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 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 satisfaction of the conditions set forth in Section 7.04(d), if the Series 20232025-2 First Extension Election has been made and become effective, the IssuerIssuers, or the Manager acting on behalf of the IssuerIssuers, shall have the option on or before the Payment Date occurring in July 2027June 2029 January 2030 to elect (the “Series 20232025-2 Second Extension Election” and, together with the Series 20232025-2 First Extension Election, the “Series 20232025-2 Class A-1 A-1-V Extension Elections”) to extend the Series 20232025-2 Class A-1 A-1-V Anticipated Repayment Date to the Payment Date occurring in July 2028June 2030 January 2031 by delivering written notice to the Series 2025-2 Class A-1-V Administrative Agent (who will promptly notify each of the Series 2023-2 Class A-1 Administrative AgentFunding Agents, the Indenture Trustee, Trustee and the Servicer and the Back-Up Manager thereof) to the effect that the conditions precedent to such Series 20232025-2 Second Extension Election set forth in Section 7.04(d) are satisfied as of the date of the notice and 36 acknowledging that specified in 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 extensionnotice. Upon such extension, the Payment Date occurring in July 2028June 2030 January 2031 shall automatically become the Series 20232025-2 Class A-1 A-1-V Anticipated Repayment Date. Date for all purposes hereunder, under the Indenture and the other Transaction Documents.