Common use of Waivers of Default Clause in Contracts

Waivers of Default. (a) If the Mortgagee shall not have assumed the Mortgagor's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537, and if the Mortgagee determines that an event which, with the passage of time, would become a Payment Default, has been remedied within thirty (30) days after the occurrence of such event, upon a Request by the Mortgagor, the Mortgagee shall waive the consequences of such event. (b) If the Mortgagee shall not have assumed the Mortgagor's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537, and if the Mortgagee shall have determined prior to payment of the Guarantee that a Payment Default has been remedied within thirty (30) days after the occurrence of such event, but prior to the date of demand by a Holder for payment under the Guarantee, upon a Request by the Mortgagor, the Mortgagee shall waive such Default. (c) If the Mortgagee shall have determined prior to the expiration of the period required for payment of the Guarantee that a Payment Default had not occurred or has been subsequently remedied by the Mortgagor (and if the Mortgagee shall not have assumed the Mortgagor's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537 and prior to any payment of the Guarantee), the Mortgagee shall notify the Holder and the Mortgagor of such determination, and, the Mortgagee shall waive such Default. (d) The Mortgagee, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default. (e) The Mortgagee shall notify the Mortgagor and the Holder in writing of any determinations made under Subsections (a), (b), and (c) of this Section, and the Mortgagee shall waive the consequences of any such Default, and annul any declaration under Section 5.02 of this Mortgage, and the consequences thereof. (f) No waiver under this Section shall extend to or affect any subsequent or other Default, nor impair any rights or remedies consequent thereon. (g) No waiver under this Section shall be deemed to have occurred because the Mortgagee shall have assumed the Mortgagor's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537.

Waivers of Default. The Trustee shall waive any Default hereunder and its consequences and rescind any declaration of acceleration of principal upon the written request of the Owners of at least a majority in aggregate principal amount of all Outstanding Bonds; provided, however, that there shall not be waived any Default hereunder unless and until the Trustee shall have received written notice from the 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 only be waived upon the written request of the 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) If the Mortgagee shall not have assumed the Mortgagor's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537, and if the Mortgagee determines that an event which, with the passage of time, would become a Payment Default, has been remedied within thirty (30) days after the occurrence of such event, upon a Request by the Mortgagor, the Mortgagee shall waive the consequences of such event. or (b) If of Section 9.01 hereof unless, prior to such waiver or rescission, the Mortgagee shall not have assumed the Mortgagor's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537, and if the Mortgagee Company shall have determined prior caused to payment of the Guarantee that a Payment Default has been remedied within thirty (30) days after the occurrence of such event, but prior be paid to the date Trustee (i) all arrears of demand principal and interest (other than principal of or interest on the Bonds which became due and payable by a Holder for payment under declaration of acceleration), with interest at the Guarantee, upon a Request rate then borne by the MortgagorBonds on overdue installments, the Mortgagee shall waive such Default. (c) If the Mortgagee shall have determined prior to the expiration of the period required for payment of the Guarantee that a Payment Default had not occurred or has been subsequently remedied extent permitted by the Mortgagor (and if the Mortgagee shall not have assumed the Mortgagor's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537 and prior to any payment of the Guarantee), the Mortgagee shall notify the Holder and the Mortgagor of such determination, and, the Mortgagee shall waive such Default. (d) The Mortgagee, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default. (e) The Mortgagee shall notify the Mortgagor and the Holder in writing of any determinations made under Subsections (a), (b)law, and (cii) all fees and expenses of this Sectionthe Trustee in connection with such Default. In case of any waiver or rescission described above, and or in case any proceeding taken by the Mortgagee shall waive the consequences Trustee on account of any such DefaultDefault shall have been discontinued or concluded or determined adversely, then and annul any declaration under Section 5.02 of this Mortgagein every such case the Issuer, the Trustee and the consequences thereof. (f) No Owners of Bonds shall be restored to their former positions and rights hereunder, respectively, but no such waiver under this Section or rescission shall extend to or affect any subsequent or other Default, nor or impair any rights or remedies right consequent thereon. (g) No waiver under this Section . Notwithstanding the foregoing, no waiver, rescission or annulment of a Default hereunder shall be deemed to made if the Credit Provider shall theretofore have occurred because the Mortgagee shall have assumed the Mortgagor's rights and duties honored in full a drawing under the Note Purchase Agreement and the Note and made any payments Credit Facility in default under Chapter 537respect of such Default.

