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 2016-1 Extension Elections that, in the case of the Series 2016-1 First Extension Election, on the Quarterly Payment Date occurring in May 2021 or, in the case of the Series 2016-1 Second Extension Election, on the Quarterly Payment Date occurring in May 2022 (a) the DSCR is greater than or equal to 2.50x (calculated as of the most recent Quarterly Calculation Date), (b) the rating assigned to the Series 2016-1 Class A-1 Notes by any Rating Agency has not been downgraded below “BBB” (or the structured finance equivalent) or withdrawn and (c) all Class A-1 Extension Fees shall have been paid on or prior to such Quarterly Payment Date.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 2016-1 Class A-1 Administrative Agent, any Noteholder or any other Secured Party shall be necessary for the effectiveness of the Series 2016-1 Extension Elections.

Conditions Precedent to Extension Elections. It shall be a condition to the effectiveness of the Series 20162017-1 Extension Elections that, in the case of the Series 20162017-1 First Extension Election, on the Quarterly Payment Date occurring in May 2021 April 2022 or, in the case of the Series 20162017-1 Second Extension Election, on the Quarterly Payment Date occurring in May 2022 April 2023, that (a) the DSCR is greater than or equal to 2.50x 2.75:1.00 (calculated as of the most recent Quarterly Calculation Date), (b) the rating assigned to the Series 20162017-1 Class A-1 Notes by any Rating Agency has not been downgraded below “BBBBBB-” (or the structured finance equivalent) or withdrawn and (c) all Class A-1 Extension Fees shall have been paid on or prior to such Quarterly Payment Date.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 20162017-1 Class A-1 Administrative AgentAgents, any Noteholder or any other Secured Party shall be necessary for the effectiveness of the Series 20162017-1 First Extension ElectionsElection or the Series 2017-1 Second Extension Election.

Conditions Precedent to Extension Elections. It shall be a condition to the effectiveness of the Series 20162019-1 Extension Elections that, in the case of the Series 20162019-1 First Extension Election, on the Quarterly Payment Date occurring in May 2021 orJune 2024, and in the case of the Series 20162019-1 Second Extension Election, on the Quarterly Payment Date occurring in May 2022 June 2025: (a) the DSCR is greater than or equal to 2.50x 2.00:1:00 (calculated as of the most recent Quarterly Calculation Date), (b) the rating assigned to the Series 20162019-1 Class A-1 A-2 Notes by any Rating Agency has not been downgraded below “BBBBBB-” (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 20162019-1 Class A-1 Administrative Agent, any Noteholder or any other Secured Party shall be necessary for the effectiveness of the Series 20162019-1 First Extension ElectionsElection or the Series 2019-1 Second Extension Election.

Conditions Precedent to Extension Elections. It shall be a condition to the effectiveness of the Series 20162022-1 Extension Elections that, in the case of the Series 20162022-1 First Extension Election, on the Quarterly Payment Date occurring in May 2021 orJune 2027, and in the case of the Series 20162022-1 Second Extension Election, on the Quarterly Payment Date occurring in May 2022 June 2028: (aA) the DSCR is greater than or equal to 2.50x 2.00:1:00 (calculated as of the most recent Quarterly Calculation Date), (bB) the rating assigned to the Series 20162022-1 Class A-1 Notes by any Rating Agency has not been downgraded below “BBBBBB-” (or the structured finance equivalent) or withdrawn and (cC) 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 20162022-1 Class A-1 Administrative Agent, any Noteholder or any other Secured Party shall be necessary for the effectiveness of the Series 20162022-1 First Extension ElectionsElection or the Series 2022-1 Second Extension Election.