Limitation on Sale and Leaseback. For so long as any Securities remain Outstanding under this Indenture, neither the Company nor the Guarantor will enter into any arrangement with any bank, insurance company or other lender or investor (not including the Guarantor or any Subsidiary), or to which any such lender or investor is a party, providing for the leasing by the Company or the Guarantor for a period, including renewals, in excess of three years of any Property which has been owned by the Company or the Guarantor for more than 270 days and which has been or is to be sold or transferred by the Company or the Guarantor to such lender or investor or, as a part of such arrangement, to any Person to whom funds have been or are to be advanced by such lender or investor on the security of such Property (herein referred to as a “sale and leaseback transaction”) unless the Company or the Guarantor within one year after the sale or transfer will have been made by the Company or the Guarantor applies an amount equal to the greater of (A) the net proceeds of the sale of the Property sold and leased back pursuant to such arrangement or (B) the fair market value of the Property so sold and leased back at the time of entering into such arrangement (as determined by any two executive officers and/or Directors of the Company or the Guarantor, as the case may be) (i) to the retirement of Debt incurred or assumed by the Company or the Guarantor which by its terms matures at, or is extendible or renewable at the option of the obligor to, a date more than 12 months after the date of incurring, assuming or guaranteeing such Debt or (ii) to investment in any Property of the Company or the Guarantor (herein referred to as a “Permitted Sale and Leaseback Transaction”). Notwithstanding the foregoing, the Guarantor or the Company may enter into sale and leaseback transactions in addition to those permitted above, provided that at the time of entering into such sale and leaseback transactions and after giving effect thereto, Exempted Debt will not exceed 10% of Net Tangible Assets. Nothing herein shall restrict the ability of any Subsidiaries of the Guarantor (other than the Company) to enter into sale and leaseback transactions.
Limitation on Sale and Leaseback. The Company will not enter into any Sale and Leaseback Transaction unless immediately thereafter (and after giving effect to the application of the proceeds, if any, therefrom), the aggregate amount of Capitalized Rent in respect of Sale and Leaseback Transactions, together with the aggregate principal amount of all Secured Debt (other than Secured Debt described in clauses (a) to (k), inclusive, of Section 3.1), would not exceed 20% of Consolidated Assets; provided, however, that the foregoing restrictions shall not apply to, and there shall be excluded in computing the aggregate amount of Capitalized Rent for the purpose of such restrictions, the following Sale and Leaseback Transactions:
(a) any Sale and Leaseback Transaction entered into to finance the payment of all or any part of the purchase price of property acquired or constructed by the Company (including any improvements to existing property) or entered into prior to, at the time of or within 270 days after the acquisition or construction of such property, which Sale and Leaseback Transaction is entered into for the purpose of financing all or part of the purchase or construction price thereof; provided, however, that in the case of any such acquisition, such Sale and Leaseback Transaction shall not involve any property transferred by the Company to a subsidiary of the Company in contemplation of or in connection with such Sale and Leaseback Transaction or involve any property of the Company other than the property so acquired (other than, in the case of construction or improvement, any theretofore unimproved real property or portion thereof on which the property so constructed, or the improvement, is located);
(b) any Sale and Leaseback Transaction involving property of a Person existing at the time such Person is merged into or consolidated with the Company or at the time of a sale, lease or other disposition of the properties of a Person as an entirety or substantially as an entirety to the Company;
(c) any Sale and Leaseback Transaction in which the lessor is a government or governmental entity and which Sale and Leaseback Transaction is entered into to secure partial progress, advance or other payments, or other obligations, pursuant to any contract or statute or to secure any Debt incurred for the purpose of financing all or any part of the cost of constructing or improving the property subject to such Sale and Leaseback Transaction (including, without limitation, Sale and Leaseback Transa...
Limitation on Sale and Leaseback. Borrower will not enter into any arrangement whereby it will sell or transfer any real property or improvements thereon or other fixed assets owned by it and then or thereafter rent or lease as lessee such property, improvements or assets or any part thereof, or other property which any Borrower shall intend to use for substantially the same purposes as the property sold or transferred.
Limitation on Sale and Leaseback. No Obligor will enter into any arrangement whereby it will sell or transfer any real property or improvements thereon or substantially all of the fixed assets owned by it and then or thereafter rent or lease as lessee such property, improvements or assets or any part thereof which any of them shall intend to use for substantially the same purposes as the property sold or transferred.
Limitation on Sale and Leaseback. Neither Borrower nor Guarantor will enter into any arrangement whereby it will sell or transfer any real property or improvements thereon or other fixed assets owned by it and then or thereafter rent or lease as lessee such property, improvements or assets or any part thereof, or other property which Borrower shall intend to use for substantially the same purposes as the property sold or transferred.
Limitation on Sale and Leaseback. Enter into, or permit any of its Subsidiaries to enter into, any arrangement with any Person providing for the leasing by the Borrower or such Subsidiary of real or personal property which has been or is to be sold or transferred by the Borrower or such Subsidiary to such Person or to any other Person to whom funds have been or are to be advanced by such Person on the security of such property or rental obligations of the Borrower or such Subsidiary.
Limitation on Sale and Leaseback. No Borrower will enter into any arrangement whereby it will sell or transfer any real property or improvements thereon or other fixed assets owned by it (other than automobiles) and then or thereafter rent or lease as lessee such property, improvements or assets or any part thereof, or other property which that Borrower shall intend to use for substantially the same purposes as the property sold or transferred.
Limitation on Sale and Leaseback. The Company will not, nor will it permit any Consolidated Subsidiary to, enter into any arrangement with any person providing for the leasing by the Company or any Consolidated Subsidiary of any Principal Property (whether such Principal Property is now owned or hereafter acquired) (except for leases for a term of not more than three years and except for leases between the Company and a Consolidated Subsidiary or between Consolidated Subsidiaries), which property has been or is to be sold or transferred by the Company or such Consolidated Subsidiary to such person, unless (a) the Company or such Subsidiary would be entitled, pursuant to the provisions of Section
Limitation on Sale and Leaseback. The Company shall not, and shall not permit any of its Restricted Subsidiaries to, enter into any arrangement with any Person (other than the Company or any Restricted Subsidiary (other than Brokers)) providing for the leasing by the Company or any Restricted Subsidiary of real or personal property which has been or is to be sold or transferred by the Company or such Restricted Subsidiary to such Person if such arrangement(s), individually or in the aggregate, involve(s) consideration exceeding $50,000,000."
Limitation on Sale and Leaseback. Except to the extent permitted from time to time under the Senior Debt Documents, the Company shall not enter into any Sale and Leaseback Transaction if immediately before or after giving effect to such transaction a Default or Event of Default shall exist.
