Common use of Waiver of Past Default Clause in Contracts

Waiver of Past Default. Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.2, the Holders of Notes representing not less than a majority of the principal amount of the Notes Outstanding, voting as a group, may waive any past Default or Event of Default and its consequences except a Default or Event of Default (a) in the payment of principal of or interest on any of the Notes or (b) in respect of a covenant or provision hereof that cannot be amended, supplemented or modified without the consent of the Holder of each Note. In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto.

Appears in 17 contracts

Samples: Indenture (Mmca Auto Owner Trust 2001-3), Indenture (Mmca Auto Owner Trust 2001-4), Indenture (Mmca Auto Owner Trust 2001-3)

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Waiver of Past Default. Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.25.02, the Holders of Notes representing of not less than a majority of the principal amount Security Balances of the Notes Outstandingwith the consent of the Credit Enhancer, voting or the Credit Enhancer (so long as a group, no Credit Enhancer Default exists) may waive any past Default or Event of Default and its consequences except a Default or an Event of Default (ai) in the with respect to payment of principal of or interest on any of the Notes or (bii) in respect of a covenant or provision hereof that which cannot be amended, supplemented modified or modified amended without the consent of the Holder of each Note. In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders of the Notes shall be restored to their respective former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto.

Appears in 13 contracts

Samples: Indenture (RFMSII Series 2006-Hsa2 Trust), Indenture (Home Equity Loan Trust 2006-Hsa4), Indenture (Home Equity Loan Trust 2006-Hsa3)

Waiver of Past Default. Prior Subject to Sections 2.09, 6.07 and 9.02, prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.2Securities, the Holders of Notes representing not less than a majority of the in aggregate principal amount of the Notes Outstanding, voting as a group, outstanding Securities by written notice to the Trustee may waive any past Default or Event of an existing Default and its consequences consequences, except a Default or Event of Default (a) in the payment of principal of or interest on any of the Notes Security as specified in Section 6.01(1) or (b2) or a Default in respect of a covenant any term or provision hereof of this Indenture that canmay not be amended, supplemented amended or modified without the consent of each Holder affected as provided in Section 9.02. The Company shall deliver to the Holder Trustee an Officers' Certificate stating that the requisite percentage of each NoteHolders have consented to such waiver and attaching copies of such consents. In the case of any such waiver, the IssuerCompany, the Indenture Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunderhereunder and under the Securities, respectively; but no . This paragraph of this Section 6.04 shall be in lieu of Section 316(a)(1)(B) of the TIA and such waiver shall extend to any subsequent or other Default or Event Section 316(a)(1)(B) of Default or impair any right consequent theretothe TIA is hereby expressly excluded from this Indenture and the Securities, as permitted by the TIA. Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, occurred for every purpose of this Indenture; Indenture and the Securities, but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent theretothereon.

Appears in 4 contracts

Samples: Indenture (Global Telesystems Europe B V), Indenture (Hermes Europe Railtel B V), Global Telesystems Europe B V

Waiver of Past Default. Prior Subject to Sections 2.09, 6.07 and 10.02, prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.2Securities, the Holders of Notes representing not less than a majority of the in aggregate principal amount of the Notes Outstanding, voting as a group, outstanding Securities by written notice to the Trustee may waive any past an existing Default or Event of Default and its consequences consequences, except a Default or Event of Default (a) in the payment of principal of or interest on any of the Notes or Security as specified in clauses (a), (b) and (c) of Section 6.01 or a Default in respect of a covenant any term or provision hereof of this Indenture that canmay not be amended, supplemented amended or modified without the consent of each Holder affected as provided in Section 10.02. The Company shall deliver to the Holder Trustee an Officers' Certificate stating that the requisite percentage of each NoteHolders have consented to such waiver and attaching copies of such consents. In the case of any such waiver, the IssuerCompany, the Indenture Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunderhereunder and under the Securities, respectively; but no . This paragraph of this Section 6.04 shall be in lieu of (S) 316(a)(1)(B) of the TIA and such waiver shall extend to any subsequent or other Default or Event (S) 316(a)(1)(B) of Default or impair any right consequent theretothe TIA is hereby expressly excluded from this Indenture and the Securities, as permitted by the TIA. Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, occurred for every purpose of this Indenture; Indenture and the Securities, but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent theretothereon.

