Common use of Release of Property by an Issuer Clause in Contracts

Release of Property by an Issuer. (a) The applicable Issuer shall have the right to have released from the lien of the related Mortgage and the Indenture any Property and related Leases (including Hybrid Leases) or Mortgage Loan (following such release, a “Released Loan” or “Released Property”, as applicable) by depositing in the Release Account an amount equal to the Release Price in immediately available funds for the Released Property or Released Loan and satisfying the Required Conditions. Upon the Indenture Trustee’s receipt of an Officer’s Certificate by the applicable Issuer or Property Manager certifying that all Required Conditions have been satisfied, the Indenture Trustee shall release to such Issuer or its designee the related Lease File or Loan File and execute and deliver such instruments of release, transfer or assignment, in each case without recourse, that shall be provided to it by such Issuer and are reasonably necessary to release any Mortgage or other lien or security interest in such Property and the related Lease or Mortgage Loan. (b) After giving effect to a release pursuant to this Section 7.04, (i) the sum of the Collateral Value of all Released Assets and Exchanged Assets released or exchanged since the Initial Closing Date shall not exceed 35% of the Aggregate Collateral Value (measured as of the most recent Issuance Date); and (ii) the sum of the Collateral Value of all Released Assets released since the Initial Closing Date by paying the Release Price, solely to the extent such Release Price was applied to any of the Notes as Unscheduled Principal Payments, shall not exceed 25% of the Aggregate Collateral Value (as measured as of the most recent Issuance Date); provided, 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, in connection with the issuance of each subsequent Series of Notes, the limitations described in sentence paragraph may be reset such that (i) the sum of the Collateral Value of the Exchanged Assets or Released Assets, as applicable, will reflect the aggregate Exchanged Assets or Released Assets exchanged or released since the prior Issuance Date and (ii) the maximum percentages of the Collateral Pool that may be exchanged or released may be subject to change; provided further that in connection with each issuance and the changes described in this sentence, the Rating Condition has been satisfied. Notwithstanding the foregoing, a sale, substitution or exchange pursuant to any of Sections 2.03, 3.15, 7.02, 7.03, 7.05 or 7.06 shall not be taken into consideration for purposes of this Section 7.04(b). (c) No sale of a Property or Mortgage Loan to a third party or to a STORE SPE may occur if an Early Amortization Period would occur as a result of such purchase.

Release of Property by an Issuer. (a) The applicable Issuer shall have the right to have released from the lien of the related Mortgage and the Indenture any Property and related Leases (including Hybrid Leases) or Mortgage Loan (following such release, a “Released Loan” or “Released Property”, as applicable) by depositing in the Release Account an amount equal to the Release Price in immediately available funds for the Released Property or Released Loan and satisfying the Required Conditions. Upon the Indenture Trustee’s receipt of an Officer’s Certificate by the applicable Issuer or Property Manager certifying that all Required Conditions have been satisfied, the Indenture Trustee shall release to such Issuer or its designee the related Lease File or Loan File and execute and deliver such instruments of release, transfer or assignment, in each case without recourse, that shall be provided to it by such Issuer and are reasonably necessary to release any Mortgage or other lien or security interest in such Property and the related Lease or Mortgage Loan. (b) After giving effect to a release pursuant to this Section 7.04, (i) the sum of the Collateral Value of all Released Assets and Exchanged Assets released or exchanged since the Initial Closing Date shall not exceed 35% of the Aggregate Collateral Value (measured as of the most recent Issuance Date)Value; and (ii) the sum of the Collateral Value of all Released Assets released since the Initial Closing Date by paying the Release Price, solely to the extent such Release Price was applied to any of the Notes as Unscheduled Principal Payments, shall not exceed 25% of the Aggregate Collateral Value (as measured as of the most recent Issuance Date); provided, 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, in connection with the issuance of each subsequent Series of Notes, the limitations described in sentence paragraph may be reset such that (i) the sum of the Collateral Value of the Exchanged Assets or Released Assets, as applicable, will reflect the aggregate Exchanged Assets or Released Assets exchanged or released since the prior Issuance Date and (ii) the maximum percentages of the Collateral Pool that may be exchanged or released may be subject to change; provided further that in connection with each issuance and the changes described in this sentence, the Rating Condition has been satisfied. Notwithstanding the foregoing, a sale, substitution or exchange pursuant to any of Sections 2.03, 3.15, 7.02, 7.03, 7.05 or 7.06 shall not be taken into consideration for purposes of this Section 7.04(b). (c) No sale of a Property or Mortgage Loan to a third party or to a STORE SPE may occur if an Early Amortization Period would occur as a result of such purchase.

