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 May 2021 to elect (the “Series 2016-1 First Extension Election”) to extend the Series 2016-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in May 2022 by delivering written notice to the Series 2016-1 Class A-1 Administrative Agent, the Trustee and the Control Party to the effect that the conditions precedent to such Series 2016-1 First Extension Election have been satisfied. Upon such extension, the Quarterly Payment Date occurring in May 2022 shall become the Series 2016-1 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 May 2021 June 2024 to elect (the “Series 20162019-1 First Extension Election”) to extend the Series 20162019-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in May 2022 June 2025 by delivering written notice to the Series 20162019-1 Class A-1 Administrative Agent, 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 20162019-1 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 May 2022 June 2025 shall become the Series 20162019-1 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 May 2021 June 2030 to elect (the “Series 20162025-1 First Extension Election”) to extend the Series 20162025-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in May 2022 June 2031 by delivering written notice to the Series 20162025-1 Class A-1 Administrative Agent, the Trustee and the Control Party (with a copy to the Back-Up Manager) no later than the Quarterly Payment Date occurring in June 2030 to the effect that the conditions precedent to such Series 20162025-1 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 May 2022 June 2031 shall become the Series 20162025-1 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 May 2021 July 2025 to elect (the “Series 20162020-1 First Extension Election”) to extend the Series 20162020-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in May 2022 July 2026 by delivering written notice to the Series 20162020-1 Class A-1 Administrative Agent, the Trustee and the Control Party no later than the Quarterly Payment Date occurring in July 2025 to the effect that the conditions precedent to such Series 20162020-1 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 May 2022 July 2026 shall become the Series 20162020-1 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 May 2021 April 2022 to elect (the “Series 20162017-1 First Extension Election”) to extend the Series 20162017-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in May 2022 April 2023 by delivering written notice to each of the Series 20162017-1 Class A-1 Administrative AgentAgents, the Trustee and the Control Party to the effect that the conditions precedent to such Series 20162017-1 First Extension Election have been satisfied. Upon such extension, the Quarterly Payment Date occurring in May 2022 April 2023 shall become the Series 20162017-1 Class A-1 Notes Renewal Date.

First Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii), the Manager Managers (on behalf of the IssuerCo-Issuers) shall have the option on or before the Quarterly Payment Date occurring in May 2021 October 2029 to elect (the “Series 20162024-1 First Extension Election”) to extend the Series 20162024-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in May 2022 October 2030 by delivering written notice to the Series 20162024-1 Class A-1 Administrative Agent, the Trustee and the Control Party to the effect that the conditions precedent to such Series 20162024-1 First Extension Election have been satisfied. Upon ; provided that upon such extension, the Quarterly Payment Date occurring in May 2022 October 2030 shall become the Series 20162024-1 Class A-1 Notes Renewal Date.

First Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii)) of this Series Supplement, the Manager (on behalf of the Issuer) shall have the option on or before the Quarterly Payment Date occurring in May 2021 September, 2019 to elect (the “Series 20162014-1 First Extension Election”) to extend the Series 20162014-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in May 2022 September, 2020 by delivering written notice to the Series 2016-1 Class A-1 Administrative Agent, the Trustee and the Control Party no later than the Quarterly Payment Date occurring in September, 2019 to the effect that the conditions precedent to such Series 20162014-1 First Extension Election have been satisfied. Upon ; provided that upon such extension, the Quarterly Payment Date occurring in May 2022 September, 2020 shall become the Series 20162014-1 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 May 2021 June 2027 to elect (the “Series 20162022-1 First Extension Election”) to extend the Series 20162022-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in May 2022 June 2028 by delivering written notice to the Series 20162022-1 Class A-1 Administrative Agent, 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 20162022-1 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 May 2022 June 2028 shall become the Series 20162022-1 Class A-1 Notes Renewal Date.

First Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii), the Manager Managers (on behalf of the IssuerCo-Issuers) shall have the option on or before the Quarterly Payment Date occurring in May 2021 October 2027 to elect (the “Series 20162022-1 First Extension Election”) to extend the Series 20162022-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in May 2022 October 2028 by delivering written notice to the Series 20162022-1 Class A-1 Administrative Agent, the Trustee and the Control Party to the effect that the conditions precedent to such Series 20162022-1 First Extension Election have been satisfied. Upon ; provided that upon such extension, the Quarterly Payment Date occurring in May 2022 October 2028 shall become the Series 20162022-1 Class A-1 Notes Renewal Date.