Common use of Series Collateral Release Clause in Contracts

Series Collateral Release. (a) Subject to any additional requirements set forth in any applicable Series Supplement, the Issuer may remove a Property from the Collateral Pool in connection with a Series Collateral Release. Any Series Collateral Release Price received on a Series Collateral Release shall be deposited into the Collection Account and applied by the Indenture Trustee on the date of such Series Collateral Release, at the direction of the Issuers, (A) to repay certain outstanding Notes as designated by the Issuers, in whole or in part, in accordance with Section 7.01 of the Indenture and/or (B) as Unscheduled Proceeds. (b) After such release, the released Property shall not be deemed to be a Property (except for the purposes of obligations under the Transaction Documents that are expressly provided to survive repayment in full of the Notes and satisfaction of the Mortgage). (c) No Series Collateral Release shall occur unless (i) the Rating Condition is satisfied, (ii) no Early Amortization Period will occur following such Series Collateral Release and (iii) the Series 2015-1 Notes, the Series 2016-1 Notes and the Series 2018-1 Notes have been redeemed in full. (d) Any Series Collateral Release Prices that are required to be transferred from the Collection Account to the Release Account pursuant to the Indenture shall be treated as “Release Price” and applied in accordance with Section 3.05(b). (e) After each of the Series 2015-1 Notes, the Series 2016-1 Notes and the Series 2018-1 Notes have been redeemed in full, releases in connection with a Qualified Deleveraging Event and releases in connection with a Series Collateral Release shall not be taken into consideration for the purposes of the limitations set forth in Sections 7.01(a) or 7.04(b). (f) In connection with a release of Properties or Loans pursuant to Section 7.11(a), upon the Indenture Trustee’s receipt of an Officer’s Certificate by the applicable Issuer or Property Manager, upon which the Indenture Trustee shall be permitted to fully rely and shall have no liability for so relying without any obligation to confirm or verify, certifying that all conditions set forth herein have been satisfied, upon which the Indenture Trustee shall be permitted to fully rely and shall have no liability for so relying without any obligation to confirm or verify, 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 Loan from the lien of the Indenture.

Series Collateral Release. (a) Subject In accordance with Article VII of the Indenture and subject to Section 7.01(a) and 7.10(b), one or more Issuers may sell any additional requirements set forth in any applicable Series Supplement, Property and the Issuer may remove a Property from the Collateral Pool related Lease in connection with a prepayment in full of a Series of Notes (a “Series Collateral Release”). Any Series Collateral Release Price received on in connection with a Series Collateral Release shall be deposited into the Collection Account and applied by the Indenture Trustee on the date of such Series Collateral Release, at the direction of the Issuers, (A) to repay certain outstanding Notes as designated by the Issuers, in whole or in part, in accordance with Section 7.01 the terms of the Indenture and/or (B) as Unscheduled ProceedsIndenture. For the avoidance of doubt, AFOP or an Affiliate may elect to make a capital contribution to one or more Issuers for the purposes of paying the applicable Series Collateral Release Price and the related Released Properties may be distributed by the applicable Issuer to AFOP or an Affiliate. (b) After such release, the released Property shall not be deemed to be a Property (except for the purposes of obligations under the Transaction Documents that are expressly provided to survive repayment in full of the Notes and satisfaction of the Mortgage). (c) No Series Collateral Release shall occur unless (i) the Rating Condition is satisfied, (ii) no Early Amortization Period will occur following such Series Collateral Release and (iii) the no Maximum Property Concentration will be exceeded (or, if prior to such Series 2015-1 NotesCollateral Release, an existing Maximum Property Concentration is already exceeded, the Series 2016-1 Notes and the Series 2018-1 Notes have been redeemed in fullrelease of such Released Properties will reduce such Maximum Property Concentration or such Maximum Property Concentration will remain unchanged after giving effect to such release). (dc) Any Series Collateral Release Prices that are required to be transferred from the Collection Account to the Release Account pursuant to the Indenture shall be treated as a “Release Price” and applied in accordance with Section 3.05(b). (ed) After each of the Series 2015-1 Notes, the Series 2016-1 Notes and the Series 2018-1 Notes have been redeemed in full, releases in connection with a Qualified Deleveraging Event and releases Any Released Property sold in connection with a Series Collateral Release shall not be taken into consideration for the purposes of the limitations set forth in Sections Section 7.01(a) or 7.04(b). (fe) In connection with a release of Properties or Loans pursuant to Section 7.11(a7.10(a), upon the Indenture Trustee’s receipt of an Officer’s Certificate by the applicable Issuer or Property Manager, upon which the Indenture Trustee shall be permitted to fully rely and shall have no liability for so relying without any obligation to confirm or verify, certifying that all conditions set forth herein have been satisfied, upon which the Indenture Trustee shall be permitted to fully rely and shall have no liability for so relying without any obligation to confirm or verify, 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 Loan from the lien of the Indenture.

