Conditions Precedent to Extension Elections Sample Clauses

Conditions Precedent to Extension Elections. It shall be a condition to each applicable extension of the Series 2018-1 Class A-1 Notes Renewal Date that, in the case of Section 3.6(b)(i), on the Quarterly Payment Date occurring in March 2023, or in the case of Section 3.6(b)(ii), on the Quarterly Payment Date occurring in March 2024 (a) either (x) the rating assigned to the Series 2018-1 Class A-2 Notes by S&P Global Ratings has not been downgraded below “BBB” or withdrawn or (y) if such rating has been downgraded below “BBB” or withdrawn, such downgrade or withdrawal was caused primarily by the bankruptcy, insolvency or other financial difficulty experienced by any entity other than an Affiliate of TWC and (b) all Class A-1 Extension Fees shall have been paid on or prior to such Quarterly Payment Date. Any notice given pursuant to Section 3.6(b)(i) or (ii) of this Series Supplement shall be irrevocable; provided that if the conditions set forth in this Section 3.6(b)(iii) are not met as of the applicable extension date, the election set forth in such notice shall automatically be deemed ineffective. For the avoidance of doubt, no consent of the Trustee, the Control Party, the Administrative Agent or any Noteholder shall be necessary for the effectiveness of the Series 2018-1 Extension Elections.
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Conditions Precedent to Extension Elections. It shall be a condition to the effectiveness of the Series 2022-1 Extension Elections that, in the case of the Series 2022-1 First Extension Election, on the Quarterly Payment Date occurring in April 2026, or in the case of the Series 2022-1 Second Extension Election, on the Quarterly Payment Date occurring in April 2027, (a) the Quarterly DSCR is greater than or equal to 2.75 (calculated with respect to the most recently ended Quarterly Collection Period), and (b) either (1) the rating assigned to the Series 2022-1 Class A-1 Notes by S&P has not been downgraded below “BBB+” or withdrawn or (2) the Series 2022-1 Class A-1 Notes have been downgraded below “BBB+” by S&P or their rating has been withdrawn by S&P but such downgrade or withdrawal was caused primarily by the bankruptcy, insolvency or other financial difficulty experienced by any entity other than an Affiliate of Holdco. Any notice given pursuant to Section 3.06(b)(i) or (ii) of this Series 2022-1 Supplement shall be irrevocable; provided that if the conditions set forth in this Section 3.06(b)(iii) are not met as of the applicable extension date, the election set forth in such notice shall automatically be deemed ineffective.
Conditions Precedent to Extension Elections. It shall be a condition to the effectiveness of the Series 2019-1 Extension Elections that, in the case of the Series 2019-1 First Extension Election, on the Quarterly Payment Date occurring in June 2024, and in the case of the Series 2019-1 Second Extension Election, on the Quarterly Payment Date occurring in June 2025: (a) the DSCR is greater than or equal to 2.00:1:00 (calculated as of the most recent Quarterly Calculation Date), (b) the rating assigned to the Series 2019-1 Class A-2 Notes by any Rating Agency has not been downgraded below “BBB-” (or the structured finance equivalent) or withdrawn and (c) all Class A-1 Extension Fees shall have been paid on or prior to such Quarterly Payment Date. Any notice given pursuant to Section 3.6(b)(i) or (ii) shall be irrevocable; provided that if the conditions set forth in this Section 3.6(b)(iii) are not met as of the applicable extension date, the election set forth in such notice shall automatically be deemed ineffective. For the avoidance of doubt, no consent of the Trustee, the Control Party, the Controlling Class Representative, the Series 2019-1 Class A-1 Administrative Agent, any Noteholder or any other Secured Party shall be necessary for the effectiveness of the Series 2019-1 First Extension Election or the Series 2019-1 Second Extension Election.
Conditions Precedent to Extension Elections. It shall be a condition to the effectiveness of the Series 2021-1 Class A-1 Extension Elections that on the applicable Extension Election Date:
Conditions Precedent to Extension Elections. It shall be a condition to each applicable extension of the Series 2015-1 Class A-1 Notes Renewal Date that, in the case of Section 3.6(b)(i), on the Quarterly Payment Date occurring in June, 2020, or in the case of Section 3.6(b)(ii), on the Quarterly Payment Date occurring in June, 2021 (a) either the rating assigned to the Series 2015-1 Class A-2 Notes by Standard & Poor’s has not been downgraded below “BBB” or withdrawn; provided that such downgrade or withdrawal was caused primarily by the bankruptcy, insolvency or other financial difficulty experienced by any entity other than an Affiliate of TWC and (b) all Class A-1 Extension Fees shall have been paid on or prior to such Quarterly Payment Date. Any notice given pursuant to Section 3.6(b)(i) or (ii) of this Series Supplement shall be irrevocable; provided that if the conditions set forth in this Section 3.6(b)(iii) are not met as of the applicable extension date, the election set forth in such notice shall automatically be deemed ineffective. For the avoidance of doubt, no consent of the Trustee, the Control Party, the Administrative Agent or any Noteholder shall be necessary for the effectiveness of the Series 2015-1 Extension Elections.
