Common use of Second Extension Election Clause in Contracts

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.