Common use of Waiver of Master Servicer Events of Default Clause in Contracts

Waiver of Master Servicer Events of Default. The Group I Senior Certificate Insurer, so long as an Insurer Default has not occurred and is continuing, or if an Insurer Default has occurred and is continuing, the Holders evidencing, in aggregate, not less than 66 2/3% of the aggregate Percentage Interests of all Classes of Certificates affected by any default or Master Servicer Event of Default hereunder may waive any default or Master Servicer Event of Default; provided, however, that if an Insurer Default has occurred and is continuing, a default or Master Servicer Event of Default under clause (vi) of Section 8.1 may be waived only by all of the Holders of the Regular Interest Certificates. Upon any such waiver of a default or Master Servicer Event of Default, such default or Master Servicer Event of Default shall cease to exist and shall be deemed to have been remedied for every purpose hereunder. No such waiver shall extend to any subsequent or other default or Master Servicer Event of Default or impair any right consequent thereon except to the extent expressly so waived.