Common use of Second Extension Election Clause in Contracts

Second Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii) of this Series Supplement, if the Series 2016-1 First Extension Election has been made and has become effective, the Manager shall have the option on or before the Payment Date occurring in May 2022 to elect (the “Series 2016-1 Second Extension Election”) to extend the Series 2016-1 Class A-1 Notes Renewal Date to the Payment Date occurring in May 2023 by delivering written notice to the Trustee and the Control Party; provided that upon such extension, the Payment Date occurring in May 2023 shall become the Series 2016-1 Class A-1 Notes Renewal Date.

Second Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii) of this Series Supplement, if the Series 20162018-1 First Extension Election has been made and has become effective, the Manager shall have the option on or before the Payment Date occurring in May 2022 to elect (the “Series 20162018-1 Second Extension Election”) to extend the Series 20162018-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in May 2023 March 2025 by delivering written notice to the Administrative Agent, the Trustee and the Control Party; provided that upon such extension, Party no later than the Quarterly Payment Date occurring in May 2023 shall become March 2024 to the effect that the conditions precedent to such Series 20162018-1 Class A-1 Notes Renewal DateSecond Extension Election have been satisfied.

Second Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii) of this Series Supplement, if the Series 20162022-1 First Extension Election has been made and has become effective, the Manager shall have the option on or before the Payment Date occurring in May 2022 to elect (the “Series 20162022-1 Second Extension Election”) to extend the Series 20162022-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in May 2023 March 2027 by delivering written notice to the Administrative Agent, the Trustee and the Control Party; provided that upon such extension, Party no later than the Quarterly Payment Date occurring in May 2023 shall become March 2026 to the effect that the conditions precedent to such Series 20162022-1 Class A-1 Notes Renewal DateSecond Extension Election have been satisfied.

Second Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii) of this Series Supplement, if the Series 20162017-1 First Extension Election has been made and has become effective, the Manager shall have the option on or before the Payment Date occurring in May 2022 to elect (the “Series 20162017-1 Second Extension Election”) to extend the Series 20162017-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in May 2023 November 2024 by delivering written notice to the Administrative Agent, the Trustee and the Control Party; provided that upon such extension, Party no later than the Quarterly Payment Date occurring in May November 2023 shall become to the effect that the conditions precedent to such Series 20162017-1 Class A-1 Notes Renewal DateSecond Extension Election have been satisfied.

Second Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii) of this Series Supplement, if the Series 20162015-1 First Extension Election has been made and has become effective, the Manager shall have the option on or before the Payment Date occurring in May 2022 to elect (the “Series 20162015-1 Second Extension Election”) to extend the Series 20162015-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in May 2023 June, 2022 by delivering written notice to the Administrative Agent, the Trustee and the Control Party; provided that upon such extension, Party no later than the Quarterly Payment Date occurring in May 2023 shall become June, 2021 to the effect that the conditions precedent to such Series 20162015-1 Class A-1 Notes Renewal DateSecond Extension Election have been satisfied.

Second Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii) of this Series Supplement, if the Series 20162021-1 First Extension Election has been made and has become effective, the Manager shall have the option on or before the Payment Date occurring in May 2022 to elect (the “Series 20162021-1 Second Extension Election”) to extend the Series 20162021-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in May 2023 September 2028 by delivering written notice to the Series 2021-1 Class A-1 Administrative Agent, the Trustee and the Control Party; provided that upon such extension, Party no later than the Quarterly Payment Date occurring in May 2023 shall become September 2027 to the effect that the conditions precedent to such Series 20162021-1 Class A-1 Notes Renewal DateSecond Extension Election have been satisfied.

Second Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii) of this Series Supplement), if the Series 20162018-1 First Extension Election has been made and has become effective, the Manager (on behalf of the Issuer) shall have the option on or before the Quarterly Payment Date occurring in May December 2022 to elect (the “Series 20162018-1 Second Extension Election”) to extend the Series 20162018-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in May December 2023 by delivering written notice to the Series 2018-1 Class A-1 Administrative Agent, the Trustee and the Control Party; provided Party to the effect that upon the conditions precedent to such Series 2018-1 Second Extension Election have been satisfied. Upon such extension, the Quarterly Payment Date occurring in May December 2023 shall become the Series 20162018-1 Class A-1 Notes Renewal Date.

