Common use of Breach of Covenant Clause in Contracts

Breach of Covenant. There is a default in the observance or performance of any covenant or agreement of the Borrower made in the Basic Collateral Agency Agreement or this 2021-B Exchange Note Supplement (other than a covenant or agreement, a default in the observance or performance of which is specifically covered by another Exchange Note Default with respect to the 2021-B Exchange Note), the 2021-B Exchange Noteholders are materially and adversely affected by such default and such default is not cured on or before the 60th day after the Borrower has received a notice that states that it is a “Notice of Exchange Note Default” and specifies the default; and

Appears in 2 contracts

Samples: Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2021-B), Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2021-B)

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Breach of Covenant. There is a default in the observance or performance of any covenant or agreement of the Borrower made in the Basic Collateral Agency Agreement or this 2021-B A Exchange Note Supplement (other than a covenant or agreement, a default in the observance or performance of which is specifically covered by another Exchange Note Default with respect to the 2021-B A Exchange Note), the 2021-B A Exchange Noteholders are materially and adversely affected by such default and such default is not cured on or before the 60th day after the Borrower has received a notice that states that it is a “Notice of Exchange Note Default” and specifies the default; and

Appears in 2 contracts

Samples: Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2021-A), Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2021-A)

Breach of Covenant. There is a default in the observance or performance of any covenant or agreement of the Borrower made in the Basic Collateral Agency Agreement or this 20212023-B A Exchange Note Supplement (other than a covenant or agreement, a default in the observance or performance of which is specifically covered by another Exchange Note Default with respect to the 20212023-B A Exchange Note), the 20212023-B A Exchange Noteholders are materially and adversely affected by such default and such default is not cured on or before the 60th day after the Borrower has received a notice that states that it is a “Notice of Exchange Note Default” and specifies the default; and

Appears in 2 contracts

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

Breach of Covenant. There is a default in the observance or performance of any covenant or agreement of the Borrower made in the Basic Collateral Agency Agreement or this 20212019-B A Exchange Note Supplement (other than a covenant or agreement, a default in the observance or performance of which is specifically covered by another Exchange Note Default with respect to the 20212019-B A Exchange Note), the 20212019-B A Exchange Noteholders are materially and adversely affected by such default and such default is not cured on or before the 60th day after the Borrower has received a notice that states that it is a “Notice of Exchange Note Default” and specifies the default; and

Appears in 2 contracts

Samples: Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2019-A), Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2019-A)

Breach of Covenant. There is a default in the observance or performance of any covenant or agreement of the Borrower made in the Basic Collateral Agency Agreement or this 20212020-B Exchange Note Supplement (other than a covenant or agreement, a default in the observance or performance of which is specifically covered by another Exchange Note Default with respect to the 20212020-B Exchange Note), the 20212020-B Exchange Noteholders are materially and adversely affected by such default and such default is not cured on or before the 60th day after the Borrower has received a notice that states that it is a “Notice of Exchange Note Default” and specifies the default; and

Appears in 2 contracts

Samples: Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2020-B), Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2020-B)

Breach of Covenant. There is a default in the observance or performance of any covenant or agreement of the Borrower made in the Basic Collateral Agency Agreement or this 20212018-B A Exchange Note Supplement (other than a covenant or agreement, a default in the observance or performance of which is specifically covered by another Exchange Note Default with respect to the 20212018-B A Exchange Note), the 20212018-B A Exchange Noteholders are materially and adversely affected by such default and such default is not cured on or before the 60th day after the Borrower has received a notice that states that it is a “Notice of Exchange Note Default” and specifies the default; and

Appears in 2 contracts

Samples: Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2018-A), Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2018-A)

Breach of Covenant. There is a default in the observance or performance of any covenant or agreement of the Borrower made in the Basic Collateral Agency Agreement or this 20212016-B Exchange Note Supplement (other than a covenant or agreement, a default in the observance or performance of which is specifically covered by another Exchange Note Default with respect to the 20212016-B Exchange Note), the 20212016-B Exchange Noteholders are materially and adversely affected by such default and such default is not cured on or before the 60th day after the Borrower has received a notice that states that it is a “Notice of Exchange Note Default” and specifies the default; and

Appears in 2 contracts

Samples: Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2016-B), Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2016-B)

Breach of Covenant. There is a default in the observance or performance of any covenant or agreement of the Borrower made in the Basic Collateral Agency Agreement or this 20212019-B Exchange Note Supplement (other than a covenant or agreement, a default in the observance or performance of which is specifically covered by another Exchange Note Default with respect to the 20212019-B Exchange Note), the 20212019-B Exchange Noteholders are materially and adversely affected by such default and such default is not cured on or before the 60th day after the Borrower has received a notice that states that it is a “Notice of Exchange Note Default” and specifies the default; and

Appears in 2 contracts

Samples: Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2019-B), Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2019-B)

Breach of Covenant. There is a default in the observance or performance of any covenant or agreement of the Borrower made in the Basic Collateral Agency Agreement or this 20212020-B A Exchange Note Supplement (other than a covenant or agreement, a default in the observance or performance of which is specifically covered by another Exchange Note Default with respect to the 20212020-B A Exchange Note), the 20212020-B A Exchange Noteholders are materially and adversely affected by such default and such default is not cured on or before the 60th day after the Borrower has received a notice that states that it is a “Notice of Exchange Note Default” and specifies the default; and

