Common use of Failure to Pay Principal Clause in Contracts

Failure to Pay Principal. The Borrower fails to pay or cause to be paid any principal of such Exchange Note on the applicable Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical difficulty such failure continues for three (3) Business Days after the date when such principal became due or such other length of time as specified in the Exchange Note Supplement;

Appears in 23 contracts

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

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Failure to Pay Principal. The Borrower fails to pay or cause to be paid any principal of such Closed-End Exchange Note on the applicable Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical difficulty difficulty, such failure continues for three five (35) Business Days after the date when such principal became due or such other length of time as specified in the Exchange Note Supplement;

Appears in 5 contracts

Samples: Collateral Agency Agreement (World Omni LT), Collateral Agency Agreement (World Omni LT), Collateral Agency Agreement (World Omni LT)

Failure to Pay Principal. The Borrower fails to pay or cause to be paid any principal of such Exchange Note on the applicable 20[__]-[_] Exchange Note Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical difficulty such difficulty, that failure continues for three (3) five Business Days after the date when such principal became due or such other length of time as specified in the Exchange Note Supplementdue;

Appears in 3 contracts

Samples: Collateral Agency Agreement (Mercedes-Benz Vehicle Trust), Collateral Agency Agreement (Daimler Trust), Collateral Agency Agreement (Daimler Trust)

Failure to Pay Principal. The Borrower fails to pay or cause to be paid any principal of such Exchange Note on the applicable 201[__]-[__] Exchange Note Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical difficulty such difficulty, that failure continues for three (3) five Business Days after the date when such principal became due or such other length of time as specified in the Exchange Note Supplementdue;

Appears in 3 contracts

Samples: Collateral Agency Agreement (Daimler Trust), Collateral Agency Agreement (Daimler Trust), Daimler Trust, (Daimler Trust)

Failure to Pay Principal. The Borrower fails to pay or cause to be paid any principal of such Exchange Note on the applicable 2018-B Exchange Note Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical difficulty such difficulty, that failure continues for three (3) five Business Days after the date when such principal became due or such other length of time as specified in the Exchange Note Supplementdue;

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)

Failure to Pay Principal. The Borrower fails to pay or cause to be paid any principal of such Exchange Note on the applicable 2018-A Exchange Note Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical difficulty such difficulty, that failure continues for three (3) five Business Days after the date when such principal became due or such other length of time as specified in the Exchange Note Supplementdue;

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)

Failure to Pay Principal. The Borrower fails to pay or cause to be paid any principal of such Exchange Note on the applicable 2020-B Exchange Note Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical difficulty such difficulty, that failure continues for three (3) five Business Days after the date when such principal became due or such other length of time as specified in the Exchange Note Supplementdue;

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)

Failure to Pay Principal. The Borrower fails to pay or cause to be paid any principal of such Exchange Note on the applicable 2019-A Exchange Note Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical difficulty such difficulty, that failure continues for three (3) five Business Days after the date when such principal became due or such other length of time as specified in the Exchange Note Supplementdue;

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)

Failure to Pay Principal. The Borrower fails to pay or cause to be paid any principal of such Exchange Note on the applicable 2019-B Exchange Note Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical difficulty such difficulty, that failure continues for three (3) five Business Days after the date when such principal became due or such other length of time as specified in the Exchange Note Supplementdue;

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)

Failure to Pay Principal. The Borrower fails to pay or cause to be paid any principal of such Exchange Note on the applicable 2016-B Exchange Note Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical difficulty such difficulty, that failure continues for three (3) five Business Days after the date when such principal became due or such other length of time as specified in the Exchange Note Supplementdue;

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)

Failure to Pay Principal. The Borrower fails to pay or cause to be paid any principal of such Exchange Note on the applicable 2020-A Exchange Note Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical difficulty such difficulty, that failure continues for three (3) five Business Days after the date when such principal became due or such other length of time as specified in the Exchange Note Supplementdue;

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)

