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 2022-1 Extension Elections that, in the case of the Series 2022-1 First Extension Election, on the Quarterly Payment Date occurring in June 2027, and in the case of the Series 2022-1 Second Extension Election, on the Quarterly Payment Date occurring in June 2028: (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Class A-1 Notes by any Rating Agency has not been downgraded below “BBB-” (or the structured finance equivalent) or withdrawn and (C) all Class A-1 Extension Fees shall have been paid on or prior to such Quarterly Payment Date.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 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.

Conditions Precedent to Extension Elections. It shall be a condition to the effectiveness of the Series 20222016-1 Extension Elections that, in the case of the Series 20222016-1 First Extension Election, on the Quarterly Payment Date occurring in June 2027May 2021 or, and in the case of the Series 20222016-1 Second Extension Election, on the Quarterly Payment Date occurring in June 2028: May 2022 (Aa) the DSCR is greater than or equal to 2.00:1:00 2.50x (calculated as of the most recent Quarterly Calculation Date), (Bb) the rating assigned to the Series 20222016-1 Class A-1 Notes by any Rating Agency has not been downgraded below “BBB-BBB” (or the structured finance equivalent) or withdrawn and (Cc) all Class A-1 Extension Fees shall have been paid on or prior to such Quarterly Payment Date.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 20222016-1 Class A-1 Administrative Agent, any Noteholder or any other Secured Party shall be necessary for the effectiveness of the Series 20222016-1 First Extension Election or the Series 2022-1 Second Extension ElectionElections.

Conditions Precedent to Extension Elections. It shall be a condition to the effectiveness of the Series 20222017-1 Extension Elections that, in the case of the Series 20222017-1 First Extension Election, on the Quarterly Payment Date occurring in June 2027April 2022 or, and in the case of the Series 20222017-1 Second Extension Election, on the Quarterly Payment Date occurring in June 2028: April 2023, that (Aa) the DSCR is greater than or equal to 2.00:1:00 2.75:1.00 (calculated as of the most recent Quarterly Calculation Date), (Bb) the rating assigned to the Series 20222017-1 Class A-1 Notes by any Rating Agency has not been downgraded below “BBB-” (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 20222017-1 Class A-1 Administrative AgentAgents, any Noteholder or any other Secured Party shall be necessary for the effectiveness of the Series 20222017-1 First Extension Election or the Series 20222017-1 Second Extension Election.

Conditions Precedent to Extension Elections. It shall be a condition to the effectiveness of the Series 20222019-1 Extension Elections that, in the case of the Series 20222019-1 First Extension Election, on the Quarterly Payment Date occurring in June 20272024, and in the case of the Series 20222019-1 Second Extension Election, on the Quarterly Payment Date occurring in June 20282025: (Aa) the DSCR is greater than or equal to 2.00:1:00 (calculated as of the most recent Quarterly Calculation Date), (Bb) the rating assigned to the Series 20222019-1 Class A-1 A-2 Notes by any Rating Agency has not been downgraded below “BBB-” (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 20222019-1 Class A-1 Administrative Agent, any Noteholder or any other Secured Party shall be necessary for the effectiveness of the Series 20222019-1 First Extension Election or the Series 20222019-1 Second Extension Election.