Appears in 2 contracts

Samples: Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2020-A), Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2020-A)

Breach of Covenant. There is a default in the observance or performance of any covenant or agreement of the Borrower made in the Basic Collateral Agency Agreement or this 20212012-B A Exchange Note Supplement (other than a covenant or agreement, a default in the observance or performance of which is specifically covered by another Exchange Note Default with respect to the 20212012-B A Exchange Note), the 20212012-B A Exchange Noteholders are materially and adversely affected by such default and such default is not cured on or before the 60th day after the Borrower has received a notice that states that it is a “Notice of Exchange Note Default” and specifies the default; and

Appears in 2 contracts

Samples: Daimler Trust, (Mercedes-Benz Auto Lease Trust 2012-A), Daimler Trust, (Mercedes-Benz Auto Lease Trust 2012-A)

Breach of Covenant. There is a default in the observance or performance of any covenant or agreement of the Borrower made in the Basic Collateral Agency Agreement or this 20212024-B A Exchange Note Supplement (other than a covenant or agreement, a default in the observance or performance of which is specifically covered by another Exchange Note Default with respect to the 20212024-B A Exchange Note), the 20212024-B A Exchange Noteholders are materially and adversely affected by such default and such default is not cured on or before the 60th day after the Borrower has received a notice that states that it is a “Notice of Exchange Note Default” and specifies the default; and

Appears in 2 contracts

Samples: Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2024-A), Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2024-A)

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Breach of Covenant. There is a default in the observance or performance of any covenant or agreement of the Borrower made in the Basic Collateral Agency Agreement or this 20212018-B Exchange Note Supplement (other than a covenant or agreement, a default in the observance or performance of which is specifically covered by another Exchange Note Default with respect to the 20212018-B Exchange Note), the 20212018-B Exchange Noteholders are materially and adversely affected by such default and such default is not cured on or before the 60th day after the Borrower has received a notice that states that it is a “Notice of Exchange Note Default” and specifies the default; and

Appears in 2 contracts

Samples: Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2018-B), Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2018-B)

Breach of Covenant. There is a default in the observance or performance of any covenant or agreement of the Borrower made in the Basic Collateral Agency Agreement or this 20212017-B A Exchange Note Supplement (other than a covenant or agreement, a default in the observance or performance of which is specifically covered by another Exchange Note Default with respect to the 20212017-B A Exchange Note), the 20212017-B A Exchange Noteholders are materially and adversely affected by such default and such default is not cured on or before the 60th day after the Borrower has received a notice that states that it is a “Notice of Exchange Note Default” and specifies the default; and

Appears in 2 contracts

Samples: Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2017-A), Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2017-A)

Breach of Covenant. There is a default in the observance or performance of any covenant or agreement of the Borrower made in the Basic Collateral Agency Agreement or this 20212016-B A Exchange Note Supplement (other than a covenant or agreement, a default in the observance or performance of which is specifically covered by another Exchange Note Default with respect to the 20212016-B A Exchange Note), the 20212016-B A Exchange Noteholders are materially and adversely affected by such default and such default is not cured on or before the 60th day after the Borrower has received a notice that states that it is a “Notice of Exchange Note Default” and specifies the default; and

Appears in 2 contracts

Samples: Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2016-A), Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2016-A)

Breach of Covenant. There is a default in the observance or performance of any covenant or agreement of the Borrower made in the Basic Collateral Agency Agreement or this 20212013-B Exchange Note Supplement (other than a covenant or agreement, a default in the observance or performance of which is specifically covered by another Exchange Note Default with respect to the 20212013-B Exchange Note), the 20212013-B Exchange Noteholders are materially and adversely affected by such default and such default is not cured on or before the 60th day after the Borrower has received a notice that states that it is a “Notice of Exchange Note Default” and specifies the default; and

Appears in 1 contract

Samples: Daimler Trust (Mercedes-Benz Auto Lease Trust 2013-B)

Breach of Covenant. There is a default in the observance or performance of any covenant or agreement of the Borrower made in the Basic Collateral Agency Agreement or this 20212014-B A Exchange Note Supplement (other than a covenant or agreement, a default in the observance or performance of which is specifically covered by another Exchange Note Default with respect to the 20212014-B A Exchange Note), the 20212014-B A Exchange Noteholders are materially and adversely affected by such default and such default is not cured on or before the 60th day after the Borrower has received a notice that states that it is a “Notice of Exchange Note Default” and specifies the default; and

Appears in 1 contract

Samples: Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2014-A)

Breach of Covenant. There is a default in the observance or performance of any covenant or agreement of the Borrower made in the Basic Collateral Agency Agreement or this 20212015-B Exchange Note Supplement (other than a covenant or agreement, a default in the observance or performance of which is specifically covered by another Exchange Note Default with respect to the 20212015-B Exchange Note), the 20212015-B Exchange Noteholders are materially and adversely affected by such default and such default is not cured on or before the 60th day after the Borrower has received a notice that states that it is a “Notice of Exchange Note Default” and specifies the default; and

Appears in 1 contract

Samples: Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2015-B)

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