Common use of Qualified Deleveraging Event Clause in Contracts

Qualified Deleveraging Event. In connection with an Early Refinancing Prepayment as permitted pursuant to the terms of any applicable Series Supplement, an Issuer may release Owned Properties, Hybrid Leases or Loans with an aggregate Allocated Loan Amount not to exceed the Qualified Release Amount; provided, however, the sum of the Collateral Value of such Released Assets, combined with all Released Assets released since August 23, 2012 by paying the Release Price, shall not exceed 35% of the Aggregate Collateral Value (measured as of the most recent Issuance Date); provided further, the release of such Released Assets (i) shall not trigger an Indenture Event of Default or Early Amortization Period (including but not limited to the Issuers’ obligations to maintain the 3-month Average DSCR), (ii) shall result in the Rating Condition being satisfied; (iii) shall not cause a Maximum Property Concentration to be exceeded (or if, prior to such release, an existing Maximum Property Concentration is already exceeded, the release of such Owned Properties will reduce the Maximum Property Concentration or such Maximum Property Concentration will remain unchanged after giving effect to such release) and (iv) shall not cause the Weighted Average Unit FCCR of the properties remaining in the Collateral Pool to be less than the Weighted Average Unit FCCR of the Collateral Pool prior to such release. Notwithstanding the foregoing, an exchange or sale of a Hybrid Lease, Loan or Property in connection with a Collateral Defect, Terminated Lease Properties, sales pursuant to the exercise of Third Party Purchase Options, Lease Transfer Properties, Risk-Based Substitutions or sales during the Disposition Period shall not be taken into consideration for purposes of the 35% maximum described in the prior sentence. In addition, after each of the Series 2013-1 Notes, the Series 2013-2 Notes, the Series 2013-3 Notes, the Series 2014-1 Notes, the Series 2015-1 Notes and the Series 2016-1 Notes have been repaid in full, for any release of Owned Properties, Hybrid Leases or Loans in connection with a Qualified Deleveraging Event, (i) no Make Whole Amount shall be due with respect to such release and (ii) the Released Assets in connection with such release shall not be counted toward the calculation of all Released Assets subject to the 35% limitation described above.

Qualified Deleveraging Event. In connection with an Early Refinancing Prepayment as permitted pursuant to the terms of any applicable Series Supplement, an Issuer may release Owned Properties, Hybrid Leases or Loans with an aggregate Allocated Loan Amount not to exceed the Qualified Release Amount; provided, however, the sum of the Collateral Value of such Released Assets, combined with all Released Assets released since August 23, 2012 by paying the Release Price, shall not exceed 35% of the Aggregate Collateral Value (measured as of the most recent Issuance Date); provided further, the release of such Released Assets (i) shall not trigger an Indenture Event of Default or Early Amortization Period (including but not limited to the Issuers’ obligations to maintain the 3-month Average DSCR), (ii) shall result in the Rating Condition being satisfied; (iii) shall not cause a Maximum Property Concentration to be exceeded (or if, prior to such release, an existing Maximum Property Concentration is already exceeded, the release of such Owned Properties will reduce the Maximum Property Concentration or such Maximum Property Concentration will remain unchanged after giving effect to such release) and (iv) shall not cause the Weighted Average Unit FCCR of the properties remaining in the Collateral Pool to be less than the Weighted Average Unit FCCR of the Collateral Pool prior to such release. Notwithstanding the foregoing, an exchange or sale of a Hybrid Lease, Loan or Property in connection with a Collateral Defect, Terminated Lease Properties, sales pursuant to the exercise of Third Party Purchase Options, Lease Transfer Properties, Risk-Based Substitutions or sales during the Disposition Period shall not be taken into consideration for purposes of the 35% maximum described in the prior sentence. In addition, after each of the Series 2013-1 Notes, the Series 2013-2 Notes, the Series 2013-3 Notes, the Series 2014-1 Notes, the Series 2015-1 Notes and the Series 2016-1 Notes have been repaid in full, for any release of Owned Properties, Hybrid Leases or Loans in connection with a Qualified Deleveraging Event, (i) no Make Whole Amount shall be due with respect to such release and (ii) the Released Assets in connection with such release shall not be counted toward the calculation of all Released Assets subject to the 35% limitation described above.

Qualified Deleveraging Event. In connection with an Early Refinancing Prepayment as permitted pursuant to the terms of any applicable Series Supplement, an Issuer may release Owned Properties, Hybrid Leases or Loans with an aggregate Allocated Loan Amount not to exceed the Qualified Release Amount; provided, however, the sum of the Collateral Value of such Released Assets, combined with all Released Assets released since August 23, 2012 by paying the Release Price, shall not exceed 3525% of the Aggregate Collateral Value (measured as of the most recent Issuance Date); provided further, the release of such Released Assets (i) shall not trigger an Indenture Event of Default or Early Amortization Period (including but not limited to the Issuers’ obligations to maintain the 3-month Average DSCR), (ii) shall result in the Rating Condition being satisfied; satisfied and (iii) shall not cause a Maximum Property Concentration to be exceeded (or if, prior to such release, an existing Maximum Property Concentration is already exceeded, the release of such Owned Properties will reduce the Maximum Property Concentration or such Maximum Property Concentration will remain unchanged after giving effect to such release) and (iv) shall not cause the Weighted Average Unit FCCR of the properties remaining in the Collateral Pool to be less than the Weighted Average Unit FCCR of the Collateral Pool prior to such release). Notwithstanding the foregoing, an exchange or sale of a Hybrid Lease, Loan or Property in connection with a Collateral Defect, Terminated Lease Properties, sales pursuant to the exercise of Third Party Purchase Options, Lease Transfer Properties, Risk-Based Substitutions or sales during the Disposition Period shall not be taken into consideration for purposes of the 3525% maximum described in the prior sentence. In addition, after each of the Series 2013-1 Notes, the Series 2013-2 Notes, the Series 2013-3 Notes, the Series 2014-1 Notes, the Series 2015-1 Notes and the Series 2016-1 Notes have been repaid in full, for any release of Owned Properties, Hybrid Leases or Loans in connection with a Qualified Deleveraging Event, (i) no Make Whole Amount shall be due with respect to such release and (ii) the Released Assets in connection with such release shall not be counted toward the calculation of all Released Assets subject to the 3525% limitation described above.