Common use of Conditions Precedent to Extension Elections Clause in Contracts

Conditions Precedent to Extension Elections. It shall be a condition to the effectiveness of the Series 2017-1 Extension Elections that, in the case of the Series 2017-1 First Extension Election, on the Quarterly Payment Date occurring in July 2022, or in the case of the Series 2017-1 Second Extension Election, on the Quarterly Payment Date occurring in July 2023, (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the rating assigned to the Series 2017-1 Class A-2 Notes by S&P Global Ratings has not been downgraded below “BBB+” or withdrawn or (2) the Series 2017-1 Class A-2 Notes have been downgraded below “BBB+” by S&P Global Ratings or their rating has been withdrawn by S&P Global Ratings but such downgrade or withdrawal was caused primarily by the bankruptcy, insolvency or other financial difficulty experienced by any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 3.6(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.

Conditions Precedent to Extension Elections. It shall be a condition to the effectiveness of the Series 20172012-1 Extension Elections that, in the case of the Series 20172012-1 First Extension Election, on the Quarterly Payment Date occurring in July 2022January 2017, or in the case of the Series 20172012-1 Second Extension Election, on the Quarterly Payment Date occurring in July 2023, January 2018 (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Series 20172012-1 Class A-2 Notes by S&P Global Ratings Standard & Poor’s has not been downgraded below “BBB+BBB-” or withdrawn and the rating assigned to the Series 2012-1 Class A-2 Notes by Xxxxx’x has not been downgraded below “Baa3” or withdrawn or (2) the Series 20172012-1 Class A-2 Notes have been downgraded below “BBB+” by S&P Global Ratings or their rating has been withdrawn by S&P Global Ratings either Standard & Poor’s or Xxxxx’x but such downgrade or withdrawal was caused primarily by the bankruptcy, insolvency or other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 3.6(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.

Conditions Precedent to Extension Elections. It shall be a condition to the effectiveness of the Series 20172019-1 Extension Elections that, in the case of the Series 20172019-1 First Extension Election, on the Quarterly Payment Date occurring in July 2022October 2024, or in the case of the Series 20172019-1 Second Extension Election, on the Quarterly Payment Date occurring in July 2023October 2025, (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 20172019-1 Class A-2 Notes by S&P Global Ratings has not been downgraded below “BBB+” or withdrawn or (2) the Series 20172019-1 Class A-2 Notes have been downgraded below “BBB+” by S&P Global Ratings or their rating has been withdrawn by S&P Global Ratings 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 3.6(b)(i3.06(b)(i) or (ii) of this Series Supplement shall be irrevocable; provided that if the conditions set forth in this Section 3.6(b)(iii3.06(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 20172020-1 Extension Elections that, in the case of the Series 20172020-1 First Extension Election, on the Quarterly Payment Date occurring in July 20222025, or and in the case of the Series 20172020-1 Second Extension Election, on the Quarterly Payment Date occurring in July 2023, 2026: (a) the Quarterly DSCR is greater than or equal to 2.75 2.75x (calculated with respect to as of the most recently ended recent Quarterly Collection PeriodCalculation Date), and (b) either (1) the rating assigned to the Series 20172020-1 Class A-2 Notes by S&P Global Ratings (x) KBRA has not been downgraded below “BBB+BBB-” or withdrawn or and (2y) the Series 2017-1 Class A-2 Notes have S&P has not been downgraded below “BBB+BBB-” by S&P Global Ratings (or, in each case, the structured finance equivalent) or their rating has been withdrawn by KBRA or S&P Global Ratings but and (c) all Class A-1 Extension Fees shall have been paid on or prior to such downgrade or withdrawal was caused primarily by the bankruptcy, insolvency or other financial difficulty experienced by any entity other than an Affiliate of HoldcoQuarterly 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 Controlling Class Representative, the Series 2020-1 Class A-1 Administrative Agent, any Noteholder or any other Secured Party shall be necessary for the effectiveness of the Series 2020-1 First Extension Election or the Series 2020-1 Second Extension Election.