Can I apply for H4 - EAD when m husband is in H1 extension?

I would like to find out my eligibility for applying H4 - EAD. My husband is currenttly in H1B visa. He was previously in L1B for 5 years(from Dec 2009 - Oct 2014). The current visa will expire on Jan 2016, which makes it a total of 6 years that we are in US. Our ‘Green Card’ is in process as well and currently we are in I-140 processing stage. My husband has also applied for H1-B extension and according to my knowledge his H1 extension is in process under AC 21 rule. My question is that, am I eligible to apply for EAD once our extension has been approvved, as we will be in extension come Jan and we my husband will be in his 7th year in US? I would also like to note that I was in L2-EAD from Jan 2012 to Oct 2014 and employed. Would like to know expert opinion on this.

Yes, you should be able to apply for H-4 EAD soon after he enters he gets his H-1 extension for the 7th year.

Thanks for the response. I do have on more question. I read in one of the forums that, I can submit the H4-EAD form while the extension is in process, but it will be approved once the extension is approved. Is this true? If yes it will reduce the processing time.

You can apply for H-4 extension an H-4 EAD together, if that is what you are asking.