Second Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii3.06(b)(iii) of this Series Supplement, if the Series 20162022-1 First Extension Election has been made and has become effective, the Manager shall have the option on or before the Payment Date occurring in May 2022 to elect (the “Series 20162022-1 Second Extension Election”) to extend the Series 20162022-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in May 2023 February 2029 by delivering written notice to the Administrative Agent, the Trustee and the Control Party; provided that upon such extension, Party no later than the Quarterly Payment Date occurring in May 2023 shall become February 2028 to the effect that the conditions precedent to such Series 20162022-1 Class A-1 Notes Renewal DateSecond Extension Election have been satisfied.

Second Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii) of this Series Supplement), if the Series 2016-1 First Extension Election has been made and has become effective, the Manager (on behalf of the Issuer) shall have the option on or before the Quarterly Payment Date occurring in May 2022 to elect (the “Series 2016-1 Second Extension Election”) to extend the Series 2016-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in May 2023 by delivering written notice to the Series 2016-1 Class A-1 Administrative Agent, the Trustee and the Control Party; provided Party to the effect that upon the conditions precedent to such Series 2016-1 Second Extension Election have been satisfied. Upon such extension, the Quarterly Payment Date occurring in May 2023 shall become the Series 2016-1 Class A-1 Notes Renewal Date.

Second Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii) of this Series Supplement, if the Series 20162022-1 First Extension Election has been made and has become effective, the Manager shall have the option on or before the Payment Date occurring in May 2022 to elect (the “Series 20162022-1 Second Extension Election”) to extend the Series 20162022-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in May 2023 December 2028 by delivering written notice to the Administrative Agent, the Trustee and the Control Party; provided that upon such extension, Party no later than the Quarterly Payment Date occurring in May 2023 shall become December 2027 to the effect that the conditions precedent to such Series 20162022-1 Class A-1 Notes Renewal DateSecond Extension Election have been satisfied.

Second Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii) of this Series Supplement, if the Series 20162019-1 First Extension Election has been made and has become effective, the Manager shall have the option on or before the Payment Date occurring in May 2022 to elect (the “Series 20162019-1 Second Extension Election”) to extend the Series 20162019-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in May 2023 September 2026 by delivering written notice to the Series 2019-1 Class A-1 Administrative Agent, the Trustee and the Control Party; provided that upon such extension, Party no later than the Quarterly Payment Date occurring in May 2023 shall become September 2025 to the effect that the conditions precedent to such Series 20162019-1 Class A-1 Notes Renewal DateSecond Extension Election have been satisfied.

Second Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii) of this Series Supplement, if the Series 20162019-1 First Extension Election has been made and has become effective, the Manager shall have the option on or before the Payment Date occurring in May 2022 to elect (the “Series 20162019-1 Second Extension Election”) to extend the Series 20162019-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in May 2023 August 2026 by delivering written notice to the Series 2019-1 Class A-1 Administrative Agent, the Trustee and the Control Party; provided that upon such extension, Party no later than the Quarterly Payment Date occurring in May 2023 shall become August 2025 to the effect that the conditions precedent to such Series 20162019-1 Class A-1 Notes Renewal DateSecond Extension Election have been satisfied.

Second Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii) of this Series Supplement, if the Series 20162018-1 First Extension Election has been made and has become effective, the Manager shall have the option on or before the Payment Date occurring in May 2022 to elect (the “Series 20162018-1 Second Extension Election”) to extend the Series 20162018-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in May 2023 September 2025 by delivering written notice to the Administrative Agent, the Trustee and the Control Party; provided that upon such extension, Party no later than the Quarterly Payment Date occurring in May 2023 shall become September 2024 to the effect that the conditions precedent to such Series 20162018-1 Class A-1 Notes Renewal DateSecond Extension Election have been satisfied.

Second Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii) of this Series Supplement, if the Series 20162015-1 First Extension Election has been made and has become effective, the Manager shall have the option on or before the Payment Date occurring in May 2022 to elect (the “Series 20162015-1 Second Extension Election”) to extend the Series 20162015-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in May 2023 February, 2022 by delivering written notice to the Administrative Agent, the Trustee and the Control Party; provided that upon such extension, Party no later than the Quarterly Payment Date occurring in May 2023 shall become February, 2021 to the effect that the conditions precedent to such Series 20162015-1 Class A-1 Notes Renewal DateSecond Extension Election have been satisfied.