Common use of Conditions to Issuance and Effectiveness Clause in Contracts

Conditions to Issuance and Effectiveness. Each Lender Party will have no obligation to purchase the Series 2019-1 Class A-1 Notes hereunder on the Closing Date, and the Commitments, the Swingline Commitment and the L/C Commitment will not become effective, unless: (a) the Base Indenture, the Series 2019-1 Supplement, the Guarantee and Collateral Agreement and the other Related Documents shall be in full force and effect; (b) on the Closing Date, the Administrative Agent shall have received a letter, in form and substance reasonably satisfactory to it, from S&P stating that a long-term rating of “BBB” has been assigned to the Series 2019-1 Class A-1 Notes; (c) at the time of such issuance, the additional conditions set forth in Schedule III hereto and all other conditions to the issuance of the Series 2019-1 Class A-1 Notes under the Indenture shall have been satisfied or waived by such Lender Party.

Conditions to Issuance and Effectiveness. Each Lender Party will have no obligation to purchase the Series 20192021-1 Class A-1 Notes hereunder on the Closing Date, and the Commitments, the Swingline Commitment and the L/C Commitment will not become effective, unless: (a) the Base Indenture, the Series 20192021-1 Supplement, the Guarantee and Collateral Agreement and the other Related Documents shall be in full force and effect; (b) on the Closing Date, the Administrative Agent shall have received a letter, in form and substance reasonably satisfactory to it, from S&P stating that a long-term rating of “BBB” has been assigned to the Series 20192021-1 Class A-1 Notes; (c) at the time of such issuance, the additional conditions set forth in Schedule III hereto and all other conditions to the issuance of the Series 20192021-1 Class A-1 Notes under the Indenture shall have been satisfied or waived by such Lender Party.

Conditions to Issuance and Effectiveness. Each Lender Party will have no obligation to purchase the Series 20192021-1 Class A-1 Notes hereunder on the Series 2021-1 Closing Date, and the Commitments, the Swingline Commitment and the L/C Commitment will not become effective, unless: (a) the Base Indenture, the Series 20192021-1 Supplement, the Guarantee and Collateral Agreement and the other Related Documents shall be in full force and effect; (b) on the Series 2021-1 Closing Date, the Administrative Agent shall have received a letter, in form and substance reasonably satisfactory to it, from S&P stating that a long-term rating of at least “BBBBBB+” has been assigned to the Series 20192021-1 Class A-1 Notes; (c) at the time of such issuance, the additional conditions set forth in Schedule III hereto and all other conditions to the issuance of the Series 20192021-1 Class A-1 Notes under the Indenture shall have been satisfied or waived by such Lender Party.

Conditions to Issuance and Effectiveness. Each Lender Party will have no obligation to purchase the Series 20192015-1 Class A-1 Notes hereunder on the Series 2015-1 Closing Date, and the Commitments, the Swingline Commitment and the L/C Commitment will not become effective, unless: (a) the Base Indenture, the Series 20192015-1 Supplement, the Guarantee and Collateral Agreement and the other Related Documents shall be in full force and effect; (b) on the Series 2015-1 Closing Date, the Administrative Agent shall have received a letter, in form and substance reasonably satisfactory to it, from S&P stating that a long-term rating of at least “BBBBBB+” has been assigned to the Series 20192015-1 Class A-1 Notes; (c) at the time of such issuance, the additional conditions set forth in Schedule III hereto and all other conditions to the issuance of the Series 20192015-1 Class A-1 Notes under the Indenture shall have been satisfied or waived by such Lender Party.

Conditions to Issuance and Effectiveness. Each Lender Party will have no obligation to purchase the Series 20192017-1 Class A-1 Notes hereunder on the Series 2017-1 Closing Date, and the Commitments, the Swingline Commitment and the L/C Commitment will not become effective, unless: (a) the Base Indenture, the Series 20192017-1 Supplement, the Guarantee and Collateral Agreement and the other Related Documents shall be in full force and effect; (b) on the Series 2017-1 Closing Date, the Administrative Agent shall have received a letter, in form and substance reasonably satisfactory to it, from S&P stating that a long-term rating of “BBB” has been assigned to the Series 20192017-1 Class A-1 Notes; (c) at the time of such issuance, the additional conditions set forth in Schedule III hereto and all other conditions to the issuance of the Series 20192017-1 Class A-1 Notes under the Indenture shall have been satisfied or waived by such Lender Party.