Waivers of Default. (a) If the Mortgagee Secretary shall not have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537the terms of Section 6.09 of the Indenture, and if the Mortgagee Secretary determines that an event which, with the passage of time, would become a Payment Default, has been remedied within thirty (30) 30 days after the occurrence of such event, upon a Request by the MortgagorShipowner, the Mortgagee Secretary shall waive the consequences of such event. (b) If the Mortgagee Secretary shall not have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537the terms of Section 6.09 of the Indenture, and if the Mortgagee Secretary shall have determined prior to payment of the Guarantee Guarantees that a Payment Default has been remedied within thirty (30) days after the occurrence expiration of such eventthe aforesaid 30-day period, but prior to the date of demand by a Holder the Indenture Trustee or an Obligee for payment under the GuaranteeGuarantees, upon a Request by the MortgagorShipowner, the Mortgagee Secretary shall waive such Default. (c) If the Mortgagee Secretary shall have determined prior to the expiration of the period required for payment of the Guarantee Guarantees that a Payment Default had not occurred or has been subsequently remedied by the Mortgagor Shipowner (and if the Mortgagee Secretary shall not have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537 the terms of Section 6.09 of the Indenture and prior to any payment of the GuaranteeGuarantees), the Mortgagee Secretary shall notify the Holder Indenture Trustee and the Mortgagor Shipowner of such determination, and, the Mortgagee Secretary shall waive such Default. (d) The MortgageeSecretary, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default; provided that, such Default is waived prior to the Secretary giving to the Indenture Trustee the Secretary's Notice. (e) The Mortgagee Secretary shall notify the Mortgagor Shipowner and the Holder Indenture Trustee in writing of any determinations made under Subsections paragraphs (a), (b), and (c) of this Section, and the Mortgagee Secretary shall waive the consequences of any such Default, and annul any declaration under Section 5.02 of this Mortgage6.02, and the consequences thereof. (f) No waiver under this Section shall extend to or affect any subsequent or other Default, nor impair any rights or remedies consequent thereon. (g) No waiver under this Section shall be deemed to have occurred because the Mortgagee Secretary shall have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537.the terms of Section 6.09

Waivers of Default. The Trustee shall waive any Default hereunder and its consequences and rescind any declaration of acceleration of principal upon the written request of the Owners of (a) If more than two-thirds (2/3) in aggregate principal amount of all Outstanding Bonds in respect of which default in the Mortgagee shall not have assumed the Mortgagor's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537, and if the Mortgagee determines that an event which, with the passage of time, would become a Payment Default, has been remedied within thirty (30) days after the occurrence of such event, upon a Request by the Mortgagor, the Mortgagee shall waive the consequences of such event. (b) If the Mortgagee shall not have assumed the Mortgagor's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537, and if the Mortgagee shall have determined prior to payment of the Guarantee that a Payment Default has been remedied within thirty (30) days after the occurrence of such event, but prior to the date of demand by a Holder for payment under the Guarantee, upon a Request by the Mortgagor, the Mortgagee shall waive such Default. (c) If the Mortgagee shall have determined prior to the expiration of the period required for payment of the Guarantee that a Payment Default had not occurred principal or has been subsequently remedied by the Mortgagor (and if the Mortgagee shall not have assumed the Mortgagor's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537 and prior to any payment of the Guarantee), the Mortgagee shall notify the Holder and the Mortgagor of such determination, and, the Mortgagee shall waive such Default. (d) The Mortgagee, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of noticeinterest, or both, would give rise to a Security exists or (b) more than two-thirds (2/3) in aggregate principal amount of Outstanding Bonds in the case of any 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 Credit has been reinstated in full; and PROVIDED FURTHER that any Default under subsection (e) The Mortgagee 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 notify the Mortgagor not be required); and the Holder PROVIDED FURTHER that there shall not be waived any Default specified in writing of any determinations made under Subsections 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 by declaration of acceleration), (b)with interest at the rate then borne by the Bonds on overdue installments, to the extent permitted by law, and (cii) all expenses of this Sectionthe Trustee in connection with such Default. In case of any waiver or rescission described above, and or in case any proceeding taken by the Mortgagee shall waive the consequences Trustee on account of any such DefaultDefault shall have been discontinued or concluded or determined adversely, then and annul any declaration under Section 5.02 of this Mortgagein every such case the Issuer, the Trustee and the consequences thereof. (f) No Owners of Bonds shall be restored to their former positions and rights hereunder, respectively, but no such waiver under this Section or rescission shall extend to or affect any subsequent or other Default, nor or impair any rights or remedies right consequent thereon. (g) No waiver under this Section . Notwithstanding the foregoing, no waiver, rescission or annulment of a Default hereunder shall be deemed to made without the Bank's consent if the Bank shall theretofore have occurred because the Mortgagee shall have assumed the Mortgagor's rights and duties honored in full a drawing under the Note Purchase Agreement and the Note and made any payments Letter of Credit in default under Chapter 537respect of such Default.

