Waiver of Servicer Events of Default Clause Samples
The Waiver of Servicer Events of Default clause allows the parties to formally excuse or disregard certain breaches or failures by the servicer that would otherwise constitute an event of default under the agreement. In practice, this means that if the servicer fails to meet specific obligations, the parties can agree to waive the consequences, either for a particular incident or for a defined period. This clause provides flexibility in managing the relationship and helps prevent automatic enforcement actions for minor or remedied defaults, thereby maintaining the continuity of servicing operations and avoiding unnecessary disruptions.
Waiver of Servicer Events of Default. The Holders representing at least 66% of the Voting Rights evidenced by all Classes of Certificates affected by any default or Servicer Event of Default hereunder may waive such default or Servicer Event of Default; provided, however, that a default or Servicer Event of Default under clause (i) or (vii) of Section 7.01 may be waived only by all of the Holders of the Regular Certificates. Upon any such waiver of a default or Servicer Event of Default, such default or 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 Servicer Event of Default or impair any right consequent thereon except to the extent expressly so waived.
Waiver of Servicer Events of Default. The Holders representing at least 66% of the Voting Rights evidenced by all Classes of Certificates affected by any default, Servicer Event of Default or Master Servicer Event of Default hereunder may waive such default, Servicer Event of Default or Master Servicer Event of Default; provided, however, that a Servicer Event of Default under clause (i) or (vii) of Section 8.01(a) of this Agreement may be waived only by all of the Holders of the Regular Certificates. Upon any such waiver of a default, Servicer Event of Default or Master Servicer Event of Default, such default, Servicer Event of 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, Servicer Event of Default or Master Servicer Event of Default or impair any right consequent thereon except to the extent expressly so waived.
Waiver of Servicer Events of Default. The Holders representing at least 66% of the Voting Rights evidenced by all Classes of Certificates affected by any default or Servicer Event of Default hereunder may, with the consent of the NIMS Insurer, waive such default or Servicer Event of Default; provided, however, that a default or Servicer Event of Default under clause (i) or (vii) of Section 7.01 may be waived only by all of the Holders of the Regular Certificates and the NIMS Insurer (as evidenced by the written consent of the NIMS Insurer). Upon any such waiver of a default or Servicer Event of Default, such default or 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 Servicer Event of Default or impair any right consequent thereon except to the extent expressly so waived.
Waiver of Servicer Events of Default. The Holders representing at least 66% of the Voting Rights evidenced by all Classes of Certificates affected by any default or Event of Default hereunder may, with the consent of the NIMS Insurer, waive such default or Event of Default; provided, however, that a default or Event of Default under clause (i) or (vii) of Section 7.01 may be waived only by all of the Holders of the Regular Certificates and the NIMS Insurer (as evidenced by the written consent of the NIMS Insurer). Upon any such waiver of a default or Event of Default, such default or 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 Event of Default or impair any right consequent thereon except to the extent expressly so waived.
Waiver of Servicer Events of Default. Subject to Article IX, the Holders representing at least 66% of the Voting Rights evidenced by all Classes of Certificates affected by any default or Servicer Event of Default hereunder, with the written consent of the Certificate Insurer, may waive such default or Servicer Event of Default; provided, however, that a default or Servicer Event of Default under clause (i) or (vi) of Section 7.01 may be waived only by all of the Holders of the Regular Certificates with the written consent of the Certificate Insurer. Upon any such waiver of a default or Servicer Event of Default, such default or 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 Servicer Event of Default or impair any right consequent thereon except to the extent expressly so waived.
Waiver of Servicer Events of Default. The Holders representing at least 66 2/3% of the Voting Rights evidenced by all Classes of Certificates affected by any SLS Event of Termination hereunder, may waive such SLS Event of Termination; provided, however, that a SLS Event of Termination under clause (i) or (vi) of Section 8.01 may be waived only by all of the Holders of the Regular Certificates. Upon any such waiver of an Event of Default, such 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 Event of Default or impair any right consequent thereon except to the extent expressly so waived.
Waiver of Servicer Events of Default. The Holders of not less than 66% of the Note Balances of the Notes may waive such default or Servicing Default. Upon any such waiver of a default or Servicing Default, such default or Servicing 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 Servicing Default or impair any right consequent thereon except to the extent expressly so waived.
Waiver of Servicer Events of Default. The Holders representing at least 66% of the Voting Rights evidenced by all Classes of Certificates affected by any Servicer Event of Termination hereunder, may waive such Servicer Event of Termination; provided, however, that a Servicer Event of Termination under clause (i) or (vi) of Section 8.01 may be waived only by all of the Holders of the Regular Certificates. Upon any such waiver of a Servicer Event of Termination, such 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 Servicer Event of Termination or impair any right consequent thereon except to the extent expressly so waived.
Waiver of Servicer Events of Default. The Holders representing at least 66% of the Voting Rights evidenced by all Classes of Certificates affected by any default, Servicer Event of Default or Master Servicer Event of Default hereunder may waive such default, Servicer Event of Default or Master Servicer Event of Default. Upon any such waiver of a default, Servicer Event of Default or Master Servicer Event of Default, such default, Servicer Event of 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, Servicer Event of Default or Master Servicer Event of Default or impair any right consequent thereon except to the extent expressly so waived.
Waiver of Servicer Events of Default. The Holders representing at least 66-2/3% of the Voting Rights (exclusive of any Bonds owned by either the Servicer or an Affiliate thereof) evidenced by all Classes of Bonds affected by any Servicer Event of Default hereunder may waive such Servicer Event of Default; provided, however, that a Servicer Event of Default under clause (i) or clause (vii) of Section 9.01 may be waived only by all of the Bondholders. Upon any such waiver of a Servicer Event of Default, and payment to the Indenture Trustee of all costs and expenses the Indenture Trustee incurred in connection with such Servicer Event of Default prior to such waiver, such Servicer Event of Default shall cease to exist and shall be deemed to have been remedied for every purpose hereunder, except that no Servicer Event of Default under Section 9.01(i) and (vii) shall be deemed so waived or cured unless and until the Indenture Trustee and the Fiscal Agent has been reimbursed in full for all Advances, together with interest thereon at the Advance Rate, which it may have made hereunder. The Indenture Trustee shall be entitled to reimbursement from the Issuer for any costs and expenses incurred by the Indenture Trustee or successor Servicer in connection with assuming the duties of a Servicer following the occurrence of a Servicer Event of Default if following the termination of such Servicer pursuant to this Servicing Agreement, the Bondholders elect to waive such Servicer Event of Default and reinstate the terminated Servicer. No such waiver shall extend to any subsequent or other Servicer Event of Default or impair any right consequent thereon except to the extent expressly so waived. Notwithstanding any other provisions of this Servicing Agreement, for purposes of waiving any Servicer Event of Default pursuant to this Section 9.04, Bonds registered in the name of the Issuer or any Affiliate of the Issuer shall be entitled to Voting Rights with respect to the matters described above.