Common use of First Extension Election Clause in Contracts

First Extension Election. Subject to the conditions set forth in Section 7.04(d), the Co-Issuers, or the Manager acting on behalf of the Co-Issuers, shall have the option on or before the Payment Date occurring in September 2024 (the “First Extension Election Date”) to elect (the “Series 2021-1 First Extension Election”) to extend the Series 2021-1 Class A-1 Anticipated Repayment Date to the Payment Date occurring in September 2025 by delivering written notice to each of the Series 2021-1 Class A-1 Administrative Agent and the Indenture Trustee to the effect that the conditions precedent to such Series 2021-1 First Extension Election set forth in Section 7.04(d) are satisfied as of the date of the notice and acknowledging that such conditions precedent to such Series 2021-1 First Extension Election set forth in Section 7.04(d) are required to be effective at the time of, and after giving effect to, such extension as a condition to the extension. Upon such extension, the Payment Date occurring in September 2025 shall become the Series 2021-1 Class A-1 Anticipated Repayment Date.

First Extension Election. Subject to the conditions set forth in Section 7.04(d), the Co-IssuersIssuer, or the Manager acting on behalf of the Co-IssuersIssuer, shall have the option on or before the Payment Date occurring in September 2024 (the “First Extension Election Date”) July 2026June 2028 to elect (the “Series 20212023-1 2 First Extension Election”) to extend the Series 20212023-1 2 Class A-1 Anticipated Repayment Date to the Payment Date occurring in September 2025 July 2027June 2029 by delivering written notice to each of the Series 20212023-1 2 Class A-1 Administrative Agent Agent, the Indenture Trustee, the Servicer and the Indenture Trustee Back-Up Manager to the effect that the conditions precedent to such Series 20212023-1 2 First Extension Election set forth in Section 7.04(d) are satisfied as of the date of the notice and acknowledging that such conditions precedent to such Series 20212023-1 2 First Extension Election set forth in Section 7.04(d) are required to be effective at the time of, and after giving effect to, such extension as a condition to the extension. Upon such extension, the Payment Date occurring in September 2025 July 2027June 2029 shall become the Series 20212023-1 2 Class A-1 Anticipated Repayment Date.. 

First Extension Election. Subject to the conditions set forth in Section 7.04(d), the Co-IssuersIssuer, or the Manager acting on behalf of the Co-IssuersIssuer, shall have the option on or before the Payment Date occurring in September 2024 (the “First Extension Election Date”) July 2026 to elect (the “Series 20212023-1 2 First Extension Election”) to extend the Series 20212023-1 2 Class A-1 Anticipated Repayment Date to the Payment Date occurring in September 2025 July 2027 by delivering written notice to each of the Series 20212023-1 2 Class A-1 Administrative Agent Agent, the Indenture Trustee, the Servicer and the Indenture Trustee Back-Up Manager to the effect that the conditions precedent to such Series 20212023-1 2 First Extension Election set forth in Section 7.04(d) are satisfied as of the date of the notice and acknowledging that such conditions precedent to such Series 20212023-1 2 First Extension Election set forth in Section 7.04(d) are required to be effective at the time of, and after giving effect to, such extension as a condition to the extension. Upon such extension, the Payment Date occurring in September 2025 July 2027 shall become the Series 20212023-1 2 Class A-1 Anticipated Repayment Date.