Conditions to Issuance and Effectiveness Sample Clauses

Conditions to Issuance and Effectiveness. Each Lender Party will have no obligation to purchase the Series 2024-1 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 2024-1 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 (i) S&P stating that a long-term rating of “BBB” has been assigned to the Series 2024-1 Class A-1 Notes and (ii) KBRA stating that a long-term rating of “BBB” has been assigned to the Series 2024-1 Class A-1 Notes; (c) that certain risk retention letter agreement from the Manager dated as of the Closing Date with respect to the EU and UK risk retention rules shall have been duly executed and delivered by the parties thereto in form and substance satisfactory to the Administrative Agent; and (d) 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 2024-1 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 2019-3 Class A-1 Notes hereunder on the Series 2019-3 Closing Date, and the Commitments, the Swingline Commitment and the L/C Commitment will not become effective, unless: (a) the Base Indenture, the Series 2019-3 Supplement, the Guarantee and Collateral Agreement and the other Transaction Documents shall be in full force and effect; (b) on the Series 2019-3 Closing Date, the Administrative Agent shall have received a letter, in form and substance reasonably satisfactory to it, from S&P stating that the Notes have received a rating of not less than “BBB- (sf)” and (ii) a letter from KBRA stating that the Notes have received rating of not less than “BBB- (sf)”; (c) that certain risk retention letter agreement from the U.S. Manager, dated as of the Series 2019-3 Closing Date, with respect to the EU risk retention rules shall have been duly executed and delivered by the parties thereto in form and substance satisfactory to the Administrative Agent; and (d) at the time of such issuance, the additional conditions set forth in Schedule III (other than with respect to the condition subsequent set forth in the proviso to clause (b) of Schedule III) and all other conditions to the issuance of the Series 2019-3 Class A-1 Notes under the Indenture shall have been satisfied or waived.

Conditions to Issuance and Effectiveness. Each Lender Party will have no obligation to purchase the Series 2014-1 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 2014-1 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 2014-1 Class A-1 Notes; (c) at the time of such issuance, the additional conditions set forth in Schedule III and all other conditions to the issuance of the Series 2014-1 Class A-1 Notes under the Indenture shall have been satisfied or waived.

Conditions to Issuance and Effectiveness. Each Lender Party will have no obligation to purchase the Series 2012-1 Class A-1 Notes hereunder on the Series 2012-1 Closing Date, and the Commitments, the Swingline Commitment and the L/C Commitment will not become effective, unless: (a) the Base Indenture, the Series 2012-1 Supplement, the G&C Agreement and the other Related Documents shall be in full force and effect; (b) on the Series 2012-1 Closing Date, each Lender Party shall have received a letter, in form and substance reasonably satisfactory to it, from each of ▇▇▇▇▇’▇ and S&P stating that a long-term rating of “Baa1” (in the case of ▇▇▇▇▇’▇) and “BBB+” (in the case of S&P) has been assigned to the Series 2012-1 Class A-1 Notes; (c) each Lender Party shall have received opinions of counsel, in each case dated as of the Series 2012-1 Closing Date and addressed to the Lender Parties, from Skadden, Arps, Slate, ▇▇▇▇▇▇▇ & ▇▇▇▇ LLP and Ropes & ▇▇▇▇ LLP, each as counsel to the Co-Issuers, the Guarantors and the Parent Companies (as defined in the Series 2012-1 Class A-2 Note Purchase Agreement), and such local, franchise, special and foreign counsel as the Administrative Agent shall reasonably request, dated as of the Series 2012-1 Closing Date and addressed to the Lender Parties, with respect to such matters as the Administrative Agent shall reasonably request (including, without limitation, company matters, non-consolidation matters, security interest matters relating to the Collateral, tax and no-conflicts matters, “true contribution” matters and, from appropriate special counsel, franchise law matters); and (d) at the time of such issuance, the additional conditions set forth in Schedule III and all other conditions to the issuance of the Series 2012-1 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 2022-1 Class A-1 Notes hereunder on the Series 2022-1 Closing Date, and the Commitments and the L/C Commitment will not become effective, unless: (a) the Base Indenture, the Series 2022-1 Supplement, the Guarantee and Collateral Agreement and the other Related Documents shall be in full force and effect; (b) on the Series 2022-1 Closing Date, the Administrative Agent shall have received a letter, in form and substance reasonably satisfactory to it, from KBRA stating that the Series 2022-1 Class A-1 Notes have received a rating of not less than BBB; (c) there shall be no Event of Default or Rapid Amortization Event; (d) all fees and expenses due and payable hereunder shall have been paid; (e) at the time of such issuance, the additional conditions set forth in Schedule III and all other conditions to the issuance of the Series 2022-1 Class A-1 Notes under the Indenture shall have been satisfied or waived; and

