Common use of Second Extension Election Clause in Contracts

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 3.06(b)(iii) of this Series 20252021-1 Supplement, if the Series 20252021-1 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 April 2027 to elect (the “Series 20252021-1 Second Extension Election”) to extend the Series 20252021-1 Class A-1 Senior Notes Renewal Date to the Quarterly Payment Date occurring in July 2032 April 2028 by delivering written notice to the Trustee and the Control Party (with copy to the Back-Up Manager)Party; provided that upon such extension, the Quarterly Payment Date occurring in July 2032 April 2028 shall become the Series 20252021-1 Class A-1 Senior Notes Renewal Date.

Second Extension Election. Subject to the conditions set forth in Section 3.06(b)(iii) of this Series 2025-1 Supplement3.6(b)(iii), if the Series 20252020-1 First Extension Election has been made and has become effective, the Manager (on behalf of the Issuer) shall have the option on or before the Quarterly Payment Date occurring in July 2031 2026 to elect (the “Series 20252020-1 Second Extension Election”) to extend the Series 20252020-1 Class A-1 Senior Notes Renewal Date to the Quarterly Payment Date occurring in July 2032 2027 by delivering written notice to the Series 2020-1 Class A-1 Administrative Agent, the Trustee and the Control Party (with copy no later than the Quarterly Payment Date occurring in July 2026 to the Backeffect that the conditions precedent to such Series 2020-Up Manager); provided that 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 July 2032 2027 shall become the Series 20252020-1 Class A-1 Senior Notes Renewal Date.

Second Extension Election. Subject to the conditions set forth in Section 3.06(b)(iii) of this Series 2025-1 Supplement3.6(b)(iii), if the Series 20252022-1 First Extension Election has been made and has become effective, the Manager (on behalf of the Co-Issuers) shall have the option on or before the Quarterly Payment Date occurring in July 2031 June 2028 to elect (the “Series 20252022-1 Second Extension Election”) to extend the Series 20252022-1 Class A-1 Senior Notes Renewal Date to the Quarterly Payment Date occurring in July 2032 June 2029 by delivering written notice to the Series 2022-1 Class A-1 Administrative Agent, the Trustee and the Control Party (with copy no later than the Quarterly Payment Date occurring in June 2028 to the Backeffect that the conditions precedent to such Series 2022-Up Manager); provided that 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 July 2032 June 2029 shall become the Series 20252022-1 Class A-1 Senior Notes Renewal Date.

Second Extension Election. Subject to the conditions set forth in Section 3.06(b)(iii3.6(b)(iii) of this Series 2025-1 Supplement, if the Series 20252016-1 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 May 2022 to elect (the “Series 20252016-1 Second Extension Election”) to extend the Series 20252016-1 Class A-1 Senior Notes Renewal Date to the Quarterly Payment Date occurring in July 2032 May 2023 by delivering written notice to the Trustee and the Control Party (with copy to the Back-Up Manager)Party; provided that upon such extension, the Quarterly Payment Date occurring in July 2032 May 2023 shall become the Series 20252016-1 Class A-1 Senior Notes Renewal Date.

Second Extension Election. Subject to the conditions set forth in Section 3.06(b)(iii) of this Series 20252022-1 Supplement, if the Series 20252022-1 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 April 2027 to elect (the “Series 20252022-1 Second Extension Election”) to extend the Series 20252022-1 Class A-1 Senior Notes Renewal Date to the Quarterly Payment Date occurring in July 2032 April 2028 by delivering written notice to the Trustee and the Control Party (with copy to the Back-Up Manager)Party; provided that upon such extension, the Quarterly Payment Date occurring in July 2032 April 2028 shall become the Series 20252022-1 Class A-1 Senior Notes Renewal Date.