Failure to Pay Principal. The Borrower fails to pay or cause to be paid any principal of such Exchange Note on the applicable 2023-A Exchange Note Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical difficulty such difficulty, that failure continues for three (3) five Business Days after the date when such principal became due or such other length of time as specified in the Exchange Note Supplementdue;

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)

Failure to Pay Principal. The Borrower fails to pay or cause to be paid any principal of such Exchange Note on the applicable 2021-B Exchange Note Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical difficulty such difficulty, that failure continues for three (3) five Business Days after the date when such principal became due or such other length of time as specified in the Exchange Note Supplementdue;

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)

Failure to Pay Principal. The Borrower fails to pay or cause to be paid any principal of such Exchange Note on the applicable 2012-A Exchange Note Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical difficulty such difficulty, that failure continues for three (3) five Business Days after the date when such principal became due or such other length of time as specified in the Exchange Note Supplementdue;

Appears in 2 contracts

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

Failure to Pay Principal. The Borrower fails to pay or cause to be paid any principal of such Exchange Note on the applicable 2021-A Exchange Note Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical difficulty such difficulty, that failure continues for three (3) five Business Days after the date when such principal became due or such other length of time as specified in the Exchange Note Supplementdue;

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)

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Failure to Pay Principal. The Borrower fails to pay or cause to be paid any principal of such Exchange Note on the applicable 2017-A Exchange Note Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical difficulty such difficulty, that failure continues for three (3) five Business Days after the date when such principal became due or such other length of time as specified in the Exchange Note Supplementdue;

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)

Failure to Pay Principal. The Borrower fails to pay or cause to be paid any principal of such Exchange Note on the applicable 2024-A Exchange Note Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical difficulty such difficulty, that failure continues for three (3) five Business Days after the date when such principal became due or such other length of time as specified in the Exchange Note Supplementdue;

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)

Failure to Pay Principal. The Borrower fails to pay or cause to be paid any principal of such Exchange Note on the applicable 2016-A Exchange Note Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical difficulty such difficulty, that failure continues for three (3) five Business Days after the date when such principal became due or such other length of time as specified in the Exchange Note Supplementdue;

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)

Failure to Pay Principal. The Borrower fails to pay or cause to be paid any principal of such Exchange Note on the applicable 2013-A Exchange Note Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical difficulty such difficulty, that failure continues for three (3) five Business Days after the date when such principal became due or such other length of time as specified in the Exchange Note Supplementdue;

Appears in 1 contract

Samples: Exchange Note Supplement (Mercedes-Benz Auto Lease Trust 2013-A)

Failure to Pay Principal. The Borrower fails to pay or cause to be paid any principal of such Exchange Note on the applicable 2015-B Exchange Note Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical difficulty such difficulty, that failure continues for three (3) five Business Days after the date when such principal became due or such other length of time as specified in the Exchange Note Supplementdue;

Appears in 1 contract

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

Failure to Pay Principal. The Borrower fails Borrowers fail to pay or cause to be paid any principal of such Exchange Note on the applicable Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical difficulty such failure continues for three (3) Business Days after the date when such principal became due or such other length of time as specified in the Exchange Note Supplement;

Appears in 1 contract

Samples: Credit and Security Agreement (CAB West LLC)

Failure to Pay Principal. The Borrower fails to pay or cause to be paid any principal of such Exchange Note on the applicable 2013-B Exchange Note Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical difficulty such difficulty, that failure continues for three (3) five Business Days after the date when such principal became due or such other length of time as specified in the Exchange Note Supplementdue;

Appears in 1 contract

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

Failure to Pay Principal. The Borrower fails to pay or cause to be paid any principal of such Exchange Note on the applicable 2015-A Exchange Note Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical difficulty such difficulty, that failure continues for three (3) five Business Days after the date when such principal became due or such other length of time as specified in the Exchange Note Supplementdue;

Appears in 1 contract

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

Failure to Pay Principal. The Borrower fails to pay or cause to be paid any principal of such Exchange Note on the applicable 2014-A Exchange Note Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical difficulty such difficulty, that failure continues for three (3) five Business Days after the date when such principal became due or such other length of time as specified in the Exchange Note Supplementdue;

Appears in 1 contract

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

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