Appears in 3 contracts

Samples: Axia Inc, Fabrene Group Inc, Polymer Group Inc

Waiver of Past Default. Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.25.02, the Holders of Notes representing evidencing not less than a majority 51% of the principal amount Note Balance of the Notes Outstandingmay, voting as a groupon behalf of all Noteholders, may waive any past Default or Event of Default and its consequences except a Default or Event of Default (ai) in the payment of principal of or interest on any of the Notes or (bii) in respect of a covenant or provision hereof that which cannot be amended, supplemented modified or modified amended without the consent of the Holder of each Note. In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders of the Notes Noteholders shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; , but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto.

Appears in 2 contracts

Samples: Indenture (Daimler Trucks Retail Trust 2020-1), Indenture (Daimler Trucks Retail Trust 2020-1)

Waiver of Past Default. Prior Subject to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.2Sections 6.07 and 10.02, the Holders of Notes representing not less than a majority of the in aggregate principal amount of the Notes Outstanding, voting as a group, outstanding Securities by written notice to the Trustee may waive any past an existing Default or Event of Default and its consequences consequences, except a Default or Event of Default (a) in the payment of principal of or interest on any Security as specified in clauses (i) and (ii) of Section 6.01. The Company shall deliver to the Notes or (b) in respect Trustee an Officers' Certificate stating that the requisite percentage of a covenant or provision hereof that cannot be amended, supplemented or modified without the consent Holders have consented to such waiver and attaching copies of the Holder of each Notesuch consents. In the case of any such waiver, the IssuerCompany, the Indenture Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunderhereunder and under the Securities, respectively; but no . This paragraph of this Section 6.04 shall be in lieu of Section 316(a)(1)(B) of the TIA and such waiver shall extend to any subsequent or other Default or Event Section 316(a)(1)(B) of Default or impair any right consequent theretothe TIA is hereby expressly excluded from this Indenture and the Securities, as permitted by the TIA. Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, occurred for every purpose of this Indenture; Indenture and the Securities, but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent theretothereon.

Appears in 2 contracts

Samples: Cooperative Computing Inc /De/, MTS Inc

Waiver of Past Default. Prior If an Insurer Default shall have occurred and be continuing prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.25.4, the Holders of Notes representing not less than a majority of the principal amount of the Notes Outstanding, voting as a group, Note Majority may waive any past Default or Event of Default and its consequences except a Default or Event of Default (a) in the payment of principal of or interest on any of the Notes or (b) in respect of a covenant or provision hereof that cannot be amended, supplemented modified or modified amended without the consent of the Holder of each Note. In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. The Indenture Trustee shall promptly provide written notice to each Rating Agency of any such waiver.

Appears in 2 contracts

Samples: Indenture (Asset Backed Securities Corp), Asset Backed Securities Corp

Waiver of Past Default. Prior Subject to SECTIONS 2.09, 6.07 and 10.02, prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.2Notes, the Holders of Notes representing not less than a majority of the in aggregate principal amount of the outstanding Notes Outstanding, voting as a group, by written notice to the Trustee may waive any past an existing Default or Event of Default and its consequences consequences, except a Default or Event of Default (a) in the payment of principal of or interest on any of the Notes or Note as specified in clauses (a), (b) and (c) of SECTION 6.01 or a Default in respect of a covenant any term or provision hereof of this Indenture that canmay not be amended, supplemented amended or modified without the consent of each Holder affected as provided in SECTION 10.02. The Company shall deliver to the Holder Trustee an Officers' Certificate stating that the requisite percentage of each NoteHolders have consented to such waiver and attaching copies of such consents. In the case of any such waiver, the IssuerCompany, the Indenture Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunderhereunder and under the Notes, respectively; but no . This paragraph of this SECTION 6.04 shall be in lieu of Section 316(a)(l)(B) of the TIA and such waiver shall extend to any subsequent or other Default or Event Section 316(a)(l)(B) of Default or impair any right consequent theretothe TIA is hereby expressly excluded from this Indenture and the Notes, as permitted by the TIA. Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, occurred for every purpose of this Indenture; Indenture and the Notes, but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent theretothereon.

Appears in 2 contracts

Samples: Polymer Group Inc, Polymer Group Inc

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Waiver of Past Default. Prior to the declaration of the acceleration of the maturity of the Notes any Securities as provided in Section 5.24.01, the Holders of Notes representing not less than a majority of the in aggregate principal amount of the Notes Outstanding, Securities of all series at the time Outstanding with respect to which an Event of Default shall have occurred and be continuing (voting as a group, single class) may on behalf of the Holders of all such Securities waive any past Default default or Event of Default described in Section 4.01 and its consequences consequences, except a Default or Event of Default (a) in the payment of principal of or interest on any of the Notes or (b) default in respect of a covenant or provision hereof that which cannot be amended, supplemented modified or modified amended without the consent of the Holder of each NoteSecurity affected. In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders of the Notes all such Securities shall be restored to their former positions and rights hereunder, respectively; , but no such waiver shall extend to any subsequent or other Default or Event of Default default or impair any right consequent theretothereon. Upon any such waiver, such Default or Event of Default default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured cured, and not to have occurred, occurred for every purpose of this Indenture; , but no such waiver shall extend to any subsequent or other Default default or Event of Default or impair any right consequent theretothereon.