Waivers of Default. (a) If the Mortgagee Secretary shall not have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537the terms of Section 6.09 of the Indenture, and if the Mortgagee Secretary determines that an event which, with the passage of time, would become a Payment Default, has been remedied within thirty (30) 30 days after the occurrence of such event, upon a Request by the MortgagorShipowner, the Mortgagee Secretary shall waive the consequences of such event. (b) If the Mortgagee Secretary shall not have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537the terms of Section 6.09 of the Indenture, and if the Mortgagee Secretary shall have determined prior to payment of the Guarantee Guarantees that a Payment Default has been remedied within thirty (30) days after the occurrence expiration of such eventthe aforesaid 30-day period, but prior to the date of demand by a Holder the Indenture Trustee or an Obligee for payment under the GuaranteeGuarantees, upon a Request by the MortgagorShipowner, the Mortgagee Secretary shall waive such Default. (c) If the Mortgagee Secretary shall have determined prior to the expiration of the period required for payment of the Guarantee Guarantees that a Payment Default had not occurred or has been subsequently remedied by the Mortgagor Shipowner (and if the Mortgagee Secretary shall not have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537 the terms of Section 6.09 of the Indenture and prior to any payment of the GuaranteeGuarantees), the Mortgagee Secretary shall notify the Holder Indenture Trustee and the Mortgagor Shipowner of such determination, and, the Mortgagee Secretary shall waive such Default. (d) The MortgageeSecretary, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default; PROVIDED THAT, such Default is waived prior to the Secretary giving to the Indenture Trustee the Secretary's Notice. (e) The Mortgagee Secretary shall notify the Mortgagor Shipowner and the Holder Indenture Trustee in writing of any determinations made under Subsections paragraphs (a), (b), ) and (c) of this Section, and the Mortgagee Secretary shall waive the consequences of any such Default, and annul any declaration under Section 5.02 of this Mortgage6.02, and the consequences thereof. (f) No waiver under this Section shall extend to or affect any subsequent or other Default, nor impair any rights or remedies consequent thereon. (g) No waiver under this Section shall be deemed to have occurred because the Mortgagee Secretary shall have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537the terms of Section 6.09 of the Indenture.

Waivers of Default. The Trustee shall waive any Default hereunder and its consequences and rescind any declaration of acceleration of principal upon the written request of the Owners of at least a majority in aggregate principal amount of all Outstanding Bonds; provided, however, that there shall not be waived any Default hereunder unless and until the Trustee shall have received written notice from the 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 only be waived upon the written request of 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) If the Mortgagee shall not have assumed the Mortgagor's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537, and if the Mortgagee determines that an event which, with the passage of time, would become a Payment Default, has been remedied within thirty (30) days after the occurrence of such event, upon a Request by the Mortgagor, the Mortgagee shall waive the consequences of such event. or (b) If of Section 9.01 hereof unless prior to such waiver or rescission, the Mortgagee shall not have assumed the Mortgagor's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537, and if the Mortgagee Company shall have determined prior caused to payment of the Guarantee that a Payment Default has been remedied within thirty (30) days after the occurrence of such event, but prior be paid to the date Trustee (i) all arrears of demand principal and interest (other than principal of or interest on the Bonds which became due and payable by a Holder for payment under declaration of acceleration), with interest at the Guarantee, upon a Request rate then borne by the MortgagorBonds on overdue installments, the Mortgagee shall waive such Default. (c) If the Mortgagee shall have determined prior to the expiration of the period required for payment of the Guarantee that a Payment Default had not occurred or has been subsequently remedied extent permitted by the Mortgagor (and if the Mortgagee shall not have assumed the Mortgagor's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537 and prior to any payment of the Guarantee), the Mortgagee shall notify the Holder and the Mortgagor of such determination, and, the Mortgagee shall waive such Default. (d) The Mortgagee, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default. (e) The Mortgagee shall notify the Mortgagor and the Holder in writing of any determinations made under Subsections (a), (b)law, and (cii) all fees and expenses of this Sectionthe Trustee in connection with such Default. In case of any waiver or rescission described above, and or in case any proceeding taken by the Mortgagee shall waive the consequences Trustee on account of any such DefaultDefault shall have been discontinued or concluded or determined adversely, then and annul any declaration under Section 5.02 of this Mortgagein every such case the Issuer, the Trustee and the consequences thereof. (f) No Owners of Bonds shall be restored to their former positions and rights hereunder, respectively, but no such waiver under this Section or rescission shall extend to or affect any subsequent or other Default, nor or impair any rights or remedies right consequent thereon. (g) No waiver under this Section . Notwithstanding the foregoing, no waiver, rescission or annulment of a Default hereunder shall be deemed to made if the Credit Provider shall theretofore have occurred because the Mortgagee shall have assumed the Mortgagor's rights and duties honored in full a drawing under the Note Purchase Agreement and the Note and made any payments Credit Facility in default under Chapter 537respect of such Default.

