Sale Lease-back Transactions. Each Loan Party agrees that it shall not, and shall not permit any of its Restricted Subsidiaries to, enter into any arrangement pursuant to which it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the property being sold or transferred, unless (a) such transaction is entered into by a Loan Party or a Restricted Subsidiary and (b) after giving effect to such sale or transfer and the execution and delivery of such lease, the Remaining Present Value of such lease and all other existing leases previously entered into as permitted by this Section 7.03, together with the outstanding principal amount of Indebtedness permitted pursuant to Sections 7.01(b) and 7.01(c), shall not exceed the greater of $70,000,000 and an amount equal to 10% of Consolidated Net Tangible Assets of the Parent Guarantor.
Sale Lease-back Transactions. Except for Municipal Transactions, the Company will not, and will not permit any of its Subsidiaries to, enter into any arrangement with any Person whereby the Company or such Subsidiary shall sell or otherwise transfer any of its Property, whether now owned or hereafter acquired, and thereafter rent or lease such Property or similar Property for substantially the same use or uses as the Property sold or transferred UNLESS the following conditions are satisfied:
Sale Lease-back Transactions. None of the Parent, the Borrower or any other Subsidiary shall enter into any sale-leaseback transactions or other transaction by which such Person shall remain liable as lessee (or the economic equivalent thereof) of any real or personal property that it has sold or leased to another Person.
Sale Lease-back Transactions. Except as set forth on Schedule 7.17 hereof, directly or indirectly, enter into any arrangement whereby any Borrower sells or transfers all or any of its assets and, within one (1) year thereafter, rents or leases such assets so sold or transferred, without the prior consent of Collateral Agent; provided that the Borrowers may enter into any such arrangements so long as the aggregate fair market value of all property subject to such arrangements does not exceed $5,000,000 (based on the fair market value at the time of the transaction).
Sale Lease-back Transactions. The Borrowers shall not, nor shall they permit any Loan Party to, enter into any Sale Lease-Back Transaction unless (a) the sale of such property is permitted by Section 7.06 and (b) any Attributable Indebtedness in respect of such Sale Lease-Back Transaction is permitted by Section 7.02.
Sale Lease-back Transactions. Except for Municipal Transactions, the Company will not, and will not permit any of its Subsidiaries to, enter into any arrangement with any Person whereby the Company or such Subsidiary shall sell or otherwise transfer any of its Property, whether now owned or hereafter acquired, and thereafter rent or lease such Property or similar Property for substantially the same use or uses as the Property sold or transferred unless the following conditions are satisfied: (1)the consideration received by the Company or such Subsidiary in connection with such transfer is at least equal to the fair market value of the Property so transferred (as reasonably determined by the board of directors of the Company), (2) all of the net proceeds received by the Company or any of its Subsidiaries in connection with any such transaction are used by the Company, within 12 months of the receipt thereof, to either (a) acquire other Property in compliance with the term of this Agreement and/or (b) repay or prepay Indebtedness of the Company or any of its Subsidiaries (other than any Subordinated Notes) and (3) the aggregate consideration received by the Obligors in connection with all such sale lease-back transactions entered into after the date hereof shall not exceed $20,000,000.
Sale Lease-back Transactions. Except for transactions involving property or assets with a fair market value in the aggregate less than $1,000,000, enter into (i) any lease as a lessor which calls for the purchase or equivalence of a purchase or rental materially below the fair market value of the property or an option to purchase at a price below the fair market value of the property; (ii) any agreement in which it sells and then leases back any property or assets.
Sale Lease-back Transactions. The Leased Property for the following locations are owned by Affiliates of the Sellers: (i) 0000 Xxxxx Xxxx 0, Xxxxxxxxxx, Xxxx Xxxxx Xxxxxx, Xxxxxxx, (ii) 0000 Xxxxx Xxxx 7, Xxxxx 000, 000, xxx 000, Xxxxxxxxxx, Xxxx Xxxxx Xxxxxx, Xxxxxxx, (xxx) 0000 X. Xxxxxxxxxx Avenue, Boynton Beach, Palm Beach County, Florida, and (iv) 000 Xxxxxxx Xxxxxx Xxxx, Xxx. 0000, Xxxxxxx, Xxxx Xxxxx Xxxxxx, Xxxxxxx (the “Seller Owned Locations”). Within approximately one hundred twenty (120) days after the Closing, the owners of the Seller Owned Locations intend to enter into a sale-lease-back transaction with a third party (the “Leaseback Landlord #1”) involving the Seller Owned Locations and the Owned Real Property (collectively, the “Leaseback Locations #1”). In connection with such sale-lease-back transaction, Buyer will cause the Company to negotiate in good faith and enter into new leases with Leaseback Landlord #1, as lessor, and the Company, as lessee, which shall replace the applicable Leases, provided that any such new lease shall be on terms and conditions reasonably acceptable to Buyer and shall include the following terms (1) base rent not to exceed the amounts for each location set forth on Schedule 6.7, (2) an initial term of fifteen (15) years, (3) two renewal terms of five (5) year each, (4) triple net, with the lessee responsible for the payment of all real estate taxes, insurance, and association assessments related to the Leaseback Locations #1, and (5) such other terms and conditions that are customarily contained in a lease in a sale-leaseback transaction for properties similar to the Leaseback Locations #1 and reasonably acceptable to Buyer. In the event that the sale-lease-back transaction for the Leaseback Locations #1 is not completed within three hundred sixty-five (365) days after the Closing, then, if requested by Buyer, the Company, as lessee, and the Affiliates of Seller, as lessor, shall negotiate new leases to replace the current Leases for the Leaseback Locations #1 on the terms set forth in item (1) — (4) above (inclusive), and such other terms as are customary for lease of similar real property located in the vicinity of the Leaseback Locations #1 and reasonably acceptable to Buyer.
Sale Lease-back Transactions. Directly or indirectly, enter into any arrangement whereby any Borrower sells or transfers all or any of its assets and, within one (1) year thereafter, rents or leases such assets so sold or transferred, without the prior consent of Required Holders; provided that Borrowers may enter into any such arrangements so long as the aggregate fair market value of all property subject to such arrangements does not exceed $5,000,000 (based on the fair market value at the time of the transaction). Notwithstanding anything in the foregoing to the contrary, Borrowers may enter into sale and lease back transactions (i) in connection with the THCI Turnover and (ii) in respect of the Campus Transaction.
Sale Lease-back Transactions. Directly or indirectly, enter into any arrangement whereby Borrower sells or transfers all or any of its respective assets and, within one (1) year thereafter, rents or leases such assets so sold or transferred. Guarantor covenants and agrees that until indefeasible payment in full, in cash, of the Obligation, it shall not:
