Common use of First Extension Election Clause in Contracts

First Extension Election. Subject to the conditions set forth in Section 3.6(b)(vi) of this Series Supplement, the Managers shall have the option on or before the Quarterly Payment Date occurring in July 2020 to elect (the “Series 2019-3 First Extension Election”) to extend the Series 2019-3 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in July 2021 by delivering written notice to the Administrative Agent, the Trustee and the Control Party to the effect that the conditions precedent to such Series 2019-3 First Extension Election have been satisfied; provided that upon such extension, the Quarterly Payment Date occurring in July 2021 shall become the Series 2019-3 Class A-1 Notes Renewal Date; provided, further, that, in accordance with the Series 2019-3 Class A-1 Notes Fee Letter, and notwithstanding any other requirement of this Series Supplement, the Series 2019-3 First Extension Election shall be deemed to have become effective as of the Series 2019-3 Closing Date.

First Extension Election. Subject to the conditions set forth in Section 3.6(b)(vi) of this Series Supplement, the Managers ManagerManagers shall have the option on or before the Quarterly Payment Date occurring in July 2020 to elect (the “Series 2019-3 First Extension Election”) to extend the Series 2019-3 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in July 2021 by delivering written notice to the Administrative Agent, the Trustee and the Control Party to the effect that the conditions precedent to such Series 2019-3 First Extension Election have been satisfied; provided that upon such extension, the Quarterly Payment Date occurring in July 2021 shall become the Series 2019-3 Class A-1 Notes Renewal Date; provided, further, that, in accordance with the Series 2019-3 Class A-1 Notes Fee Letter, and notwithstanding any other requirement of this Series Supplement, the Series 2019-3 First Extension Election shall be deemed to have become effective as of the Series 2019-3 Closing Date.