Release of Property by an Issuer. (a) The applicable Issuer shall have the right to have released from the lien of the related Mortgage and the Indenture any Property and related Leases (including Hybrid Leases) or Mortgage Loan (following such release, a “Released Loan” or “Released Property”, as applicable) by depositing in the Release Account an amount equal to the Release Price in immediately available funds for the Released Property or Released Loan and satisfying the Required Conditions. Upon the Indenture Trustee’s receipt of an Officer’s Certificate by the applicable Issuer or Property Manager certifying that all Required Conditions have been satisfied, the Indenture Trustee shall release to such Issuer or its designee the related Lease File or Loan File and execute and deliver such instruments of release, transfer or assignment, in each case without recourse, that shall be provided to it by such Issuer and are reasonably necessary to release any Mortgage or other lien or security interest in such Property and the related Lease or Mortgage Loan. (b) After giving effect to a release pursuant to this Section 7.04, (i) the sum of the Collateral Value of all Released Assets and Exchanged Assets released or exchanged since the Initial Closing Date shall not exceed 35% of the Aggregate Collateral Value (measured as of the most recent Issuance Date); and (ii) the sum of the Collateral Value of all Released Assets released since the Initial Closing Date by paying the Release Price, solely to the extent such Release Price was applied to any of the Notes as Unscheduled Principal Payments, shall not exceed 25% of the Aggregate Collateral Value (as measured as of the most recent Issuance Date); provided, 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, in connection with the issuance of each subsequent Series of Notes, the limitations described in sentence paragraph may be reset such that (i) the sum of the Collateral Value of the Exchanged Assets or Released Assets, as applicable, will reflect the aggregate Exchanged Assets or Released Assets exchanged or released since the prior Issuance Date and (ii) the maximum percentages of the Collateral Pool that may be exchanged or released may be subject to change; provided further that in connection with each issuance and the changes described in this sentence, the Rating Condition has been satisfied. Notwithstanding the foregoing, a sale, substitution or exchange pursuant to any of Sections 2.03, 3.15, 7.02, 7.03, 7.05 or 7.06 shall not be taken into consideration for purposes of this Section 7.04(b). (c) No sale of a Property or Mortgage Loan to a third party or to a STORE SPE may occur if an Early Amortization Period would occur as a result of such purchase.

