Limitations on Sale/Leaseback Transactions. It will not, and will not permit any of the Subsidiaries to, sell or transfer any manufacturing Properties to anyone (other than the Company or to a Subsidiary in which the Company owns 50% or more of the voting stock) with the intention of taking back a lease of such Property or any similar Property, except in connection with a lease for a temporary period during or at the end of which it is intended that the use by the Company or its Subsidiary of such Property will be discontinued.
Limitations on Sale/Leaseback Transactions. TLGI will not, and will not permit any of its Restricted Subsidiaries (including, without limitation, LGII) to, enter into any Sale-Leaseback Transaction with respect to any property of TLGI or any of its Restricted Subsidiaries where the aggregate amount of property subject to such Sale-Leaseback Transactions, together with the aggregate amount of Liens securing Indebtedness of TLGI and its Restricted Subsidiaries (other than Permitted Liens), exceeds 10% of TLGI's Consolidated Net Worth. Notwithstanding the foregoing, TLGI and its Restricted Subsidiaries may enter into Sale-Leaseback Transactions ("Permitted Sale-Leaseback Transactions") with respect to property acquired or constructed after the Issue Date; provided that (a) the Attributable Value of such Sale-Leaseback Transaction shall be deemed to be Indebtedness of TLGI or such Restricted Subsidiary, as the case may be, and (b) after giving pro forma effect to any such Sale-Leaseback Transaction and the foregoing clause (a), TLGI would be able to incur $1.00 of additional Indebtedness pursuant to 4.07 (assuming a market rate of interest with respect to such additional Indebtedness).
Limitations on Sale/Leaseback Transactions. The Company shall not, and shall not permit any of its Restricted Subsidiaries to, enter into any Sale- Leaseback Transaction with respect to any property of the Company or any of its Restricted Subsidiaries. Notwithstanding the foregoing, the Company and its Restricted Subsidiaries may enter into Sale-Leaseback Transactions, provided, that (a) the Attributable Value of such -------- Sale- Leaseback Transaction shall be deemed to be Indebtedness of the Company or such Restricted Subsidiary and (b) after giving pro forma effect to any such --- ----- Sale-Leaseback Transaction and the foregoing clause (a), the Company or such Restricted Subsidiary would be able to incur $1.00 of additional Indebtedness (other than Permitted Indebt edness) pursuant to Section 10.8 of this Indenture (assuming a market rate of interest with respect to such additional Indebtedness).
Limitations on Sale/Leaseback Transactions. The Company will not, and will not permit any Restricted Subsidiary to, enter into any Sale/Leaseback Transaction with any Person (other than the Company or a Restricted Subsidiary) unless:
(a) the Company or such Restricted Subsidiary would be entitled to incur Indebtedness, in a principal amount equal to the Attributable Indebtedness with respect to such Sale/Leaseback Transaction, secured by a Lien on the property subject to such Sale/Leaseback Transaction pursuant to Section 7 above without equally and ratably securing the Notes pursuant to such Section;
(b) after the Issue Date and within a period commencing six months prior to the consummation of such Sale/Leaseback Transaction and ending six months after the consummation thereof, the Company or such Restricted Subsidiary shall have expended for property used or to be used in the ordinary course of business of the Company and the Restricted Subsidiaries (including amounts expended for the exploration, drilling or development thereof, and for additions, alterations, repairs and improvements thereto) an amount equal to all or a portion of the Net Proceeds of such Sale/Leaseback Transaction and the Company shall have elected to designate such amount pursuant to this clause (b) with respect to such Sale/Leaseback Transaction (with any such amount not being so designated and not permitted under clause (a) to be applied as set forth in clause (c) below); or
(c) the Company, during the 12-month period after the effective date of such Sale/Leaseback Transaction, shall have applied to the voluntary defeasance or retirement of Notes or any Pari Passu Indebtedness an amount equal to the greater of the Net Proceeds of the sale or transfer of the property leased in such Sale/Leaseback Transaction and the fair value, as determined by the Board of Directors, of such property at the time of entering into such Sale/Leaseback Transaction (in either case adjusted to reflect the remaining term of the lease and any amount designated by the Company as set forth in clause (b) above), less an amount equal to the principal amount of Notes and Pari Passu Indebtedness voluntarily defeased or retired by the Company within such 12-month period and not designated with respect to any other Sale/Leaseback Transaction entered into by the Company or any Restricted Subsidiary during such period. For purposes of the Notes:
Limitations on Sale/Leaseback Transactions. The Company will not and will not permit any of its Subsidiaries to directly or indirectly become or remain liable as lessee or as a guarantor or surety with respect to any lease (including, without limitation, any Capitalized Lease) of any property (whether real, personal or mixed), whether now owned or hereafter acquired, that the Company or such Subsidiary, as the case may be, (a) has sold or transferred or is to sell or transfer in a transaction with such assumption of liability to any other Person other than the Company or any of its wholly owned Subsidiaries or (b) intends to use for substantially the same purpose as any other property that has been sold or transferred or is to be sold or transferred by such Person to any other Person in connection with such lease, that would cause the liabilities of the Company and its Subsidiaries in respect of all such transactions to exceed $500,000 in the aggregate at any time.
