Conditions Precedent to Extension Elections. It shall be a condition to each applicable extension of the Series 2021-1 Class A-1 Notes Renewal Date that, in the case of Section 3.6(b)(i), on the Quarterly Payment Date occurring in September 2026, or in the case of Section 3.6(b)(ii), on the Quarterly Payment Date occurring in September 2027 (a) either (x) the rating assigned to the Series 2021-1 Class A-2 Notes by S&P Global Ratings has not been downgraded below “BBB” or withdrawn or (y) if such rating has been downgraded below “BBB” or withdrawn, such downgrade or withdrawal was caused primarily by the bankruptcy, insolvency or other financial difficulty experienced by any entity other than an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 Series 2021-1 Class A-1 Administrative Agent or any Noteholder shall be necessary for the effectiveness of the Series 2021-1 Extension Elections.
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 October 2024, or in the case of the Series 2019-1 Second Extension Election, on the Quarterly Payment Date occurring in October 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(b) either (1) the rating assigned to the Series 2019-1 Class A-2 Notes by S&P has not been downgraded below “BBB+” or withdrawn or (2) the Series 2019-1 Class A-2 Notes have been downgraded below “BBB+” by S&P or their rating has been withdrawn by S&P but such downgrade or withdrawal was caused primarily by the bankruptcy, insolvency or other financial difficulty experienced by any entity other than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 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 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 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 the extensions 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 February, 2020, or in the case of Section 3.6(b)(ii), on the Quarterly Payment Date occurring in February, 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 or 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 DBI 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 or the Administrative Agent 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 2016-1 Extension Elections that, in the case of the Series 2016-1 First Extension Election, on the Payment Date occurring in May 2021, or in the case of the Series 2016-1 Second Extension Election, on the Payment Date occurring in May 2022 (a) the Monthly DSCR is greater than or equal to 2.0x (calculated with respect to the most recently ended Monthly Collection Period), and the rating assigned to the Series 2016-1 Class A-1 Notes by Standard & Poor’s has not been downgraded below “BBB” or withdrawn. 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 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 2007-1 Extension Election that as of the Payment Date occurring in December 2012 (a) the Series 2007-1 Class A-2-I Outstanding Principal Amount is paid in full on or before such date, (b) the One-Year DSCR is greater than or equal to 2.80x as of such date, (c) unless the One-Year DSCR is equal to or greater than 3.00x as of the Series 2007-1 Anticipated Repayment Date, the Indenture Trustee has received the written consent of the Series Controlling Party to the Series 2007-1 Extension Election on or prior to such date, (d) no Default, Event of Default, Potential Rapid Amortization Event or Rapid Amortization Event has occurred and is continuing as of such date or would be a direct and immediate consequence of the Series 2007-1 Extension Election. Any notice given pursuant to Section 4.7(b)(i) of this Series 2007-1 Supplement shall be irrevocable; provided, that if the conditions set forth in this Section 4.7(b)(ii) 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. Notes by Standard & Poor’s has not been downgraded below “BBB+” or withdrawn or (2) the Series 2015-1 Class A-2 Notes have been downgraded below “BBB+” by Standard & Poor’s or their rating has been withdrawn by Standard & Poor’s 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.