Waivers of Default. (a) If the Mortgagee Secretary shall not have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537the terms of Section 6.09 of the Indenture, and if the Mortgagee Secretary determines that an event which, with the passage of time, would become a Payment Default, has been remedied within thirty (30) 30 days after the occurrence of such event, upon a Request by the MortgagorShipowner, the Mortgagee Secretary shall waive the consequences of such event. (b) If the Mortgagee Secretary shall not have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537the terms of Section 6.09 of the Indenture, and if the Mortgagee Secretary shall have determined prior to payment of the Guarantee Guarantees that a Payment Default has been remedied within thirty (30) days after the occurrence expiration of such eventthe aforesaid 30-day period, but prior to the date of demand by a Holder the Indenture Trustee or an Obligee for payment under the GuaranteeGuarantees, upon a Request by the MortgagorShipowner, the Mortgagee Secretary shall waive such Default. (c) If the Mortgagee Secretary shall have determined prior to the expiration of the period required for payment of the Guarantee Guarantees that a Payment Default had not occurred or has been subsequently remedied by the Mortgagor Shipowner (and if the Mortgagee Secretary shall not have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537 the terms of Section 6.09 of the Indenture and prior to any payment of the GuaranteeGuarantees), the Mortgagee Secretary shall notify the Holder Indenture Trustee and the Mortgagor Shipowner of such determination, and, the Mortgagee Secretary shall waive such Default. (d) The MortgageeSecretary, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default; provided that, such Default is waived prior to the Secretary giving to the Indenture Trustee the Secretary's Notice. (e) The Mortgagee Secretary shall notify the Mortgagor Shipowner and the Holder Indenture Trustee in writing of any determinations made under Subsections paragraphs (a), (b), ) and (c) of this Sectionsection, and the Mortgagee Secretary shall waive the consequences of any such Default, and annul any declaration under Section 5.02 of this Mortgage6.02, and the consequences thereof. (f) No waiver under this Section shall extend to or affect any subsequent or other Default, nor impair any rights or remedies consequent thereon. (g) No waiver under this Section shall be deemed to have occurred because the Mortgagee Secretary shall have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537the terms of Section 6.09 of the Indenture.

Waivers of Default. (a) If Prior to the Mortgagee shall not have assumed declaration of the Mortgagor's rights and duties under ------------------ acceleration of the Note Purchase Agreement and maturity of all the Note and made any payments Notes as provided in default under Chapter 537, and if the Mortgagee determines that an event which, with the passage of time, would become a Payment Default, has been remedied within thirty (30) days after the occurrence of such event, upon a Request by the MortgagorSection 4.01, the Mortgagee shall holders of more than 50% in aggregate unpaid principal amount of the Notes at the time outstanding may, on behalf of the holders of all the Notes, waive any past Default and its consequences, except a Default in the consequences of such event. (b) If the Mortgagee shall not have assumed the Mortgagor's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537, and if the Mortgagee shall have determined prior to payment of the Guarantee that a Payment Default has been remedied within thirty (30) days after principal of or interest on any of the occurrence of such eventNotes or Make-Whole Amount, if any, but prior to the date of demand by a Holder for payment under the Guarantee, upon a Request by the Mortgagor, the Mortgagee shall waive no such Default. (c) If the Mortgagee shall have determined prior to the expiration of the period required for payment of the Guarantee that a Payment Default had not occurred or has been subsequently remedied by the Mortgagor (and if the Mortgagee shall not have assumed the Mortgagor's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537 and prior to any payment of the Guarantee), the Mortgagee shall notify the Holder and the Mortgagor of such determination, and, the Mortgagee shall waive such Default. (d) The Mortgagee, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default. (e) The Mortgagee shall notify the Mortgagor and the Holder in writing of any determinations made under Subsections (a), (b), and (c) of this Section, and the Mortgagee shall waive the consequences of any such Default, and annul any declaration under Section 5.02 of this Mortgage, and the consequences thereof. (f) No waiver under this Section shall extend to or affect any subsequent Default or other Default, nor impair any rights or remedies right consequent thereon. . At any time after any Notes have been declared due and payable or have automatically become due and payable pursuant to Section 4.01, the holders of not less than a majority of the aggregate principal amount of the Notes then outstanding, by written notice to the Company and the Trustee, may rescind and annul any such declaration and its consequences if (ga) 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 waiver 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 deemed exclusive of any other right, power or remedy referred to have occurred because herein or therein or now or hereafter available at law, in equity, by statute or otherwise. Without limiting the Mortgagee shall have assumed obligations of the Mortgagor's rights Company and duties the Guarantor under Section 7 of the Note Purchase Agreement 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 the Note expenses of such holder incurred in any enforcement or collection under this Article IV, including, without limitation, reasonable attorneys' fees, expenses and made any payments in default under Chapter 537disbursements.

