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

Restrictions on Sale and Lease Back Transactions. The Company will not, and will not permit any of its Subsidiaries to, enter into any Sale and Lease-Back Transaction in respect of Principal Property unless: (i) the Company or such Subsidiary would, at the time of entering into such Sale and Lease-Back Transaction, be entitled to incur Debt secured by a Mortgage on the Principal Property to be leased in an amount at least equal to the Attributable Debt in respect of such Sale and Lease-Back Transaction without equally and ratably securing the Notes; or (ii) the direct or indirect proceeds of the sale of the Principal Property to be leased are at least equal to their fair value, as determined by the Company’s Board of Directors, and an amount equal to the net proceeds from the sale of the Principal Property is applied, within 180 days of the Sale and Lease-Back Transaction: (1) to the purchase or acquisition of, or, in the case of real property, the commencement of construction on or improvement of, property or assets, or (2) to the retirement or repayment, other than at maturity or pursuant to a mandatory sinking fund or mandatory redemption provision of: (A) securities or Funded Debt ranking equally with or senior to the Notes, any guarantees of the Notes or Funded Debt of any Subsidiary, or (B) Debt incurred by the Company or any Subsidiary within 180 days prior to the effective date of any such Sale and Lease-Back Transaction that: (i) was used solely to finance the acquisition of the Principal Property that is the subject of such Sale and Lease-Back Transaction and (ii) is secured by a mortgage on the Principal Property that is the subject of such Sale and Lease-Back Transaction; or (iii) the lease in the Sale and Lease-Back Transaction secures or relates to Debt or other obligations issued by or owed to the United States, any State thereof or any municipality, or any department, agency or instrumentality or political subdivision of any of the foregoing, or by any other country or any political subdivision thereof for the purpose of financing all or any part of the purchase price of or, in the case of real property, the cost of construction on, relocation of, maintenance of, or improvement of, any property or assets subject to such leases or within the jurisdiction of such entity, or otherwise in connection with any geographic incentivization arrangements, including tax reduction or other economic subsidization arrangements pertaining to local employment.

Restrictions on Sale and Lease Back Transactions. The Company Parent will not, and will not permit any of its Subsidiaries Subsidiary to, enter into any Sale and Lease-Back Transaction in respect of Principal Property unless: (i) the Company Parent or such Subsidiary would, at the time of entering into such Sale and Lease-Back Transaction, be entitled to incur Debt secured by a Mortgage on the Principal Property to be leased in an amount at least equal to the Attributable Debt in respect of such Sale and Lease-Back Transaction without equally and ratably securing the Notes; orSecurities; (ii) the direct or indirect proceeds of the sale of the Principal Property to be leased are at least equal to their fair value, as determined by the CompanyParent’s Board of Directors, and an amount equal to the net proceeds from the sale of the Principal Property is applied, within 180 one-hundred-and-eighty (180) days of the Sale and Lease-Back Transaction: (1) to the purchase or acquisition of, or, in the case of real property, the commencement of construction on or improvement of, property or assets, or (2) to the retirement or repayment, other than at maturity or pursuant to a mandatory sinking fund or mandatory redemption provision provision, of: (A) securities or Funded Debt ranking equally with or senior to the NotesSecurities, any guarantees Guarantee of the Notes Securities or Funded Debt of any Subsidiary, or (B) Debt incurred by the Company Parent or any Subsidiary within 180 one-hundred-and-eighty (180) days prior to the effective date of any such Sale and Lease-Back Transaction that: (ix) was used solely to finance the acquisition of the Principal Property that is the subject of such Sale and Lease-Back Transaction and (iiy) is secured by a mortgage Mortgage on the Principal Property that is the subject of such Sale and Lease-Back Transaction; or (iii) the lease in the Sale and Lease-Back Transaction secures or relates to Debt or other obligations issued by or owed to the United States, any State thereof or any municipality, or any department, agency or instrumentality or political subdivision of any of the foregoing, or by any other country or any political subdivision thereof for the purpose of financing all or any part of the purchase price of or, in the case of real property, the cost of construction on, relocation of, maintenance of, or improvement of, any property or assets subject to such leases or within the jurisdiction of such entity, or otherwise in connection with any geographic incentivization arrangements, including tax reduction or other economic subsidization arrangements pertaining to local employment.

Restrictions on Sale and Lease Back Transactions. The Company Issuer will not, and will not permit any of its Subsidiaries to, enter into any Sale and Lease-Back Transaction in respect of Principal Property unless: (i) the Company Issuer or such Subsidiary would, at the time of entering into such Sale and Lease-Back Transaction, be entitled to incur Debt secured by a Mortgage on the Principal Property to be leased in an amount at least equal to the Attributable Debt in respect of such Sale and Lease-Back Transaction without equally and ratably securing the Notes; orSecurities; (ii) the direct or indirect proceeds of the sale of the Principal Property to be leased are at least equal to their fair value, as determined by the CompanyIssuer’s Board of Directors, and an amount equal to the net proceeds from the sale of the Principal Property is applied, within 180 one-hundred-and-eighty (180) days of the Sale and Lease-Back Transaction: (1) to the purchase or acquisition of, or, in the case of real property, the commencement of construction on or improvement of, property or assets, or (2) to the retirement or repayment, other than at maturity or pursuant to a mandatory sinking fund or mandatory redemption provision of: (A) securities or Funded Debt ranking equally with or senior to the NotesSecurities, any guarantees Guarantee of the Notes Securities or Funded Debt of any Subsidiary, or (B) Debt incurred by the Company Issuer or any Subsidiary within 180 one-hundred-and-eighty (180) days prior to the effective date of any such Sale and Lease-Back Transaction that: (ix) was used solely to finance the acquisition of the Principal Property that is the subject of such Sale and Lease-Back Transaction and (iiy) is secured by a mortgage Mortgage on the Principal Property that is the subject of such Sale and Lease-Back Transaction; or (iii) the lease in the Sale and Lease-Back Transaction secures or relates to Debt or other obligations issued by or owed to the United States, any State thereof or any municipality, or any department, agency or instrumentality or political subdivision of any of the foregoing, or by any other country or any political subdivision thereof for the purpose of financing all or any part of the purchase price of or, in the case of real property, the cost of construction on, relocation of, maintenance of, or improvement of, any property or assets subject to such leases or within the jurisdiction of such entity, or otherwise in connection with any geographic incentivization arrangements, including tax reduction or other economic subsidization arrangements pertaining to local employment.