Conditions to Issuance and Effectiveness. Each Investor will have no obligation to purchase the Series 2023-2 Class A-1 Notes hereunder on the Series 2023-2 Closing Date, and the Commitments will not become effective, unless: (a) the Base Indenture, the Series 2023-2 Supplement and the other Transaction Documents shall be in full force and effect; (b) on the Series 2023-2 Closing Date, the Issuer shall have received a letter, in form and substance reasonably satisfactory to the Funding Agents, from Fitch stating that the Series 2023-2 Class A-1 Notes have received a rating of not less than “A (sf)”; (c) at the time of such issuance, the additional conditions set forth in Schedule III and all other conditions to the issuance of the Series 2023-2 Class A-1 Notes under the Indenture and the Series 2023-2 Supplement shall have been satisfied or waived; and (d) that certain risk retention letter agreement from Frontier Southwest, dated as of the Series 2023-2 Closing Date, with respect to compliance by Frontier Southwest with the UK Securitisation Regulation shall have been duly executed and delivered by the parties thereto in form and substance satisfactory to the Funding Agents.

Conditions to Issuance and Effectiveness. Each Lender Party will have no obligation to purchase the Series 2017-1 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 2017-1 Supplement, the Guarantee and Collateral Agreement and the other Transaction Documents shall be in full force and effect; (b) on the Series 2017-1 Closing Date, the Administrative Agents shall have received a letter, in form and substance reasonably satisfactory to it, from (i) S&P stating that the Series 2017-1 Class A-1 Notes have received a rating of not less than BBB and (ii) Kroll stating that the Series 2017-1 Class A-1 Notes have received a rating of not less than BBB+; and (c) at the time of such issuance, the additional conditions set forth in Schedule III and all other conditions to the issuance of the Series 2017-1 Class A-1 Notes under the Indenture shall have been satisfied or waived.

Conditions to Issuance and Effectiveness. Each Investor will have no obligation to purchase the Series 2026-1 Class A-1 Notes hereunder on the Series 2026-1 Closing Date, and the Commitments will not become effective, unless: (a) the Indenture, the Series 2026-1 Supplement and the other Transaction Documents shall be in full force and effect; (b) on the Series 2026-1 Closing Date, the Co-Issuers shall have received a letter, in form and substance reasonably satisfactory to the Funding Agents, from KBRA stating that the Series 2026-1 Class A-2 Notes have received a rating of not less than “BBB”; (c) at the time of such issuance, the additional conditions set forth in Schedule III and all other conditions to the issuance of the Series 2026-1 Class A-1 Notes under the Indenture and the Series 2026-1 Supplement shall have been satisfied or waived; and (d) the risk retention letter agreement from the Parent (in its capacity as retention holder), dated as of the Series 2026-1 Closing Date, under which the Parent provides certain undertakings, representations, and covenants in connection with the EU Securitisation Laws and the UK Securitisation Laws, shall have been duly executed and delivered by the parties thereto in form and substance satisfactory to the Funding Agents.

Conditions to Issuance and Effectiveness. Each Investor will have no obligation to purchase the Series 2025-1 Class A-1-V Notes hereunder on the Series 2025-1 Closing Date, and the Commitments will not become effective, unless: (a) the Base Indenture, the Series 2025-1 Supplement and the other Transaction Documents shall be in full force and effect; (b) on the Series 2025-1 Closing Date, the Issuer shall have received (i) a letter, in form and substance reasonably satisfactory to the Funding Agents, from Fitch stating that the Series 2025-1 Class A-1-V Notes have received a rating of not less than “A-sf” and (ii) a letter, in form and substance reasonably satisfactory to the Funding Agents, from KBRA stating that the Series 2025-1 Class A-1-V Notes have received a rating of not less than “A- (sf)”; and (c) at the time of such issuance, the additional conditions set forth in Schedule III and all other conditions to the issuance of the Series 2025-1 Class A-1-V Notes under the Base Indenture and the Series 2025-1 Supplement shall have been satisfied or waived.