Conditions Precedent to Series 2019-3 Extension Elections Sample Clauses

Conditions Precedent to Series 2019-3 Extension Elections. It shall be a condition to the effectiveness of each of the Series 2019-3 Extension Elections that as of the date of such 2019-3 Extension Election (a) the DSCR is greater than or equal to 2.25:1.00 (calculated as of the most recent Quarterly Calculation Date), (b) either (1) the rating assigned to any outstanding Series of Class A-2 Notes by any Rating Agency has not been downgraded below “BBB-” or withdrawn or (2) any outstanding Series of Class A-2 Notes have been downgraded or their rating has been withdrawn by such Rating Agency but such downgrade or withdrawal was caused primarily by the bankruptcy, insolvency or other financial difficulty experienced by any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 Parent and (c) all Class A-1 Extension Fees shall have been paid on or prior to the date of such 2019-3 Extension Election. Any notice given pursuant to Sections 3.6(b)(i) through (v) of this Series Supplement shall be irrevocable; provided that if the conditions set forth in this Section 3.6(b)(vi) are not met as of the applicable date of such Series 2019-3 Extension Election, 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 Administrative Agent, any Noteholder or any other Secured Party shall be necessary for the effectiveness of any Series 2019-3 Extension Election.
Sample 1Sample 2
AutoNDA by SimpleDocs

Related to Conditions Precedent to Series 2019-3 Extension Elections

  • Conditions Precedent to Initial Extension of Credit The obligation of each Lender to make an Advance or of any Issuing Bank to issue a Letter of Credit on the occasion of the Initial Extension of Credit hereunder is subject to the satisfaction of the following conditions precedent before or concurrently with the Initial Extension of Credit:

  • Conditions Precedent to Effective Date This Agreement shall become effective on the date (such date, the “Effective Date”) when each of the following conditions is satisfied (or waived) in accordance with the terms herein:

  • Conditions Precedent to the Initial Extension of Credit The obligation of each Lender to make its initial extension of credit provided for hereunder, is subject to the fulfillment, to the satisfaction of Agent and each Lender of each of the conditions precedent set forth on Schedule 3.1 (the making of such initial extension of credit by a Lender being conclusively deemed to be its satisfaction or waiver of the conditions precedent).

  • Conditions Precedent to Each Extension of Credit Before any extension of credit governed by this agreement, whether by disbursement of a loan, issuance of a letter of credit or otherwise, the following conditions must be satisfied:

  • Conditions Precedent to Effectiveness This Agreement shall become effective on and as of the first date (the “Effective Date”) on which the following conditions precedent have been satisfied:

  • Conditions Precedent to Initial Borrowing The initial Borrowing under this Agreement is subject to the satisfaction of the following conditions precedent, except as otherwise agreed between the Borrower and the Administrative Agent.

  • Conditions Precedent to Each Credit Event The occurrence of each Credit Event (including the initial Borrowing) is subject to the further conditions that:

  • Conditions Precedent to Amendment The satisfaction of each of the following shall constitute conditions precedent to the effectiveness of this Amendment and each and every provision hereof:

  • Conditions Precedent to Each Borrowing and Issuance The obligation of each Lender to make an Advance (other than an Advance made by any Issuing Bank or any Lender pursuant to Section 2.03(c)) on the occasion of each Borrowing and the obligation of each Issuing Bank to issue a Letter of Credit shall be subject to the conditions precedent that the Effective Date shall have occurred and on the date of such Borrowing or such Issuance (as the case may be) the following statements shall be true (and each of the giving of the applicable Notice of Borrowing or Notice of Issuance and the acceptance by the Borrower of the proceeds of such Borrowing or such Issuance shall constitute a representation and warranty by the Borrower that on the date of such Borrowing or such Issuance such statements are true):

  • Conditions Precedent to Loans The obligation of each Lender to make any Loans is subject, at the time of each such Loan, to the satisfaction of the following conditions:

Time is Money Join Law Insider Premium to draft better contracts faster.