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 2023-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 2023-A Exchange Note), the 2023-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: 2023 a Exchange Note Supplement (Mercedes-Benz Auto Lease Trust 2023-A), 2023 a Exchange Note Supplement (Mercedes-Benz Auto Lease Trust 2023-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 20232021-A 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 20232021-A B Exchange Note), the 20232021-A 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: 2021 B Exchange Note Supplement (Mercedes-Benz Auto Lease Trust 2021-B), 2021 B Exchange Note Supplement (Mercedes-Benz Auto Lease Trust 2021-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 20232018-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 20232018-A Exchange Note), the 20232018-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: 2018 a Exchange Note Supplement (Mercedes-Benz Auto Lease Trust 2018-A), 2018 a Exchange Note Supplement (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 20232019-A 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 20232019-A B Exchange Note), the 20232019-A 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: 2019 B Exchange Note Supplement (Mercedes-Benz Auto Lease Trust 2019-B), 2019 B Exchange Note Supplement (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 20232016-A 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 20232016-A B Exchange Note), the 20232016-A 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: 2016 B Exchange Note Supplement (Mercedes-Benz Auto Lease Trust 2016-B), 2016 B Exchange Note Supplement (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 20232020-A 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 20232020-A B Exchange Note), the 20232020-A 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: 2020 B Exchange Note Supplement (Mercedes-Benz Auto Lease Trust 2020-B), 2020 B Exchange Note Supplement (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 20232017-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 20232017-A Exchange Note), the 20232017-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: 2017 a Exchange Note Supplement (Mercedes-Benz Auto Lease Trust 2017-A), 2017 a Exchange Note Supplement (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 20232016-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 20232016-A Exchange Note), the 20232016-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: 2016 a Exchange Note Supplement (Mercedes-Benz Auto Lease Trust 2016-A), 2016 a Exchange Note Supplement (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 20232021-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 20232021-A Exchange Note), the 20232021-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: 2021 a Exchange Note Supplement (Mercedes-Benz Auto Lease Trust 2021-A), 2021 a Exchange Note Supplement (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 20232020-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 20232020-A Exchange Note), the 20232020-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: 2020 a Exchange Note Supplement (Mercedes-Benz Auto Lease Trust 2020-A), 2020 a Exchange Note Supplement (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 20232018-A 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 20232018-A B Exchange Note), the 20232018-A 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: 2018 B Exchange Note Supplement (Mercedes-Benz Auto Lease Trust 2018-B), 2018 B Exchange Note Supplement (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 20232024-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 20232024-A Exchange Note), the 20232024-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: 2024 a Exchange Note Supplement (Mercedes-Benz Auto Lease Trust 2024-A), 2024 a Exchange Note Supplement (Mercedes-Benz Auto Lease Trust 2024-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 20232019-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 20232019-A Exchange Note), the 20232019-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: 2019 a Exchange Note Supplement (Mercedes-Benz Auto Lease Trust 2019-A), 2019 a Exchange Note Supplement (Mercedes-Benz Auto Lease Trust 2019-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 20232024-A 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 20232024-A B Exchange Note), the 20232024-A 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: 2024 B Exchange Note Supplement (Mercedes-Benz Auto Lease Trust 2024-B), 2024 B Exchange Note Supplement (Mercedes-Benz Auto Lease Trust 2024-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 20232012-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 20232012-A Exchange Note), the 20232012-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: 2012 a Exchange Note Supplement (Mercedes-Benz Auto Lease Trust 2012-A), 2012 a Exchange Note Supplement (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 20232015-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 20232015-A Exchange Note), the 20232015-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: 2015 a Exchange Note Supplement (Mercedes-Benz Auto Lease Trust 2015-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 20232013-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 20232013-A Exchange Note), the 20232013-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: 2012 a Exchange Note Supplement (Mercedes-Benz Auto Lease Trust 2013-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 20232015-A 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 20232015-A B Exchange Note), the 20232015-A 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: 2015 B Exchange Note Supplement (Mercedes-Benz Auto Lease Trust 2015-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 20232014-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 20232014-A Exchange Note), the 20232014-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: 2014 a Exchange Note Supplement (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 20232013-A 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 20232013-A B Exchange Note), the 20232013-A 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: 2013 B Exchange Note Supplement (Mercedes-Benz Auto Lease Trust 2013-B)

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