Appears in 2 contracts

Samples: Indenture (Sumitomo Mitsui Financial Group, Inc.), Sumitomo Mitsui Financial Group, Inc.

Waiver of Past Default. Prior Subject to Sections 22(f) and 21(d), prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.2Notes, the Holders of Notes representing not less than a majority of the in aggregate principal amount of the outstanding Notes Outstanding, voting as a group, by written notice to the Company may waive any past an existing Default or Event of Default and its consequences consequences, except a Default or Event of Default (a) in the payment of principal of or interest on any Note as specified in clauses (i), (ii) and (iii) of Section 21(a) or a Default in respect of any term or provision of the Notes or (b) in respect of a covenant or provision hereof that canmay not be amended, supplemented amended or modified without the consent of the each Holder of each Noteaffected as provided in Section 23(b). In the case of any such waiver, the Issuer, the Indenture Trustee Company and the Holders of the Notes shall be restored to their former positions and rights hereunderhereunder and under the Notes, respectively; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, occurred for every purpose of this Indenture; the Notes, but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent theretothereon.

Appears in 1 contract

Samples: St John Knits International Inc

Waiver of Past Default. Prior Subject to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.2Sections 2.09, 6.07 and 10.02, the Holders of Notes representing not less than a majority of the in aggregate principal amount of the Notes Outstanding, voting as a group, outstanding Securities by written notice to the Trustee may waive any past an existing Default or Event of Default and its consequences consequences, except a Default or Event of Default (a) in the payment of principal of of, premium, if any, on or interest on any Security as specified in clauses (i), (ii) and (iii) of Section 6.01. The Company shall deliver to the Notes or (b) in respect Trustee an Officers’ Certificate stating that the requisite percentage of a covenant or provision hereof that cannot be amended, supplemented or modified without the consent Holders have consented to such waiver and attaching copies of the Holder of each Notesuch consents. In the case of any such waiver, the IssuerCompany, the Indenture Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunderhereunder and under the Securities, respectively; but no . This paragraph of this Section 6.04 shall be in lieu of Section 316(a)(1)(B) of the TIA and such waiver shall extend to any subsequent or other Default or Event Section 316(a)(1)(B) of Default or impair any right consequent theretothe TIA is hereby expressly excluded from this indenture and the Securities, as permitted by the TIA. Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, occurred for every purpose of this Indenture; Indenture and the Securities, but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent theretothereon.

Appears in 1 contract

Samples: Indenture (MTS Inc)

Waiver of Past Default. Prior Subject to Sections 2.09, 6.07 and 10.02, prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.2Securities, (i) the Holders of Notes representing not less than a majority of the in aggregate principal amount of the Notes Outstanding, voting as a group, outstanding Securities by written notice to the Trustee may waive any past Default or Event of an existing Default and its consequences consequences, except a Default or Event of Default (a) in the payment of principal of or and interest on any of the Notes Security as specified in Section 6.01(a) or (b), (ii) a default arising from failure to effect an Offer to Purchase required under Section 4.05 or 4.14 or (iii) a Default in respect of a covenant any term or provision hereof of this Indenture that canmay not be amended, supplemented amended or modified without the consent of each Holder affected as provided in Section 10.02. The Company shall deliver to the Holder Trustee an Officers' Certificate stating that the requisite percentage of each NoteHolders have consented to such waiver and attaching copies of such consents. In the case of any such waiver, the IssuerCompany, the Indenture Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunderhereunder and under the Securities, respectively; but no . This paragraph of this Section 6.04 shall be in lieu of (S) 316(a)(1)(B) of the TIA and such waiver shall extend to any subsequent or other Default or Event (S) 316(a)(1)(B) of Default or impair any right consequent theretothe TIA is hereby expressly excluded from this Indenture and the Securities, as permitted by the TIA. Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed to have been cured and not to have occurredoccourred, and any Event of Default arising araising therefrom shall be deemed to have been cured and not to have occurred, occurred for every purpose of this Indenture; Indenture and the Securities, but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent theretothereon.

Appears in 1 contract

Samples: Triton PCS Holdings Inc

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