Waivers of Default. (a) If the Mortgagee Administrator shall not have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537, and if the Mortgagee Administrator determines that an event which, with the passage of time, would become a Payment Default, has been remedied within thirty (30) days after the occurrence of such event, upon a Request by the MortgagorShipowner, the Mortgagee Administrator shall waive the consequences of such event. (b) If the Mortgagee Administrator shall not have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537, and if the Mortgagee Administrator shall have determined prior to payment of the Guarantee that a Payment Default has been remedied within thirty (30) days after the occurrence of such event, but prior to the date of demand by a the Holder for payment under the Guarantee, upon a Request by the MortgagorShipowner, the Mortgagee Administrator shall waive such Default. (c) If the Mortgagee Administrator shall have determined prior to the expiration of the period required for payment of the Guarantee that a Payment Default had not occurred or has been subsequently remedied by the Mortgagor Shipowner (and if the Mortgagee Administrator shall not have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537 and prior to any payment of the Guarantee), the Mortgagee Administrator shall notify the Holder and the Mortgagor Shipowner of such determination, and, the Mortgagee Administrator shall waive such Default. (d) The MortgageeAdministrator, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default; provided however, that if the Administrator (i) shall not have assumed the Shipowner's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537, and if the Administrator determines that an event which, with the passage of time, would become a Security Default, has been remedied within the time provided herein, upon a Request by the Shipowner, the Administrator shall waive the consequences of such event; and (ii) If the Administrator shall have determined that a Security Default had not occurred or has been subsequently remedied by the Shipowner and if the Administrator shall not have given an Administrator’s Notice and assumed the Shipowner's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537 and has not made any payment on the Guarantee, the Administrator shall waive such Default. (e) The Mortgagee Administrator shall notify the Mortgagor and the Holder Shipowner in writing of any determinations made under Subsections (a), (b), (c) and (cd) of this Section, and the Mortgagee Administrator shall waive the consequences of any such Default, and annul any declaration under Section 5.02 14.02 of this MortgageAgreement, and the consequences thereof. (f) No waiver under this Section shall extend to or affect any subsequent or other Default, nor impair any rights or remedies consequent thereon. (g) No waiver under this Section shall be deemed to have occurred because the Mortgagee Administrator shall have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537. u) The lead in paragraph in Section 14.04 is hereby amended to read in its entirety as follows:

Waivers of Default. (a) If the Mortgagee Secretary shall not have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537the terms of Section 6.09 of the Indenture, and if the Mortgagee Secretary determines that an event which, with the passage of time, would become a Payment Default, has been remedied within thirty (30) 30 days after the occurrence of such event, upon a Request by the MortgagorShipowner, the Mortgagee Secretary shall waive the consequences of such event. (b) If the Mortgagee Secretary shall not have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537the terms of Section 6.09 of the Indenture, and if the Mortgagee Secretary shall have determined prior to payment of the Guarantee Guarantees that a Payment Default has been remedied within thirty (30) days after the occurrence expiration of such eventthe aforesaid 30-day period, but prior to the date of demand by a Holder the Indenture Trustee or an Obligee for payment under the GuaranteeGuarantees, upon a Request by the MortgagorShipowner, the Mortgagee Secretary shall waive such Default. (c) If the Mortgagee Secretary shall have determined prior to the expiration of the period required for payment of the Guarantee Guarantees that a Payment Default had not occurred or has been subsequently remedied by the Mortgagor Shipowner (and if the Mortgagee Secretary shall not have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537 the terms of Section 6.09 of the Indenture and prior to any payment of the GuaranteeGuarantees), the Mortgagee Secretary shall notify the Holder Indenture Trustee and the Mortgagor Shipowner of such determination, and, the Mortgagee Secretary shall waive such Default. (d) The MortgageeSecretary, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default; provided that, such Default is waived prior to the Secretary giving to the Indenture Trustee the Secretary's Notice. (e) The Mortgagee Secretary shall notify the Mortgagor Shipowner and the Holder Indenture Trustee in writing of any determinations made under Subsections paragraphs (a), (b), and (c) of this Section, and the Mortgagee Secretary shall waive the consequences of any such Default, and annul any declaration under Section 5.02 of this Mortgage6.02, and the consequences thereof. (f) No waiver under this Section shall extend to or affect any subsequent or other Default, nor impair any rights or remedies consequent thereon. (g) No waiver under this Section shall be deemed to have occurred because the Mortgagee Secretary shall have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537the terms of Section 6.09 of the Indenture.