Conditions to Issuance and Effectiveness. Each Lender Party will have no obligation to purchase the Series 20192015-1 Class A-1 Notes hereunder on the Closing Date, and the Commitments, the Swingline Commitment and the L/C Commitment will not become effective, unless: (a) the Base Indenture, the Series 20192015-1 Supplement, the Guarantee and Collateral Agreement and the other Related Documents shall be in full force and effect; (b) on the Closing Date, the Administrative Agent shall have received a letter, in form and substance reasonably satisfactory to it, from S&P stating that a long-term rating of “BBB” has been assigned to the Series 20192015-1 Class A-1 Notes; (c) at the time of such issuance, the additional conditions set forth in Schedule III hereto and all other conditions to the issuance of the Series 20192015-1 Class A-1 Notes under the Indenture shall have been satisfied or waived by such Lender Party.

Conditions to Issuance and Effectiveness. Each Lender Party will have no obligation to purchase the Series 20192022-1 Class A-1 Notes hereunder on the Closing Date, and the Commitments, the Swingline Commitment and the L/C Commitment will not become effective, unless: (a) the Base Indenture, the Series 20192022-1 Supplement, the Guarantee and Collateral Agreement and the other Related Documents shall be in full force and effect; (b) on the Closing Date, the Administrative Agent shall have received a letter, in form and substance reasonably satisfactory to it, from S&P stating that a long-term rating of “BBB” has been assigned to the Series 20192022-1 Class A-1 Notes; (c) at the time of such issuance, the additional conditions set forth in Schedule III hereto and all other conditions to the issuance of the Series 20192022-1 Class A-1 Notes under the Indenture shall have been satisfied or waived by such Lender Party.

Conditions to Issuance and Effectiveness. Each Lender Party will have no obligation to purchase the Series 20192018-1 Class A-1 Notes hereunder on the Closing Date, and the Commitments, the Swingline Commitment and the L/C Commitment will not become effective, unless: (a) the Base Indenture, the Series 20192018-1 Supplement, the Guarantee and Collateral Agreement and the other Related Documents shall be in full force and effect; (b) on the Closing Date, the Administrative Agent shall have received a letter, in form and substance reasonably satisfactory to it, from S&P stating that a long-term rating of “BBB” has been assigned to the Series 20192018-1 Class A-1 Notes; (c) at the time of such issuance, the additional conditions set forth in Schedule III hereto and all other conditions to the issuance of the Series 20192018-1 Class A-1 Notes under the Indenture shall have been satisfied or waived by such Lender Party.

Conditions to Issuance and Effectiveness. Each Lender Party will have no obligation to purchase the Series 2019-1 Class A-1 Notes hereunder on the Series 2019-1 Closing Date, and the Commitments, the Swingline Commitment and the L/C Commitment will not become effective, unless: (a) the Base Indenture, the Series 2019-1 Supplement, the Guarantee and Collateral Agreement and the other Related Documents shall be in full force and effect; (b) on the Series 2019-1 Closing Date, the Administrative Agent shall have received a letter, in form and substance reasonably satisfactory to it, from S&P stating that a long-term rating of at least “BBBBBB+” has been assigned to the Series 2019-1 Class A-1 Notes; (c) at the time of such issuance, the additional conditions set forth in Schedule III hereto and all other conditions to the issuance of the Series 2019-1 Class A-1 Notes under the Indenture shall have been satisfied or waived by such Lender Party.

Conditions to Issuance and Effectiveness. Each Lender Party will have no obligation to purchase the Series 2019-1 Class A-1 Notes hereunder on the Series 2019-1 Closing Date, and the Commitments, the Swingline Commitment and the L/C Commitment will not become effective, unless: (a) the Base Indenture, the Series 2019-1 Supplement, the Guarantee and Collateral Agreement and the other Related Documents shall be in full force and effect; (b) on the Series 2019-1 Closing Date, the Administrative Agent shall have received a letter, in form and substance reasonably satisfactory to it, from S&P stating that a long-term rating of “BBB” has been assigned to the Series 2019-1 Class A-1 Notes; (c) at the time of such issuance, the additional conditions set forth in Schedule III hereto and all other conditions to the issuance of the Series 2019-1 Class A-1 Notes under the Indenture shall have been satisfied or waived by such Lender Party.

Conditions to Issuance and Effectiveness. Each Lender Party will have no obligation to purchase the Series 20192014-1 Class A-1 Notes hereunder on the Series 2014-1 Closing Date, and the Commitments, the Swingline Commitment and the L/C Commitment will not become effective, unless: (a) the Base Indenture, the Series 20192014-1 Supplement, the Guarantee and Collateral Agreement and the other Related Documents shall be in full force and effect; (b) on the Series 2014-1 Closing Date, the Administrative Agent shall have received a letter, in form and substance reasonably satisfactory to it, from S&P stating that a long-term rating of “BBB” has been assigned to the Series 20192014-1 Class A-1 Notes; (c) at the time of such issuance, the additional conditions set forth in Schedule III hereto and all other conditions to the issuance of the Series 20192014-1 Class A-1 Notes under the Indenture shall have been satisfied or waived by such Lender Partywaived.

