Common use of Limitation on Sale and Leasebacks Clause in Contracts

Limitation on Sale and Leasebacks. The Company shall not enter into any Sale and Leaseback Transaction, nor permit any Subsidiary owning Restricted Property so to do, unless either: (1) the Company or such Subsidiary would be entitled to incur Indebtedness, in a principal amount at least equal to the Value of such Sale and Leaseback Transaction, which is secured by Liens on the property to be leased (without equally and ratably securing the outstanding Notes having the benefit of Section 5.01 of this First Supplemental Indenture) because such Liens would be of such character that no violation of any of the provisions of Section 5.01 of this First Supplemental Indenture would result, or (2) the Company during the six months immediately following the effective date of such Sale and Leaseback Transaction causes to be applied to (A) the acquisition of Restricted Property or (B) the voluntary retirement of Funded Debt (whether by redemption, defeasance, repurchase, or otherwise) an amount equal to the lesser of (i) the net proceeds of the sale of the Restricted Property leased pursuant to such Sale and Leaseback Transaction or the fair value of the Restricted Property so leased (whichever amount is greater) or (ii) the Value of such Sale and Leaseback Transaction.

Limitation on Sale and Leasebacks. The Company shall not enter into any Sale and Leaseback TransactionTransaction involving a Principal Property of the Company or any Restricted Subsidiary, nor permit any Restricted Subsidiary owning Restricted Property so to do, unless either: (1) the Company or such Restricted Subsidiary would be entitled to incur Indebtednessdebt, in a principal amount at least equal to the Value of such Sale and Leaseback Transaction, which is secured by Liens on the property to be leased (without equally and ratably securing the outstanding Notes having the benefit of Section 5.01 of this First Supplemental IndentureSecurities) because such Liens would be of such character that no violation of any of the provisions of Section 5.01 of this First Supplemental Indenture 1006 would result, or (2) the Company during the six months 180 days immediately following the effective date of such Sale and Leaseback Transaction causes to be applied to either (A) the acquisition of Restricted Property or (Bi) the voluntary retirement of Funded Debt (whether by redemption, defeasance, repurchase, or otherwise) an amount equal to the lesser Value of (i) the net proceeds of the sale of the Restricted Property leased pursuant to such Sale and Leaseback Transaction or the fair value of the Restricted Property so leased (whichever amount is greater) Transaction, or (ii) the purchase of other property which will constitute "Principal Property" having a fair value, as determined by the Company, at least equal to the Value of such Sale and Leaseback Transaction; or (3) the Company or a Restricted Subsidiary shall deliver to the Trustee or other applicable trustee for cancellation Securities or Funded Debt in an aggregate principal amount at least equal to the Value of such Sale and Leaseback Transaction.

Limitation on Sale and Leasebacks. The Company shall not enter into any Sale and Leaseback TransactionTransaction involving a Principal Property of the Company or any Restricted Subsidiary, nor permit any Restricted Subsidiary owning Restricted Property so to do, unless either: (1) the Company or such Restricted Subsidiary would be entitled under Section 1006(9) to incur IndebtednessSecured Funded Debt, in a principal amount at least equal to the Value of Attributable Debt with respect to such Sale and Leaseback Transaction, which is secured by Liens on the property to be leased (without equally and ratably securing the outstanding Notes Outstanding Securities having the benefit of this Section 5.01 of this First Supplemental Indenture) because such Liens would be of such character that no violation of any of the provisions of Section 5.01 of this First Supplemental Indenture would result1007, or (2) the Company during the six months 120 days immediately following the effective date of such Sale and Leaseback Transaction causes to be applied an amount equal to the Value of such Sale and Leaseback Transaction to either (A) the acquisition of Restricted Property or (Bi) the voluntary retirement of Funded Debt (whether by redemption, defeasance, repurchase, or otherwise), or (ii) an amount the purchase of other property which will constitute "Principal Property" having a fair value, as determined by the Company, at least equal to the lesser Value of (i) the net proceeds of the sale of the Restricted Property leased pursuant to such Sale and Leaseback Transaction Transaction, or (3) the Company or a Restricted Subsidiary shall deliver to the fair value of the Restricted Property so leased (whichever Trustee or other applicable trustee for cancellation Securities or Funded Debt in an aggregate principal amount is greater) or (ii) at least equal to the Value of such Sale and Leaseback Transaction.