Waivers of Default. The Trustee shall waive any Default hereunder and its consequences and rescind any declaration of acceleration of principal upon the written request of the Owners of at least a majority in aggregate principal amount of all Outstanding Bonds; provided, however, that there shall not be waived any Default hereunder unless and until the Trustee shall have received written notice from the 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 only be waived upon the written request of the 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) If the Mortgagee shall not have assumed the Mortgagor's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537, and if the Mortgagee determines that an event which, with the passage of time, would become a Payment Default, has been remedied within thirty (30) days after the occurrence of such event, upon a Request by the Mortgagor, the Mortgagee shall waive the consequences of such event. or (b) If of Section 9.01 hereof unless, prior to such waiver or rescission, the Mortgagee shall not have assumed the Mortgagor's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537, and if the Mortgagee Company shall have determined prior caused to payment of the Guarantee that a Payment Default has been remedied within thirty (30) days after the occurrence of such event, but prior be paid to the date Trustee (i) all arrears of demand principal and interest (other than principal of or interest on the Bonds which became due and payable by a Holder for payment under declaration of acceleration), with interest at the Guarantee, upon a Request rate then borne by the MortgagorBonds on overdue installments, the Mortgagee shall waive such Default. (c) If the Mortgagee shall have determined prior to the expiration of the period required for payment of the Guarantee that a Payment Default had not occurred or has been subsequently remedied extent permitted by the Mortgagor (and if the Mortgagee shall not have assumed the Mortgagor's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537 and prior to any payment of the Guarantee), the Mortgagee shall notify the Holder and the Mortgagor of such determination, and, the Mortgagee shall waive such Default. (d) The Mortgagee, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default. (e) The Mortgagee shall notify the Mortgagor and the Holder in writing of any determinations made under Subsections (a), (b)law, and (cii) all fees and expenses of this Sectionthe Trustee in connection with such Default. In case of any waiver or rescission described above, and or in case any proceeding taken by the Mortgagee shall waive the consequences Trustee on account of any such DefaultDefault shall have been discontinued or concluded or determined adversely, then and annul any declaration under Section 5.02 of this Mortgagein every such case the Issuer, the Trustee and the consequences thereof. (f) No Owners of Bonds shall be restored to their former positions and rights hereunder, respectively, but no such waiver under this Section or rescission shall extend to or affect any subsequent or other Default, nor or impair any rights or remedies right consequent thereon. (g) No waiver under this Section . Notwithstanding the foregoing, no waiver, rescission or annulment of a Default hereunder shall be deemed to made if the Credit Provider shall theretofore have occurred because the Mortgagee shall have assumed the Mortgagor's rights and duties honored in full a drawing under the Note Purchase Agreement and the Note and made any payments Credit Facility in default under Chapter 537respect of such Default.

Waivers of Default. (a) If the Mortgagee Secretary shall not have assumed the Mortgagor's Shipowner’s rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537the terms of Section 6.09 of the Indenture, and if the Mortgagee Secretary determines that an event which, with the passage of time, would become a Payment Default, has been remedied within thirty (30) 30 days after the occurrence of such event, upon a Request by the MortgagorShipowner, the Mortgagee Secretary shall waive the consequences of such event. (b) If the Mortgagee Secretary shall not have assumed the Mortgagor's Shipowners rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537the terms of Section 6.09 of the Indenture, and if the Mortgagee Secretary shall have determined prior to payment of the Guarantee Guarantees that a Payment Default has been remedied within thirty (30) days after the occurrence expiration of such eventthe aforesaid 30-day period, but prior to the date of demand by a Holder the Indenture Trustee or an Obligee for payment under the GuaranteeGuarantees, upon a Request by the MortgagorShipowner, the Mortgagee Secretary shall waive such Default. (c) If the Mortgagee Secretary shall have determined prior to the expiration of the period required for payment of the Guarantee Guarantees that a Payment Default had not occurred or has been subsequently remedied by the Mortgagor Shipowner (and if the Mortgagee Secretary shall not have assumed the Mortgagor's Shipowners rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537 the terms of Section 6.09 of the Indenture and prior to any payment of the GuaranteeGuarantees), the Mortgagee Secretary shall notify the Holder Indenture Trustee and the Mortgagor Shipowner of such determination, and, the Mortgagee Secretary shall waive such Default. (d) The MortgageeSecretary, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default; provided that, such Default is waived prior to the Secretary giving to the Indenture Trustee the Secretary’s Notice. (e) The Mortgagee Secretary shall notify the Mortgagor Shipowner and the Holder Indenture Trustee in writing of any determinations made under Subsections paragraphs (a), (b), and (c) of this Section, and the Mortgagee Secretary shall waive the consequences of any such Default, and annul any declaration under Section 5.02 of this Mortgage6.02, and the consequences thereof. (f) No waiver under this Section shall extend to or affect any subsequent or other Default, nor impair any rights or remedies consequent thereon. (g) No waiver under this Section shall be deemed to have occurred because the Mortgagee Secretary shall have assumed the Mortgagor's Shipowners rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537the terms of Section 6.09 of the Indenture.