Conditions to Issuance and Effectiveness. Each Lender Party will have no obligation to purchase the Series 20192020-1 Class A-1 Notes hereunder on the Closing Date, and the Commitments, the Swingline Commitment and the L/C Commitment will not become effective, unless: (a) the Base Indenture, the Series 20192020-1 Supplement, the Guarantee and Collateral Agreement and the other Related Documents shall be in full force and effect; (b) on the Closing Date, the Administrative Agent shall have received a letter, in form and substance reasonably satisfactory to it, from S&P stating that a long-term rating of “BBB” has been assigned to the Series 20192020-1 Class A-1 Notes; (c) at the time of such issuance, the additional conditions set forth in Schedule III hereto and all other conditions to the issuance of the Series 20192020-1 Class A-1 Notes under the Indenture shall have been satisfied or waived by such Lender Party.

Conditions to Issuance and Effectiveness. Each Lender Party will have no obligation to purchase the Series 20192018-1 Class A-1 Notes hereunder on the Closing Date, and the Commitments, the Swingline Commitment and the L/C Commitment will not become effective, unless: (a) the Base Indenture, the Series 20192018-1 Supplement, the Guarantee and Collateral Agreement and the other Related Documents shall be in full force and effect; (b) on the Closing Date, the Administrative Agent shall have received a letter, in form and substance reasonably satisfactory to it, from S&P and KBRA, respectively, stating that a long-term rating of “BBBBBB-” has been assigned to the Series 20192018-1 Class A-1 Notes; (c) at the time of such issuance, the additional conditions set forth in Schedule III hereto and all other conditions to the issuance of the Series 20192018-1 Class A-1 Notes under the Indenture shall have been satisfied or waived by such Lender Party.

Conditions to Issuance and Effectiveness. Each Lender Party will have no obligation to purchase the Series 20192017-1 Class A-1 Notes hereunder on the Series 2017-1 Closing Date, and the Commitments, the Swingline Commitment and the L/C Commitment will not become effective, unless: (a) the Base Indenture, the Series 20192017-1 Supplement, the Guarantee and Collateral Agreement and the other Related Documents shall be in full force and effect; (b) on the Series 2017-1 Closing Date, the Administrative Agent shall have received a letter, in form and substance reasonably satisfactory to it, from S&P stating that a long-term rating of at least “BBBBBB+” has been assigned to the Series 20192017-1 Class A-1 Notes; (c) at the time of such issuance, the additional conditions set forth in Schedule III hereto and all other conditions to the issuance of the Series 20192017-1 Class A-1 Notes under the Indenture shall have been satisfied or waived by such Lender Party.

Conditions to Issuance and Effectiveness. Each Lender Party will have no obligation to purchase the Series 20192017-1 Class A-1 Notes hereunder on the Series 2017-1 Closing Date, and the Commitments, the Swingline Commitment and the L/C Commitment will not become effective, unless: : (a) the a)the Base Indenture, the Series 20192017-1 Supplement, the Guarantee and Collateral Agreement and the other Related Documents shall be in full force and effect; ; (b) on b)on the Series 2017-1 Closing Date, the Administrative Agent shall have received a letter, in form and substance reasonably satisfactory to it, from S&P stating that a long-term rating of “BBB” has been assigned to the Series 20192017-1 Class A-1 Notes; ; (c) at c)at the time of such issuance, the additional conditions set forth in Schedule III hereto and all other conditions to the issuance of the Series 20192017-1 Class A-1 Notes under the Indenture shall have been satisfied or waived by such Lender Party.

Conditions to Issuance and Effectiveness. Each Lender Party will have no obligation to purchase the Series 20192015-1 Class A-1 Notes hereunder on the Closing Date, and the Commitments, the Swingline Commitment and the L/C Commitment will not become effective, unless: (a) the Base Indenture, the Series 20192015-1 Supplement, the Guarantee and Collateral Agreement and the other Related Documents shall be in full force and effect; (b) on the Closing Date, the Administrative Agent shall have received a letter, in form and substance reasonably satisfactory to it, from S&P stating that a long-term rating of “BBB” has been assigned to the Series 20192015-1 Class A-1 Notes; (c) at the time of such issuance, the additional conditions set forth in Schedule III hereto and all other conditions to the issuance of the Series 20192015-1 Class A-1 Notes under the Indenture shall have been satisfied or waived by such Lender Party.