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 Issuer) shall have the option on or before the Quarterly Payment Date occurring in December 2025 to elect (the “Series 2020-1 First Extension Election”) to extend the Series 2020-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in December 2026 by delivering written notice to the Series 2020-1 Class A-1 Administrative Agent, 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 2020-1 First Extension Election have been satisfied. Subject to Section 3.6(b)(iii), upon delivery of such notice certifying that the conditions precedent to such Series 2020-1 First Extension Election have been satisfied, the Quarterly Payment Date occurring in December 2026 shall become the Series 2020-1 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 IssuerCo-Issuers) shall have the option on or before the Quarterly Payment Date occurring in December 2025 April 2022 to elect (the “Series 20202017-1 First Extension Election”) to extend the Series 20202017-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in December 2026 April 2023 by delivering written notice to each of the Series 20202017-1 Class A-1 Administrative AgentAgents, 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 20202017-1 First Extension Election have been satisfied. Subject to Section 3.6(b)(iii), upon delivery of Upon such notice certifying that the conditions precedent to such Series 2020-1 First Extension Election have been satisfiedextension, the Quarterly Payment Date occurring in December 2026 April 2023 shall become the Series 20202017-1 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 Issuer) shall have the option on or before the Quarterly Payment Date occurring in December 2025 2021 to elect (the “Series 20202018-1 First Extension Election”) to extend the Series 20202018-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in December 2026 2022 by delivering written notice to the Series 20202018-1 Class A-1 Administrative Agent, 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 20202018-1 First Extension Election have been satisfied. Subject to Section 3.6(b)(iii), upon delivery of such notice certifying that the conditions precedent to such Series 20202018-1 First Extension Election have been satisfied, the Quarterly Payment Date occurring in December 2026 2022 shall become the Series 20202018-1 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 IssuerCo-Issuers) shall have the option on or before the Quarterly Payment Date occurring in December 2025 June 2027 to elect (the “Series 20202022-1 First Extension Election”) to extend the Series 20202022-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in December 2026 June 2028 by delivering written notice to the Series 20202022-1 Class A-1 Administrative Agent, the Trustee and the Control Party not no later than the Quarterly Payment Date occurring in December 2025 June 2027 to the effect that the conditions precedent to such Series 20202022-1 First Extension Election set forth in Section 3.6(b)(iii) have been satisfied. Subject to Section 3.6(b)(iii), and upon delivery of such notice certifying that the conditions precedent to such Series 2020-1 First Extension Election have been satisfiedextension, the Quarterly Payment Date occurring in December 2026 June 2028 shall become the Series 20202022-1 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 IssuerCo-Issuers) shall have the option on or before the Quarterly Payment Date occurring in December 2025 June 2024 to elect (the “Series 20202019-1 First Extension Election”) to extend the Series 20202019-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in December 2026 June 2025 by delivering written notice to the Series 20202019-1 Class A-1 Administrative Agent, the Trustee and the Control Party not no later than the Quarterly Payment Date occurring in December 2025 June 2024 to the effect that the conditions precedent to such Series 20202019-1 First Extension Election set forth in Section 3.6(b)(iii) have been satisfied. Subject to Section 3.6(b)(iii), and upon delivery of such notice certifying that the conditions precedent to such Series 2020-1 First Extension Election have been satisfiedextension, the Quarterly Payment Date occurring in December 2026 June 2025 shall become the Series 20202019-1 Class A-1 Notes Renewal Date.