Waivers of Default. (a) If the Mortgagee Administrator shall not have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537, and if the Mortgagee Administrator determines that an event which, with the passage of time, would become a Payment Default, has been remedied within thirty (30) days after the occurrence of such event, upon a Request by the MortgagorShipowner, the Mortgagee Administrator shall waive the consequences of such event. (b) If the Mortgagee Administrator shall not have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537, and if the Mortgagee Administrator shall have determined prior to payment of the Guarantee that a Payment Default has been remedied within thirty (30) days after the occurrence of such event, but prior to the date of demand by a the Holder for payment under the Guarantee, upon a Request by the MortgagorShipowner, the Mortgagee Administrator shall waive such Default. (c) If the Mortgagee Administrator shall have determined prior to the expiration of the period required for payment of the Guarantee that a Payment Default had not occurred or has been subsequently remedied by the Mortgagor Shipowner (and if the Mortgagee Administrator shall not have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537 and prior to any payment of the Guarantee), the Mortgagee Administrator shall notify the Holder and the Mortgagor Shipowner of such determination, and, the Mortgagee Administrator shall waive such Default. (d) The MortgageeAdministrator, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default. (e) The Mortgagee Administrator shall notify the Mortgagor and the Holder Shipowner in writing of any determinations made under Subsections (a), (b), and (c) of this Section, and the Mortgagee Administrator shall waive the consequences of any such Default, and annul any declaration under Section 5.02 14.02 of this MortgageAgreement, and the consequences thereof. (f) No waiver under this Section shall extend to or affect any subsequent or other Default, nor impair any rights or remedies consequent thereon. (g) No waiver under this Section shall be deemed to have occurred because the Mortgagee Administrator shall have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537.

Waivers of Default. (a) If the Mortgagee Secretary shall not have assumed the Mortgagor's Shipowner’s rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537the terms of Section 6.09 of the Indenture, and if the Mortgagee Secretary determines that an event which, with the passage of time, would become a Payment Default, has been remedied within thirty (30) 30 days after the occurrence of such event, upon a Request by the MortgagorShipowner, the Mortgagee Secretary shall waive the consequences of such event. (b) If the Mortgagee Secretary shall not have assumed the Mortgagor's Shipowner’s rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537the terms of Section 6.09 of the Indenture, and if the Mortgagee Secretary shall have determined prior to payment of the Guarantee Guarantees that a Payment Default has been remedied within thirty (30) days after the occurrence expiration of such eventthe aforesaid 30-day period, but prior to the date of demand by a Holder the Indenture Trustee or an Obligee for payment under the GuaranteeGuarantees, upon a Request by the MortgagorShipowner, the Mortgagee Secretary shall waive such Default. (c) If the Mortgagee Secretary shall have determined prior to the expiration of the period required for payment of the Guarantee Guarantees that a Payment Default had not occurred or has been subsequently remedied by the Mortgagor Shipowner (and if the Mortgagee Secretary shall not have assumed the Mortgagor's Shipowner’s rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537 the terms of Section 6.09 of the Indenture and prior to any payment of the GuaranteeGuarantees), the Mortgagee Secretary shall notify the Holder Indenture Trustee and the Mortgagor Shipowner of such determination, and, the Mortgagee Secretary shall waive such Default. (d) The MortgageeSecretary, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default; provided that, such Default is waived prior to the Secretary giving to the Indenture Trustee the Secretary’s Notice. (e) The Mortgagee Secretary shall notify the Mortgagor Shipowner and the Holder Indenture Trustee in writing of any determinations made under Subsections paragraphs (a), (b), and (c) of this Section, and the Mortgagee Secretary shall waive the consequences of any such Default, and annul any declaration under Section 5.02 of this Mortgage6.02, and the consequences thereof. (f) No waiver under this Section shall extend to or affect any subsequent or other Default, nor impair any rights or remedies consequent thereon. (g) No waiver under this Section shall be deemed to have occurred because the Mortgagee Secretary shall have assumed the Mortgagor's Shipowner’s rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537the terms of Section 6.09 of the Indenture.

