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

Limitations on Sale and Lease-Back Transactions. So long as any Securities are outstanding, the Guarantor will not, nor will it permit any Subsidiary to, enter into any Sale and Lease-Back Transaction, other than any Sale and Lease-Back Transaction: (a) entered into within 360 days of the later of the acquisition or placing into service of the property subject thereto by the Guarantor or such Subsidiary; (b) involving a lease of less than five years; (c) entered into in connection with an industrial revenue bond or pollution control financing; (d) between the Guarantor and/or one or more Subsidiaries; (e) as to which the Guarantor or such Subsidiary would be entitled to incur Debt secured by a mortgage on the property to be leased in an amount equal to the Attributable Debt with respect to such Sale and Lease-Back Transaction without equally and ratably securing the Securities (1) under clauses (a) through (n) of Section 3.07 or (2) under the last paragraph of Section 3.07; or (f) as to which the Guarantor will apply an amount equal to the net proceeds from the sale of the property so leased to (1) the retirement (other than any mandatory retirement), within 360 days of the effective date of any such Sale and Lease-Back Transaction, of Securities or of Funded Debt of the Guarantor or a Subsidiary or (2) the purchase or construction of other property, provided that such property is owned by the Guarantor or a Subsidiary free and clear of all mortgages.

Limitations on Sale and Lease-Back Transactions. So long as any Securities are outstanding, the Guarantor Nabors Bermuda will not, nor will it permit any Subsidiary of its Subsidiaries to, enter into any Sale and Lease-Back Transaction, other than any Sale and Lease-Back Transaction: (a) entered into within 360 days of the later of the acquisition or placing into service of the property subject thereto by the Guarantor Nabors Bermuda or such Subsidiary; (b) involving a lease of less than five years; (c) entered into in connection with an industrial revenue bond or pollution control financing; (d) between the Guarantor Nabors Bermuda and/or one or more of its Subsidiaries; (e) as to which the Guarantor Nabors Bermuda or such Subsidiary would be entitled to incur Debt secured by a mortgage on the property to be leased in an amount equal to the Attributable Debt with respect to such Sale and Lease-Back Transaction without equally and ratably securing the Securities (1) under clauses (a) through (n) of Section 3.07 or (2) under the last paragraph of Section 3.07; or (f) as to which the Guarantor Nabors Bermuda will apply an amount equal to the net proceeds from the sale of the property so leased to (1) the retirement (other than any mandatory retirement), within 360 days of the effective date of any such Sale and Lease-Back Transaction, of Securities or of Funded Debt of the Guarantor Nabors Bermuda or a Subsidiary one of its Subsidiaries or (2) the purchase or construction of other property, provided that such property is owned by the Guarantor Nabors Bermuda or a Subsidiary one of its Subsidiaries free and clear of all mortgages.

Limitations on Sale and Lease-Back Transactions. So long as any Securities Notes are outstandingOutstanding, the Guarantor Company will not, nor will it permit any Subsidiary to, enter into any Sale and Lease-Back Transaction, other than any Sale and Lease-Back Transaction: (a) entered into within 360 180 days of the later of the acquisition or placing into service of the property subject thereto by the Guarantor Company or such Subsidiary; (b) involving a lease of less than five years; (c) entered into in connection with an industrial revenue bond or pollution control financing; (d) between the Guarantor Company and/or one or more Subsidiaries; (e) as to which the Guarantor Company or such Subsidiary would be entitled to incur Debt secured by a mortgage on the property to be leased in an amount equal to the Attributable Debt with respect to such Sale and Lease-Back Transaction without equally and ratably securing the Securities Notes (1) under clauses (a) through (ne) of Section 3.07 2.5 or (2) under the last paragraph of Section 3.072.5; or (f) as to which the Guarantor Company will apply an amount equal to the net proceeds from the sale of the property so leased to (1) the retirement (other than any mandatory retirement), within 360 180 days of the effective date of any such Sale and Lease-Back Transaction, of Securities Notes, of other debt securities issued under the Senior Indenture or of Funded Debt of the Guarantor Company or a Subsidiary or (2) the purchase or construction of other property, provided that such property is owned by the Guarantor Company or a Subsidiary free and clear of all mortgages.

Limitations on Sale and Lease-Back Transactions. So long as any Securities are outstanding, the Bermuda Guarantor will not, nor will it permit any Subsidiary to, enter into any Sale and Lease-Back Transaction, other than any Sale and Lease-Back Transaction: (a) entered into within 360 180 days of the later of the acquisition or placing into service of the property subject thereto by the Bermuda Guarantor or such Subsidiary; (b) involving a lease of less than five years; (c) entered into in connection with an industrial revenue bond or pollution control financing; (d) between the Bermuda Guarantor and/or one or more Subsidiaries; (e) as to which the Bermuda Guarantor or such Subsidiary would be entitled to incur Debt secured by a mortgage on the property to be leased in an amount equal to the Attributable Debt with respect to such Sale and Lease-Back Transaction without equally and ratably securing the Securities (1) under clauses (a) through (no) of Section 3.07 or (2) under the last paragraph of Section 3.07; or (f) as to which the Bermuda Guarantor will apply an amount equal to the net proceeds from the sale of the property so leased to (1) the retirement (other than any mandatory retirement), within 360 180 days of the effective date of any such Sale and Lease-Back Transaction, of Securities or of Funded Debt of the Bermuda Guarantor or a Subsidiary or (2) the purchase or construction of other property, provided that such property is owned by the Bermuda Guarantor or a Subsidiary free and clear of all mortgages.

