Common use of Second Extension Election Clause in Contracts

Second Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii), if the Series 2020-1 First Extension Election has been made and become effective, the Manager (on behalf of the Issuer) shall have the option on or before the Quarterly Payment Date occurring in December 2026 to elect (the “Series 2020-1 Second Extension Election”) to extend the Series 2020-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in December 2027 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 2026 to the effect that the conditions precedent to such Series 2020-1 Second 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 Second Extension Election have been satisfied, the Quarterly Payment Date occurring in December 2027 shall become the Series 2020-1 Class A-1 Notes Renewal Date.

Second Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii), if the Series 2020-1 First Extension Election has been made and become effective, the Manager (on behalf of the Issuer) shall have the option on or before the Quarterly Payment Date occurring in December July 2026 to elect (the “Series 2020-1 Second Extension Election”) to extend the Series 2020-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in December July 2027 by delivering written notice to the Series 2020-1 Class A-1 Administrative Agent, the Trustee and the Control Party not no later than the Quarterly Payment Date occurring in December July 2026 to the effect that the conditions precedent to such Series 2020-1 Second 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 Second Extension Election have been satisfiedextension, the Quarterly Payment Date occurring in December July 2027 shall become the Series 2020-1 Class A-1 Notes Renewal Date.

Second Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii), if the Series 20202022-1 First Extension Election has been made and become effective, the Manager (on behalf of the IssuerCo-Issuers) shall have the option on or before the Quarterly Payment Date occurring in December 2026 June 2028 to elect (the “Series 20202022-1 Second Extension Election”) to extend the Series 20202022-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in December 2027 June 2029 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 2026 June 2028 to the effect that the conditions precedent to such Series 20202022-1 Second 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 Second Extension Election have been satisfiedextension, the Quarterly Payment Date occurring in December 2027 June 2029 shall become the Series 20202022-1 Class A-1 Notes Renewal Date.

Second Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii), if the Series 20202019-1 First Extension Election has been made and become effective, the Manager (on behalf of the IssuerCo-Issuers) shall have the option on or before the Quarterly Payment Date occurring in December 2026 June 2025 to elect (the “Series 20202019-1 Second Extension Election”) to extend the Series 20202019-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in December 2027 June 2026 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 2026 June 2025 to the effect that the conditions precedent to such Series 20202019-1 Second 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 Second Extension Election have been satisfiedextension, the Quarterly Payment Date occurring in December 2027 June 2026 shall become the Series 20202019-1 Class A-1 Notes Renewal Date.