Waivers of Default. (a) If the Mortgagee Administrator shall not have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537, and if the Mortgagee Administrator determines that an event which, with the passage of time, would become a Payment Default, has been remedied within thirty (30) days after the occurrence of such event, upon a Request by the MortgagorShipowner, the Mortgagee Administrator shall waive the consequences of such event. (b) If the Mortgagee Administrator shall not have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537, and if the Mortgagee Administrator shall have determined prior to payment of the Guarantee that a Payment Default has been remedied within thirty (30) days after the occurrence of such event, but prior to the date of demand by a the Holder for payment under the Guarantee, upon a Request by the MortgagorShipowner, the Mortgagee Administrator shall waive such Default. (c) If the Mortgagee Administrator shall have determined prior to the expiration of the period required for payment of the Guarantee that a Payment Default had not occurred or has been subsequently remedied by the Mortgagor Shipowner (and if the Mortgagee Administrator shall not have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537 and prior to any payment of the Guarantee), the Mortgagee Administrator shall notify the Holder and the Mortgagor Shipowner of such determination, and, the Mortgagee Administrator shall waive such Default. (d) The MortgageeAdministrator, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default; provided however, that if the Administrator (i) shall not have assumed the Shipowner's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537, and if the Administrator determines that an event which, with the passage of time, would become a Security Default, has been remedied within the time provided herein, upon a Request by the Shipowner, the Administrator shall waive the consequences of such event; and (ii) If the Administrator shall have determined that a Security Default had not occurred or has been subsequently remedied by the Shipowner and if the Administrator shall not have given an Administrator’s Notice and assumed the Shipowner's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537 and has not made any payment on the Guarantee, the Administrator shall waive such Default. (e) The Mortgagee Administrator shall notify the Mortgagor and the Holder Shipowner in writing of any determinations made under Subsections (a), (b), (c) and (cd) of this Section, and the Mortgagee Administrator shall waive the consequences of any such Default, and annul any declaration under Section 5.02 14.02 of this Mortgagethe Agreement, and the consequences thereof. (f) No waiver under this Section shall extend to or affect any subsequent or other Default, nor impair any rights or remedies consequent thereon. (g) No waiver under this Section shall be deemed to have occurred because the Mortgagee Administrator shall have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537.

Waivers of Default. (a) If the Mortgagee Secretary shall not have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537the terms of Section 6.09 of the Indenture, and if the Mortgagee Secretary determines that an event which, with the passage of time, would become a Payment Default, has been remedied within thirty (30) 30 days after the occurrence of such event, upon a Request by the MortgagorShipowner, the Mortgagee Secretary shall waive the consequences of such event. (b) If the Mortgagee Secretary shall not have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537the terms of Section 6.09 of the Indenture, and if the Mortgagee Secretary shall have determined prior to payment of the Guarantee Guarantees that a Payment Default has been remedied within thirty (30) days after the occurrence expiration of such eventthe aforesaid 30-day period, but prior to the date of demand by a Holder the Indenture Trustee or an Obligee for payment under the GuaranteeGuarantees, upon a Request by the MortgagorShipowner, the Mortgagee Secretary shall waive such Default. (c) If the Mortgagee Secretary shall have determined prior to the expiration of the period required for payment of the Guarantee Guarantees that a Payment Default had not occurred or has been subsequently remedied by the Mortgagor Shipowner (and if the Mortgagee Secretary shall not have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537 the terms of Section 6.09 of the Indenture and prior to any payment of the GuaranteeGuarantees), the Mortgagee Secretary shall notify the Holder Indenture Trustee and the Mortgagor Shipowner of such determination, and, the Mortgagee Secretary shall waive such Default. (d) The MortgageeSecretary, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default; PROVIDED THAT, such Default is waived prior to the Secretary giving to the Indenture Trustee the Secretary's Notice. (e) The Mortgagee Secretary shall notify the Mortgagor Shipowner and the Holder Indenture Trustee in writing of any determinations made under Subsections paragraphs (a), (b), and (c) of this Section, and the Mortgagee Secretary shall waive the consequences of any such Default, and annul any declaration under Section 5.02 of this Mortgage6.02, and the consequences thereof. (f) No waiver under this Section shall extend to or affect any subsequent or other Default, nor impair any rights or remedies consequent thereon. (g) No waiver under this Section shall be deemed to have occurred because the Mortgagee Secretary shall have assumed the MortgagorShipowner's rights and duties under the Note Purchase Agreement Indenture and the Note Obligations, and made any payments in default under Chapter 537the terms of Section 6.09 of the Indenture.