Common use of Breach of Covenant, Representation or Warranty Clause in Contracts

Breach of Covenant, Representation or Warranty. (A) Either (x) a default in the observance or performance of any covenant or agreement of the Borrower made in this Agreement (other than a covenant or agreement, a default in the observance or performance of which is specifically covered elsewhere in this Section 6.1) or (y) any representation or warranty of the Borrower made in this Agreement or in any certificate or other document delivered in connection with this Agreement proves to have been incorrect in any material respect as of the time made and, in each case, and (B)(x) the Lender is materially and adversely affected by such default or the incorrectness of such representation or warranty, as the case may be, and (y) such default or incorrectness is not cured on or before the sixtieth (60th) day after the Borrower received a notice from the Lender that states that it is a “Notice of Default” and specifies the default.

Appears in 22 contracts

Samples: Credit and Security Agreement (ACAR Leasing Ltd.), Credit and Security Agreement (ACAR Leasing Ltd.), Credit and Security Agreement (ACAR Leasing Ltd.)

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Breach of Covenant, Representation or Warranty. (A) Either (x1) a default occurs in the observance or performance of any covenant or agreement of the Borrower made in this Agreement (other than a covenant or agreement, a default in the observance or performance of which is specifically covered elsewhere in this Section 6.1Section) or (y2) any representation or warranty of the Borrower made in this Agreement or in any certificate or other document delivered in connection with this Agreement proves to have been incorrect in any material respect as of the time made and, in each case, and case (B)(xB)(1) the Lender is materially and adversely affected by such default or the incorrectness of such representation or warranty, as the case may be, be and (y2) such default or incorrectness is not cured on or before the sixtieth (60th) 30th day after the Borrower received a notice from the Lender that states that it is a “Notice of Default” and specifies the default.

Appears in 3 contracts

Samples: Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2023-A), Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2023-A), Collateral Agency Agreement (Daimler Trust)

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Breach of Covenant, Representation or Warranty. (A) Either (x) a default in the observance or performance of any covenant or agreement of the Borrower Borrowers made in this Agreement (other than a covenant or agreement, a default in the observance or performance of which is specifically covered elsewhere in this Section 6.16.02) or (y) any representation or warranty of the Borrower Borrowers made in this Agreement or in any certificate or other document delivered in connection with this Agreement proves to have been incorrect in any material respect as of the time made and, in each case, and (B)(x) the Lender is materially and adversely affected by such default or the incorrectness of such representation or warranty, as the case may be, be and (y) such default or incorrectness is not cured on or before the sixtieth (60th) 60th day after the Borrower Borrowers received a notice from the Lender that states that it is a “Notice of Default” and specifies the default.

Appears in 1 contract

Samples: Credit and Security Agreement (CAB West LLC)

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