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.

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.