Common use of Limitation on Sale and Lease-Back Clause in Contracts

Limitation on Sale and Lease-Back. The Issuer will not, nor will it permit any Consolidated Subsidiary to, enter into any sale and lease-back transaction with respect to any assets, other than any such transaction involving a lease for a term of not more than three years, unless either (a) the Issuer or such Consolidated Subsidiary would be entitled to incur Indebtedness secured by a lien on the assets to be leased, in an amount at least equal to the Attributable Debt with respect to such sale and lease-back transaction, without equally and ratably securing the Securities, pursuant to clauses (a) through (k) inclusive of Section 3.9, or (b) the proceeds of the sale of the assets to be leased are at least equal to the fair value of such assets (as determined by the Board of Directors of the Issuer) and the proceeds are applied to the purchase or acquisition (or, in the case of property, the construction) of assets or to the retirement (other than at maturity or pursuant to a mandatory sinking fund or redemption provision) of Senior Funded Indebtedness. This limitation, however, will not apply if at the time the Issuer or any Consolidated Subsidiary enters into such sale and lease-back transaction, and immediately after giving effect thereto, Exempted Debt does not exceed 20% of Consolidated Net Tangible Assets.

Limitation on Sale and Lease-Back. The Issuer Company will not, nor will it permit any Consolidated Subsidiary to, enter into any sale and lease-back transaction with respect to any assets, other than any such transaction involving a lease for a term of not more than three (3) years, unless either (a) the Issuer Company or such Consolidated Subsidiary would be entitled to incur Indebtedness secured by a lien Lien on the assets to be leased, in an amount at least equal to the Attributable Debt with respect to such sale and lease-back transaction, without equally and ratably securing the SecuritiesObligations, pursuant to clauses CLAUSES (ai) through (kxi) inclusive of Section 3.9, SECTION 8.1(n) or (b) the proceeds of the sale of the assets to be leased are at least equal to the fair value of such assets (as determined by the Board of Directors of the IssuerCompany) and the proceeds are applied to the purchase or acquisition (or, in the case of property, the construction) of assets or to the retirement (other than at maturity or pursuant to a mandatory sinking fund or redemption provision) of Senior Funded Indebtedness. This limitation, however, will not apply if at the time the Issuer Company or any Consolidated Subsidiary enters into such sale and lease-back transaction, and immediately after giving effect thereto, Exempted Debt does not exceed 20% of Consolidated Net Tangible Assets.

Limitation on Sale and Lease-Back. The Issuer Company will not, nor will it permit any Consolidated Subsidiary to, enter into any sale and lease-back transaction arrangement with respect to any assets, other than person providing for the leasing by the Company or any such transaction involving a lease Subsidiary of any Principal Property of the Company or any Subsidiary (except for temporary leases for a term of not more than three yearsyears and except for leases between the Company and a Subsidiary or between Subsidiaries), which Principal Property has been or is to be sold or transferred more than 180 days after such Principal Property has been owned by the Company or such Subsidiary and completion of construction and commencement of full operation thereof, by the Company or a Subsidiary to such person (herein referred to as a "Sale and Lease-Back Transaction"), unless either (a) the Issuer net proceeds to the Company or such Consolidated Subsidiary from the sale or transfer equal or exceed the fair value (as determined by the Board of Directors) of the Principal Property so leased, (b) the Company or such Subsidiary would be entitled entitled, pursuant to incur Indebtedness the provisions of Section 3.6, to issue, assume or guarantee Debt secured by a lien on the assets to be leased, in an amount Lien upon such Principal Property at least equal in amount to the Attributable Debt with in respect to of such sale Sale and leaseLease-back transaction, Back Transaction without equally and ratably securing the Securities, pursuant to clauses (a) through (k) inclusive of Section 3.9, ; or (bc) the proceeds Company shall apply, within 180 days of the sale effective date of the assets to be leased are at least any such arrangement, an amount in cash equal to the fair value Attributable Debt in respect of such assets arrangement to (as determined by i) the Board retirement of Directors of the IssuerFunded Debt or (ii) and the proceeds are applied to the purchase or acquisition (or, in the case of additional real property, the construction) of assets or to the retirement (other than at maturity or pursuant to a mandatory sinking fund or redemption provision) of Senior Funded Indebtedness. This limitation, however, will not apply if at the time the Issuer or any Consolidated Subsidiary enters into such sale and lease-back transaction, and immediately after giving effect thereto, Exempted Debt does not exceed 20% of Consolidated Net Tangible Assets.

Limitation on Sale and Lease-Back. The Issuer will not, nor will it permit any Consolidated Subsidiary to, enter into any sale and lease-back transaction with respect to any assets, other than any such transaction involving a lease for a term of not more less than three years, unless either either: (a) the Issuer or such Consolidated Subsidiary would be entitled to incur Indebtedness secured by a lien on the assets to be leased, in an amount at least equal to the Attributable Debt with respect to such sale and lease-back transaction, without equally and ratably securing the SecuritiesNotes, pursuant to clauses (a) through (kl) inclusive of Section 3.9, or or (b) the proceeds of the sale of the assets to be leased are at least equal to the fair value of such assets (as determined by the Board of Directors of the Issuer) and the proceeds are applied to the purchase or acquisition (or, in the case of property, the construction) of assets or to the retirement (other than at maturity or pursuant to a mandatory sinking fund or redemption provision) of Senior Funded Indebtedness. This The foregoing limitation, however, will not apply if at the time the Issuer or any Consolidated Subsidiary enters into such sale and lease-back transaction, and immediately after giving effect thereto, Exempted Debt then outstanding at such time does not exceed 203.0% of Consolidated Net Tangible Total Assets.