Release of Property by an Issuer. (a) The Except in connection with the release or encumbrance of an immaterial portion of any Property pursuant to Section 3.16(g), and subject to Section 7.09, 7.11 and 7.12, the applicable Issuer shall have the right to have released from the lien of the related Mortgage and the Indenture any Property and related Leases (including Hybrid Leases) or Mortgage Loan (following such release, a “Released Loan” or “Released Property”, as applicable) by depositing or causing to be deposited in the Release Account an amount equal to the Release Price in immediately available funds for the Released Property or Released Loan and satisfying the Required Conditions. Upon the Indenture Trustee’s receipt of an Officer’s Certificate by the applicable Issuer or Property Manager certifying that all Required Conditions conditions set forth herein have been satisfied, the Indenture Trustee shall release to such Issuer or its designee the related Lease File or Loan File and execute and deliver such instruments of release, transfer or assignment, in each case without recourse, that shall be provided to it by such Issuer and are reasonably necessary to release any Mortgage or other lien or security interest in such Property and the related Lease or Mortgage LoanLoan from the lien of the Indenture. (b) After giving effect to a release pursuant to this Section 7.04, 7.09, 7.11 or 7.12, (i) the sum of the Collateral Value of all Released Assets and Exchanged Assets released or exchanged since the Initial most recent Series Closing Date shall not exceed 35% of the Aggregate Collateral Value (measured as of the most recent Issuance Date)Value; and (ii) the sum of the Collateral Value of all Released Assets released since the Initial most recent Series Closing Date by paying the Release Price, solely to the extent such Release Price was applied to any of the Notes as Unscheduled Principal Payments, shall not exceed 25% of the Aggregate Collateral Value (as measured as of the most recent Issuance Date); provided, 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, in connection with the issuance of each subsequent Series of Notes, the limitations described in sentence paragraph may be reset such that (i) the sum of the Collateral Value of the Exchanged Assets or Released Assets, as applicable, will reflect the aggregate Exchanged Assets or Released Assets exchanged or released since the prior Issuance Date and (ii) the maximum percentages of the Collateral Pool that may be exchanged or released may be subject to change; provided further that in connection with each issuance and the changes described in this sentence, the Rating Condition has been satisfiedValue. Notwithstanding the foregoing, (i) a sale, substitution or exchange pursuant to any of Sections 2.032.04, 3.15, 7.02, 7.03, 7.05 or 7.06 or (ii) in connection with a Series Collateral Release or a Qualified Deleveraging Event, a sale of Owned Properties or Loans to (x) a third party that is unaffiliated with SCF Realty Capital or (y) an SCF SPE, in each case, shall not be taken into consideration for purposes of the first sentence of this Section 7.04(b). (c) No sale of a Property or Mortgage Loan to a third party party, SCF Realty Capital or any of its Affiliates or to a STORE an SCF SPE may occur if an Early Amortization Period would occur as a result of such purchasesale.

Release of Property by an Issuer. (a) The applicable Issuer shall have the right to have released from the lien of the related Mortgage and the Indenture any Property and related Leases (including Hybrid Leases) or Mortgage Loan (following such release, a “Released Loan” or “Released Property”, as applicable) by depositing in the Release Account an amount equal to the Release Price in immediately available funds for the Released Property or Released Loan and satisfying the Required Conditions. Upon the Indenture Trustee’s receipt of an Officer’s Certificate by the applicable Issuer or Property Manager certifying that all Required Conditions have been satisfied, the Indenture Trustee shall release to such Issuer or its designee the related Lease File or Loan File and execute and deliver such instruments of release, transfer or assignment, in each case without recourse, that shall be provided to it by such Issuer and are reasonably necessary to release any Mortgage or other lien or security interest in such Property and the related Lease or Mortgage Loan. (b) After giving effect to a release pursuant to this Section 7.04, (i) the sum of the Collateral Value of all Released Assets and Exchanged Assets released or exchanged since the Initial Closing Date shall not exceed 35% of the Aggregate Collateral Value (measured as of the most recent Issuance Date); and (ii) the sum of the Collateral Value of all Released Assets released since the Initial Closing Date by paying the Release Price, solely to the extent such Release Price was applied to any of the Notes as Unscheduled Principal Payments, shall not exceed 25% of the Aggregate Collateral Value (as measured as of the most recent Issuance Date); provided, 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, in connection with the issuance of each subsequent Series of Notes, the limitations described in sentence paragraph may be reset such that (i) the sum of the Collateral Value of the Exchanged Assets or Released Assets, as applicable, will reflect the aggregate Exchanged Assets or Released Assets exchanged or released since the prior Issuance Date and (ii) the maximum percentages of the Collateral Pool that may be exchanged or released may be subject to change; provided further that in connection with each issuance and the changes described in this sentence, the Rating Condition has been satisfied. Notwithstanding the foregoing, a sale, substitution or exchange pursuant to any of Sections 2.03, 3.15, 7.02, 7.03, 7.05 or 7.06 shall not be taken into consideration for purposes of this Section 7.04(b). (c) No sale of a Property or Mortgage Loan to a third party or to a STORE SPE may occur if an Early Amortization Period would occur as a result of such purchase.