Series Collateral Release. (a) Subject In accordance with Article VII of the Indenture and subject to Section 7.01(a) and 7.10(b), one or more Issuers may sell any additional requirements set forth in any applicable Series Supplement, Property and the Issuer may remove a Property from the Collateral Pool related Lease in connection with a prepayment in full of a Series of Notes (a “Series Collateral Release”). Any Series Collateral Release Price received on in connection with a Series Collateral Release shall be deposited into the Collection Account and applied by the Indenture Trustee on the date of such Series Collateral Release, at the direction of the Issuers, (A) to repay certain outstanding Notes as designated by the Issuers, in whole or in part, in accordance with Section 7.01 the terms of the Indenture and/or (B) as Unscheduled ProceedsIndenture. For the avoidance of doubt, AFOP or an Affiliate may elect to make a capital contribution to one or more Issuers for the purposes of paying the applicable Series Collateral Release Price and the related Released Properties may be distributed by the applicable Issuer to AFOP or an Affiliate. (b) After such release, the released Property shall not be deemed to be a Property (except for the purposes of obligations under the Transaction Documents that are expressly provided to survive repayment in full of the Notes and satisfaction of the Mortgage). (c) No Series Collateral Release shall occur unless (i) the Rating Condition is satisfied, (ii) no Event of Default or Early Amortization Period will occur following such Series Collateral Release and (iii) the no Maximum Property Concentration will be exceeded (or, if prior to such Series 2015-1 NotesCollateral Release, an existing Maximum Property Concentration is already exceeded, the Series 2016-1 Notes and the Series 2018-1 Notes have been redeemed in fullrelease of such Released Properties will reduce such Maximum Property Concentration or such Maximum Property Concentration will remain unchanged after giving effect to such release). (dc) Any Series Collateral Release Prices that are required to be transferred from the Collection Account to the Release Account pursuant to the Indenture shall be treated as a “Release Price” and applied in accordance with Section 3.05(b). (ed) After each of the Series 2015-1 Notes, the Series 2016-1 Notes and the Series 2018-1 Notes have been redeemed in full, releases in connection with a Qualified Deleveraging Event and releases Any Released Property sold in connection with a Series Collateral Release shall not be taken into consideration for the purposes of the limitations set forth in Sections Section 7.01(a) or 7.04(b). (fe) In connection with a release of Properties or Loans pursuant to Section 7.11(a7.10(a), upon the Indenture Trustee’s receipt of an Officer’s Certificate by the applicable Issuer or Property Manager, upon which the Indenture Trustee shall be permitted to fully rely and shall have no liability for so relying without any obligation to confirm or verify, certifying that all conditions set forth herein have been satisfied, upon which the Indenture Trustee shall be permitted to fully rely and shall have no liability for so relying without any obligation to confirm or verify, 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 Loan from the lien of the Indenture.

Series Collateral Release. (a) Subject to any additional requirements set forth in any applicable Series Supplement, the Issuer may remove a Property from the Collateral Pool in connection with a Series Collateral Release. Any Series Collateral Release Price received on in connection with a Series Collateral Release shall will be deposited into the Collection Account and applied by the Indenture Trustee on the date of such Series Collateral Release, at the direction to prepay in full one or more Series of the Issuers, (A) to repay certain outstanding Notes notes as designated by the Issuers, in whole or in part, Issuer in accordance with Section 7.01 of Indenture and the Indenture and/or (B) related Series Supplement. Any excess proceeds remaining after prepaying such Series will be remitted to the Release Account as Unscheduled Proceedsa Release Price. (b) After such release, the released Property shall not be deemed to be a Property (except for the purposes of obligations under the Transaction Documents that are expressly provided to survive repayment in full of the Notes and satisfaction of the Mortgage). (c) No Series Collateral Release shall occur unless the release of such Released Properties (i) shall not trigger an Indenture Event of Default or Early Amortization Period (including but not limited to the Rating Condition is satisfiedIssuer’s obligations to maintain the 3-month Average DSCR), (ii) no Early Amortization Period will occur following such Series Collateral Release shall result in the Rating Condition being satisfied and (iii) the Series 2015-1 Notesshall not cause a Maximum Property Concentration to be exceeded (or if, prior to such release, an existing Maximum Property Concentration is already exceeded, the Series 2016-1 Notes and release of such Released Properties will reduce the Series 2018-1 Notes have been redeemed in fullMaximum Property Concentration or such Maximum Property Concentration will remain unchanged after giving effect to such release). (d) Any Series Collateral Release Prices that are required to be transferred from the Collection Account to the Release Account pursuant to the Indenture shall be treated as “Release Price” and applied in accordance with Section 3.05(b25(e). (e) After each of the Series 2015-1 Notes, the Series 2016-1 Notes and the Series 2018-1 Notes have been redeemed in full, releases in connection with a Qualified Deleveraging Event and releases in connection with a Series Collateral Release shall not be taken into consideration for the purposes of the limitations set forth in Sections 7.01(a) or 7.04(b). (f) In connection with a release of Properties or Loans pursuant to Section 7.11(a33(a), upon the Indenture Trustee’s receipt of an Officer’s Certificate by the applicable Issuer or Property Manager, upon which the Indenture Trustee shall be permitted to fully rely and shall have no liability for so relying without any obligation to confirm or verify, certifying that all conditions set forth herein have been satisfied, upon which the Indenture Trustee shall be permitted to fully rely and shall have no liability for so relying without any obligation to confirm or verify, the Indenture Trustee shall release to such the 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 the Issuer and are reasonably necessary to release any Mortgage or other lien or security interest in such Property and the related Lease or Loan from the lien of the Indenture.