Conditions Precedent to Extension Elections. It shall be a condition to each applicable extension of the Series 2022-1 Class A-1 Notes Renewal Date that, in the case of Section 3.06(b)(i), on the Quarterly Payment Date occurring in February 2027, or in the case of Section 3.06(b)(ii), on the Quarterly Payment Date occurring in February 2028 (a) the DSCR is greater than or equal to 2.75x (calculated with respect to the most recently ended Quarterly Collection Period); (b) either the rating assigned to the Series 2022-1 Class A-2 Notes by S&P has not been downgraded below “BBB” or withdrawn; and (c) all Class A-1 Extension Fees shall have been paid on or prior to such Quarterly Payment Date. Any notice given pursuant to Section 3.06(b)(i) or (ii) of this Series Supplement shall be irrevocable; provided that if the conditions set forth in this Section 3.06(b)(iii) are not met as of the applicable extension date, the election set forth in such notice shall automatically be deemed ineffective. For the avoidance of doubt, no consent of the Trustee, the Control Party, the Administrative Agent or any Noteholder shall be necessary for the effectiveness of the Series 2022-1 Extension Elections.
Conditions Precedent to Extension Elections. It shall be a condition to the effectiveness of the Series 2022-1 Extension Elections that, in the case of the Series 2022-1 First Extension Election, on the Quarterly Payment Date occurring in March 2027 or, in the case of the Series 2022-1 Second Extension Election, on the Quarterly Payment Date occurring in March 2028, that (a) the DSCR is greater than or equal to 2.00:1.00 (calculated as of the most recent Quarterly Calculation Date), (b) the rating assigned to the Series 2022-1 Class A-1 Notes by the Rating Agency has not been downgraded below “BBB” (or the structured finance equivalent) or withdrawn and (c) all Class A-1 Extension Fees shall have been paid on or prior to such Quarterly Payment Date. Any notice given pursuant to Section 3.6(b)(i) or (ii) shall be irrevocable; provided that if the conditions set forth in this Section 3.6(b)(iii) are not met as of the applicable extension date, the election set forth in such notice shall automatically be deemed ineffective; provided that if, notwithstanding the notice certifying the satisfaction of the relevant conditions set forth in this Section 3.6(b)(iii) for any extension, the conditions set forth in this Section 3.6(b)(iii) are not met as of the applicable extension date, the election set forth in such notice shall automatically be deemed ineffective and such extension shall automatically be deemed null and of no force and effect. For the avoidance of doubt, no consent of the Trustee, the Control Party, the Controlling Class Representative, the Series 2022-1 Class A-1 Administrative Agent, any Noteholder or any other Secured Party shall be necessary for the effectiveness of the Series 2022-1 First Extension Election or the Series 2022-1 Second Extension Election.
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Conditions Precedent to Extension Elections. It shall be a condition to the effectiveness of the Series 2008-1 Extension Elections that, (A) in the case of the Series 2008-1 First Extension Election, on the Determination Date occurring in May 2013, (1) either (x) the One-Year DSCR (without giving credit for any Contributions) is greater than or equal to 2.50 times as of such date or (y) the One-Year DSCR (without giving credit for any Contributions) is less than 2.50 times as of such date and the Trustee has received the consent of the Control Party to such Series 2008-1 Extension Election, (B) in the case of the Series 2008-1 Second Extension Election, on the Determination Date occurring in May 2014, (1) either (x) the One-Year DSCR (without giving credit for any Contributions) is greater than or equal to 2.75 times as of such date or (y) the One-Year DSCR (without giving credit for any Contributions) is less than 2.75 times as of such date and the Trustee has received the consent of the Control Party to such Series 2008-1 Extension Election and (C) in the case of both the Series 2008-1 First Extension Election and the Series 2008-1 Second Extension Election, no Early Amortization Event, Default or Event of Default has occurred and is continuing or would occur as a consequence of such Series 2008-1 Extension Election. Any notice given pursuant to Section 3.8(b)(i) or (ii) shall be irrevocable; provided that if the conditions set forth in this Section 3.8(b)(iii) are not met as of the applicable extension date, the 2008-1 Extension Election set forth in such notice shall automatically be deemed ineffective.
Conditions Precedent to Extension Elections. It shall be a condition to the effectiveness of the Series 2021-1 Class A-1 Extension Elections that on the applicable Extension Election Date: (i) the Co-Issuers have, or the Manager acting on behalf of the Co-Issuers, has delivered written notice to each of the Series 2021-1 Class A-1 Administrative Agent and the Indenture Trustee in the manner provided in Section 7.04(b) or (c), as applicable, not more than 60 days and not less than 30 days prior to the then-current Series 2021-1 Class A-1 Anticipated Repayment Date;
Conditions Precedent to Extension Elections. It shall be a condition to the effectiveness of the Series 2007-1 Extension Elections that, in the case of the Series 2007-1 First Extension Election, on April 15, 2012, or in the case of the Series 2007-1 Second Extension Election, on April 15, 2013 (a) the One-Year DSCR (without giving credit for any Retained Collections Contributions) is greater than or equal to 2.50 (calculated with respect to the most recently ended Quarterly Collection Period), (b) unless the One-Year DSCR (without giving credit for any Retained Collections Contributions) is equal to or greater than 3.00 (calculated with respect to the most recently ended Quarterly Collection Period), the Trustee has received the written consent of the Control Party to such extension and (c) no Rapid Amortization Event, Default or Event of Default has occurred and is continuing. Any notice given pursuant to Section 3.7(b)(i) or (ii) of this Series Supplement shall be irrevocable; provided that if the conditions set forth in this Section 3.7(b)(iii) are not met as of the applicable extension date, the election set forth in such notice shall automatically be deemed ineffective.
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