Limitations on Sale and Lease-Back Transactions. So long as any Securities are outstanding, the Guarantor will not, nor will it permit any Subsidiary to, enter into any Sale and Lease-Back Transaction, other than any Sale and Lease-Back Transaction: (a) entered into within 360 180 days of the later of the acquisition or placing into service of the property subject thereto by the Guarantor or such Subsidiary; (b) involving a lease of less than five years; (c) entered into in connection with an industrial revenue bond or pollution control financing; (d) between the Guarantor and/or one or more Subsidiaries; (e) as to which the Guarantor or such Subsidiary would be entitled to incur Debt secured by a mortgage on the property to be leased in an amount equal to the Attributable Debt with respect to such Sale and Lease-Back Transaction without equally and ratably securing the Securities (1) under clauses (a) through (no) of Section 3.07 or (2) under the last paragraph of Section 3.07; or (f) as to which the Guarantor will apply an amount equal to the net proceeds from the sale of the property so leased to (1) the retirement (other than any mandatory retirement), within 360 180 days of the effective date of any such Sale and Lease-Back Transaction, of Securities or of Funded Debt of the Guarantor or a Subsidiary or (2) the purchase or construction of other property, provided that such property is owned by the Guarantor or a Subsidiary free and clear of all mortgages.

Limitations on Sale and Lease-Back Transactions. So long as any Securities are outstanding, the Guarantor Company will not, nor will it permit any Subsidiary to, enter into any Sale and Lease-Back Transaction, other than any Sale and Lease-Back Transaction: (a) entered into within 360 days of the later of the acquisition or placing into service of the property subject thereto by the Guarantor Company or such Subsidiary; (b) involving a lease of less than five years; (c) entered into in connection with an industrial revenue bond or pollution control financing; (d) between the Guarantor Company and/or one or more Subsidiaries; (e) as to which the Guarantor Company or such Subsidiary would be entitled to incur Debt secured by a mortgage on the property to be leased in an amount equal to the Attributable Debt with respect to such Sale and Lease-Back Transaction without equally and ratably securing the Securities (1) under clauses (a) through (n) of Section 3.07 or (2) under the last paragraph of Section 3.07; or (f) as to which the Guarantor Company will apply an amount equal to the net proceeds from the sale of the property so leased to (1) the retirement (other than any mandatory retirement), within 360 days of the effective date of any such Sale and Lease-Back Transaction, of Securities or of Funded Debt of the Guarantor Company or a Subsidiary or (2) the purchase or construction of other property, provided that such property is owned by the Guarantor Company or a Subsidiary free and clear of all mortgages.

Limitations on Sale and Lease-Back Transactions. So long as any Securities are outstanding, the The Guarantor will not, nor and will it not permit any Subsidiary of its Subsidiaries to, enter into any Sale and Lease-Back Transaction, other than any Sale and Lease-Back Transaction: (a) entered into within 360 days of the later of the acquisition or placing into service of the property subject thereto by the Guarantor or such Subsidiary; (b) involving a lease of less than five years; (c) entered into in connection with an industrial revenue bond or pollution control financing; (d) between the Guarantor and/or one or more Subsidiaries; (e) as to which the Guarantor or such Subsidiary would be entitled to incur Debt secured by a mortgage on the property to be leased in an amount equal to the Attributable Debt with respect to such Sale and Lease-Back Transaction with respect to any Guarantor Specified Property, unless either: (i) the Guarantor or that Subsidiary would be entitled pursuant to the provisions of Section 10(o) above (including any exception to the restrictions set forth therein) to issue, assume or guarantee Indebtedness secured by a Lien on such Guarantor Specified Property without equally and ratably securing the Securities (1) under clauses (a) through (n) of Section 3.07 or (2) under the last paragraph of Section 3.07; Notes, or (fii) as to which the Guarantor will or that Subsidiary shall apply or cause to be applied, in the case of a sale or transfer for cash, an amount equal to the net proceeds from thereof and, in the case of a sale or transfer otherwise than for cash, an amount equal to the fair market value of the property Guarantor Specified Property so leased leased, to (1) the retirement (other than any mandatory retirement), within 360 days of 12 months after the effective date of any such the Guarantor Sale and Lease-Back Transaction, of Securities or any of Funded Debt of the Guarantor's Indebtedness ranking at least pari passu with this Guaranty and owing to a Person other than the Guarantor or a Subsidiary any of its Subsidiaries or (2) to the purchase construction or construction improvement of other property, provided that such real property is owned or personal property used by the Guarantor or any of its Subsidiaries in the ordinary course of business. These restrictions will not apply to transactions providing for a Subsidiary free lease term, including any renewal, of not more than three years, and clear of all mortgagestransactions between the Guarantor and any or its Subsidiaries or between the Guarantor's Subsidiaries.