Common use of First Extension Election Clause in Contracts

First Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii), the Manager (on behalf of the Co-Issuers) shall have the option on or before the Quarterly Payment Date occurring in April 2022 to elect (the “Series 2017-1 First Extension Election”) to extend the Series 2017-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in April 2023 by delivering written notice to each of the Series 2017-1 Class A-1 Administrative Agents, the Trustee and the Control Party to the effect that the conditions precedent to such Series 2017-1 First Extension Election have been satisfied. Upon such extension, the Quarterly Payment Date occurring in April 2023 shall become the Series 2017-1 Class A-1 Notes Renewal Date.

First Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii), the Manager (on behalf of the Co-IssuersIssuer) shall have the option on or before the Quarterly Payment Date occurring in April 2022 December 2025 to elect (the “Series 20172020-1 First Extension Election”) to extend the Series 20172020-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in April 2023 December 2026 by delivering written notice to each of the Series 20172020-1 Class A-1 Administrative AgentsAgent, the Trustee and the Control Party not later than the Quarterly Payment occurring in December 2025 to the effect that the conditions precedent to such Series 20172020-1 First Extension Election have been satisfied. Upon Subject to Section 3.6(b)(iii), upon delivery of such extensionnotice certifying that the conditions precedent to such Series 2020-1 First Extension Election have been satisfied, the Quarterly Payment Date occurring in April 2023 December 2026 shall become the Series 20172020-1 Class A-1 Notes Renewal Date.

First Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii), the Manager (on behalf of the Co-Issuers) shall have the option on or before the Quarterly Payment Date occurring in April 2022 June 2024 to elect (the “Series 20172019-1 First Extension Election”) to extend the Series 20172019-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in April 2023 June 2025 by delivering written notice to each of the Series 20172019-1 Class A-1 Administrative AgentsAgent, the Trustee and the Control Party no later than the Quarterly Payment Date occurring in June 2024 to the effect that the conditions precedent to such Series 20172019-1 First Extension Election set forth in Section 3.6(b)(iii) have been satisfied. Upon , and upon such extension, the Quarterly Payment Date occurring in April 2023 June 2025 shall become the Series 20172019-1 Class A-1 Notes Renewal Date.

First Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii), the Manager (on behalf of the Co-IssuersIssuer) shall have the option on or before the Quarterly Payment Date occurring in April 2022 December 2021 to elect (the “Series 20172018-1 First Extension Election”) to extend the Series 20172018-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in April 2023 December 2022 by delivering written notice to each of the Series 20172018-1 Class A-1 Administrative AgentsAgent, the Trustee and the Control Party to the effect that the conditions precedent to such Series 20172018-1 First Extension Election have been satisfied. Upon Subject to Section 3.6(b)(iii), upon delivery of such extensionnotice certifying that the conditions precedent to such Series 2018-1 First Extension Election have been satisfied, the Quarterly Payment Date occurring in April 2023 December 2022 shall become the Series 20172018-1 Class A-1 Notes Renewal Date.

First Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii), the Manager (on behalf of the Co-Issuers) shall have the option on or before the Quarterly Payment Date occurring in April 2022 June 2027 to elect (the “Series 20172022-1 First Extension Election”) to extend the Series 20172022-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in April 2023 June 2028 by delivering written notice to each of the Series 20172022-1 Class A-1 Administrative AgentsAgent, the Trustee and the Control Party no later than the Quarterly Payment Date occurring in June 2027 to the effect that the conditions precedent to such Series 20172022-1 First Extension Election set forth in Section 3.6(b)(iii) have been satisfied. Upon , and upon such extension, the Quarterly Payment Date occurring in April 2023 June 2028 shall become the Series 20172022-1 Class A-1 Notes Renewal Date.