Limitations on Sale/Leaseback Transactions. The Partnership covenants and agrees that it will not, and will not permit any Restricted Subsidiary to, enter into any Sale-Leaseback Transaction unless (i) the Partnership or a Restricted Subsidiary would be entitled, without securing the Outstanding Debt Securities, to incur Debt secured by a Lien on the Principal Property that is the subject of such Sale-Leaseback Transaction; (ii) the Attributable Indebtedness associated therewith would be in an amount permitted under clause (o) of Section 4.10 hereof; (iii) the proceeds received in respect of the Principal Property so sold and leased back at the time of entering into such Sale-Leaseback Transaction are used for the business and operations of the Partnership or any Subsidiary; or (iv) within 12 months after the sale or transfer, an amount equal to the proceeds received in respect of the Principal Property so sold and leased back at the time of entering into such Sale-Leaseback Transaction is applied to the prepayment (other than mandatory prepayment) of any Outstanding Debt Securities or Funded Debt of the Partnership or a Restricted Subsidiary (other than Funded Debt that is held by the Partnership or any Restricted Subsidiary or Funded Debt of the Partnership that is subordinate in right of payment to any Outstanding Debt Securities).
Limitations on Sale/Leaseback Transactions. Become liable as lessee or as a guarantor or surety with respect to any lease of any property, whether now owned or hereafter acquired, that the Borrower or any of its Subsidiaries, as the case may be, has sold or transferred or is to sell or transfer in a transaction with such assumption of liability to any other Person.
Limitations on Sale/Leaseback Transactions. The Company will not, and will not permit any of its Subsidiaries to, enter into any Sale-Leaseback Transaction with respect to any property of the Company or any of its Subsidiaries. Notwithstanding the foregoing, the Company and its Subsidiaries may enter into Sale-Leaseback Transactions; provided that (a) the Attributable Value of such Sale-Leaseback Transaction shall be deemed to be Indebtedness of the Company or such Subsidiary, as the case may be, and (b) either (i) after giving pro forma effect to any such Sale-Leaseback Transaction and the foregoing clause (a), the Company would be able to incur $1.00 of additional Indebtedness pursuant to the first paragraph of Section 4.08 (assuming a market rate of interest with respect to such additional Indebtedness) or (ii) the proceeds of such Sale-Leaseback Transaction are applied to repay existing Indebtedness (other than Indebtedness outstanding under any revolving credit facility).
Limitations on Sale/Leaseback Transactions. Notwithstanding anything to the contrary in the Shareholders' Agreement, the affirmative votes of six (6) of the Directors shall be required for any sale-leaseback transaction by the Company if the term of the lease is for three years or greater; provided that this restriction does not apply to such lease agreements and agreements related thereto (including debt assumption agreements and assignments regarding the contractor agreements) that have been approved in the Annual Business Plan.
Limitations on Sale/Leaseback Transactions. The Company shall not, and shall not permit any of its Subsidiaries to, enter into any Sale-Leaseback Transaction. Notwithstanding the foregoing, the Company and its Subsidiaries may enter into Sale-Leaseback Transactions if (i) after giving pro forma effect to any such Sale-Leaseback Transaction, the Company shall be in compliance with Section 4.9 hereof, (ii) the sale price in such Sale-Leaseback Transaction is at least equal to the Fair Market Value of such property, and (iii) the Company or such Subsidiary shall apply the Net Cash Proceeds of the sale as provided under Section 4.15 hereof, to the extent required by such provision.
