Second Extension Election Clause Samples

Second Extension Election. Subject to the conditions set forth in Section 3.06(b)(iii) of this Series 2025-1 Supplement, if the Series 2025-1 First Extension Election has been made and has become effective, the Manager shall have the option on or before the Quarterly Payment Date occurring in July 2031 to elect (the “Series 2025-1 Second Extension Election”) to extend the Series 2025-1 Class A-1 Senior Notes Renewal Date to the Quarterly Payment Date occurring in July 2032 by delivering written notice to the Trustee and the Control Party (with copy to the Back-Up Manager); provided that upon such extension, the Quarterly Payment Date occurring in July 2032 shall become the Series 2025-1 Class A-1 Senior Notes Renewal Date.

Second Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii), if the Series 2024-1 First Extension Election has been made and become effective, the Managers (on behalf of the Co-Issuers) shall have the option on or before the Quarterly Payment Date occurring in October 2030 to elect (the “Series 2024-1 Second Extension Election”) to extend the Series 2024-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in October 2031 by delivering written notice to each of the Series 2024-1 Class A-1 Administrative Agent, the Trustee and the Control Party to the effect that the conditions precedent to such Series 2024-1 Second Extension Election have been satisfied; provided that upon such extension, the Quarterly Payment Date occurring in October 2031 shall become the Series 2024-1 Class A-1 Notes Renewal Date.

Second Extension Election. Subject to the conditions set forth in Section 3.06(b)(iii) of this Series Supplement, if the Series 2019-1 First Extension Election has been made and has become effective, the Manager shall have the option on or before the Quarterly Payment Date occurring in October 2025 to elect (the “Series 2019-1 Second Extension Election”) to extend the Series 2019-1 Class A-1 Senior Notes Renewal Date to the Quarterly Payment Date occurring in October 2026 by delivering written notice to the Trustee and the Control Party; provided that upon such extension, the Quarterly Payment Date occurring in October 2026 shall become the Series 2019-1 Class A-1 Senior Notes Renewal Date.

Second Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii), if the Series 2022-1 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 March 2028 to elect (the “Series 2022-1 Second Extension Election”) to extend the Series 2022-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in March 2029 by delivering written notice to the Series 2022-1 Class A-1 Administrative Agent, the Trustee and the Control Party not later than the Quarterly Payment occurring in March 2028 to the effect that the conditions precedent to such Series 2022-1 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 2022-1 Second Extension Election have been satisfied, the Quarterly Payment Date occurring in March 2029 shall become the Series 2022-1 Class A-1 Notes Renewal Date.

Second Extension Election. Subject to the conditions set forth in Section 7.04(d), if the Series 2021-1 First Extension Election has been made and become effective, 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 2025 (the “Second Extension Election Date” and together with the First Extension Election Date, the “Extension Election Dates”) to elect (the “Series 2021-1 Second Extension Election” and, together with the Series 2021-1 First Extension Election, the “Series 2021-1 Class A-1 Extension Elections”) to extend the Series 2021-1 Class A-1 Anticipated Repayment Date to the Payment Date occurring in September 2026 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 Second 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 Second 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 2026 shall become the Series 2021-1 Class A-1 Anticipated Repayment Date.

Second Extension Election. Subject to the conditions set forth in Section 7.04(d), if the Series 2023-2 First Extension Election has been made and become effective, the Issuer, or the Manager acting on behalf of the Issuer, shall have the option on or before the Payment Date occurring in July 2027June 2029 to elect (the “Series 2023-2 Second Extension Election” and, together with the Series 2023-2 First Extension Election, the “Series 2023-2 Class A-1 Extension Elections”) to extend the Series 2023-2 Class A-1 Anticipated Repayment Date to the Payment Date occurring in July 2028June 2030 by delivering written notice to each of the Series 2023-2 Class A-1 Administrative Agent, the Indenture Trustee, the Servicer and the Back-Up Manager to the effect that the conditions precedent to such Series 2023-2 Second Extension Election set forth in Section 7.04(d) are satisfied as of the date of the notice and 36 acknowledging that such conditions precedent to such Series 2023-2 Second 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 July 2028June 2030 shall become the Series 2023-2 Class A-1 Anticipated Repayment Date. 

Second Extension Election. Subject to the conditions set forth in Section 3.6(b)(vi) of this Series Supplement, if the Series 2019-3 First Extension Election has been made and become effective, the Managers shall have the option on or before the Quarterly Payment Date occurring in July 2021 to elect (the “Series 2019-3 Second Extension Election”) to extend the Series 2019-3 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in July 2022 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 Second Extension Election have been satisfied; provided that upon such extension, the Quarterly Payment Date occurring in July 2022 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 Second Extension Election shall be deemed to have become effective as of the Series 2019-3 Closing Date and the Quarterly Payment Date occurring in July 2022 shall have become the Series 2019-3 Class A-1 Notes Renewal Date.

Second Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii), if the Series 2025-1 First Extension Election has been made and become effective, the Manager (on behalf of the Co-Issuers) shall have the option on or before the Quarterly Payment Date occurring in June 2031 to elect (the “Series 2025-1 Second Extension Election”) to extend the Series 2025-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in June 2032 by delivering written notice to the Series 2025-1 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 2028 to the effect that the conditions precedent to such Series 2025-1 Second Extension Election set forth in Section 3.6(b)(iii) have been satisfied, and upon such extension, the Quarterly Payment Date occurring in June 2032 shall become the Series 2025-1 Class A-1 Notes Renewal Date.

Second Extension Election. Subject to the conditions set forth in Section 7.04(d), if the Series 2023-2 First Extension Election has been made and become effective, the Issuer, or the Manager acting on behalf of the Issuer, shall have the option on or before the Payment Date occurring in July 2027 to elect (the “Series 2023-2 Second Extension Election” and, together with the Series 2023-2 First Extension Election, the “Series 2023-2 Class A-1 Extension Elections”) to extend the Series 2023-2 Class A-1 Anticipated Repayment Date to the Payment Date occurring in July 2028 by delivering written notice to each of the Series 2023-2 Class A-1 Administrative Agent, the Indenture Trustee, the Servicer and the Back-Up Manager to the effect that the conditions precedent to such Series 2023-2 Second 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 2023-2 Second 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 July 2028 shall become the Series 2023-2 Class A-1 Anticipated Repayment Date.