time outstanding may may, on behalf of the holders of all the Trust Certificates Notes, waive any past Default and its consequences, except a Default in the payment of the principal of or interest on any installment of rental then due and payable pursuant to Section 4.04 in respect of the principal ofNotes or Make-Whole Amount, or interest on, the Trust Certificatesif any, but no such waiver shall extend to or affect any subsequent Default or impair any right consequent thereon. If at At any time after the principal of all the Trust Certificates shall any Notes have been declared due and payable or have automatically become due and payable or if at any time after the entire amount of rentals shall have been declared and become due and payablepursuant to Section 4.01, all as provided in Section 5.01, all arrears of rent (with interest at the Penalty Rate upon any overdue installments, to the extent legally enforceable), the expenses and reasonable compensation of the Trustee, together with all expenses of the trust occasioned by the Company's Default, and all other sums which shall have become due and payable hereunder shall be paid by the Company before any sale or lease by the Trustee of any of the Trust Equipment, and every other Default shall be made good or secured to the satisfaction of the Trustee and the holders of not less than a majority of the Trust Certificates, or provision deemed by the Trustee to be adequate shall be made therefor, then, and in every such case, the Trustee, if so requested by the holders of more than 50% in aggregate unpaid principal amount of the Trust Certificates Notes then outstanding according to their termsoutstanding, shall by written notice to the CompanyCompany and the Trustee, may rescind and annul any such declaration and its consequences if (a) the Company or the Guarantor has paid all overdue interest - on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b) all Events of Default and Defaults, other than - non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to this Indenture, and (c) no judgment or decree has been entered for the payment of any monies due - pursuant hereto or to the Notes. No rescission and annulment under this Section 4.05 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon. No course of dealing and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder's rights, powers or remedies. No right, power or remedy conferred by this Agreement or by any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise. Without limiting the obligations of the Company and the Guarantor under Section 7 of the Note Purchase Agreements, the Company or the Guarantor will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement or collection under this Article IV, including, without limitation, reasonable attorneys' fees, expenses and disbursements.

Waivers of Default. Prior Subject to the provisions of the last paragraph of Section 802 hereof, the Trustee may in its discretion waive any Default hereunder and its consequences and rescind any declaration of the acceleration of principal, and shall do so upon the maturity written request of the rentals due hereunder Bank and the Owners of the maturity of all the Trust Certificates as provided in Section 5.01, the holders of (1) more than 50% two-thirds (2/3) in aggregate unpaid principal amount of the Trust Certificates at the time outstanding may on behalf all Outstanding Notes in respect of the holders of all the Trust Certificates waive any past Default and its consequences, except a which Default in the payment of principal or interest, or both, exists or (2) more than two-thirds (2/3) in aggregate principal amount of all Outstanding Notes in the case of any installment other Default; provided, however, that any Default under subsection (e) of rental then Section 801 hereof may only be waived upon the written request of the Bank (and in such case the consent of the Owners of the Notes shall not be required); and provided further that there shall not be waived any Default in the payment of the principal of or interest on any Outstanding Notes unless prior to such waiver or rescission, all arrears of principal and interest (other than principal of or interest on the Notes which became due and payable pursuant by declaration of acceleration), with interest at the Late Payment Rate on overdue installments, to Section 4.04 in respect the extent permitted by law, and all expenses of the principal ofTrustee in connection with such Default shall have been paid or provided for. In case of any waiver or rescission described above, or interest onin case any proceeding taken by the Trustee on account of any such Default shall have been discontinued or abandoned or determined adversely, then and in every such case the Issuer, the Trust CertificatesTrustee and the Owners of Notes shall be restored to their former positions and rights hereunder, respectively, but no such waiver or rescission shall extend to or affect any subsequent Default or other Default, or impair any right consequent thereon. If at any time after the principal Section 812. Notice of all the Trust Certificates shall have been declared and become due and payable or if at any time after the entire amount of rentals shall have been declared and become due and payable, all as provided in Defaults under Section 5.01, all arrears of rent (with interest at the Penalty Rate upon any overdue installments, 801(g); Opportunity to Cure Such Defaults. Anything herein to the extent legally enforceable)contrary notwithstanding, no Default under Section 801(g) hereof shall be deemed a Default until notice of such Default shall be given to the Issuer, the expenses Guarantor and reasonable compensation of the Trustee, together with all expenses of the trust occasioned by the Company's Default, and all other sums which shall have become due and payable hereunder shall be paid by the Company before any sale or lease by the Trustee of any of the Trust Equipment, and every other Default shall be made good or secured to the satisfaction of the Trustee and the holders of the Trust Certificates, or provision deemed by the Trustee to be adequate shall be made therefor, then, and in every such case, the Trustee, if so requested by the holders Owners of more not less than 50% twenty-five percent (25%) in aggregate unpaid principal amount of all Outstanding Notes, and the Trust Certificates then outstanding according to their termsIssuer, the Guarantor and the Company shall by written have had thirty (30) days after receipt of such notice to correct said Default or to cause said Default to be corrected and shall not have corrected said Default or caused said Default to be corrected within the Companyapplicable period; provided, however, if said Default be such that it cannot be corrected within the applicable period, it shall not constitute a Default if corrective action is instituted by the Issuer, the Guarantor or the Company within the applicable period and diligently pursued until the Default is corrected. With regard to any Default concerning which notice is given to the Issuer, the Guarantor and the Company under the provisions of this Section, the Issuer hereby grants the Guarantor and the Company full authority for account of the Issuer to perform any covenant or obligation alleged in said notice to constitute a Default, in the name and stead of the Issuer with full power to do any and all things and acts to the same extent that the Issuer could do and perform any such things and acts and with power of substitution.