Permitted Sale-Leaseback Transaction means a transaction pursuant to which a Credit Party sells an item of equipment to a financial institution and concurrently with such sale (i) leases such item of equipment back from such financial institution and (ii) subleases such item of equipment to a customer of the Credit Party pursuant to a sublease agreement under which such customer obtains an option to purchase such item of equipment at or before the end of such sublease.

Permitted Sale-Leaseback Transaction has the meaning specified in Section 8.13.

Permitted Sale-Leaseback Transaction means any Sale Lease-Back Transaction by the Company or any of its Subsidiaries, provided that (i) the proceeds of the respective Sale Lease-Back Transaction shall be entirely cash and in an amount at least equal to 95% of the aggregate amount expended by the Company or such Subsidiary in acquiring such asset (or, if not then acquired, 95% of the Fair Market Value of the Property subject to such Sale-Leaseback Transaction) and (ii) the respective transaction is otherwise effected in accordance with the applicable requirements of Section 6.10.

Examples of Permitted Sale-Leaseback Transaction in a sentence

Notwithstanding anything to the contrary herein or in any other Loan Document, the provisions of this Section 2.4(b)(i) shall not apply to any Net Cash Proceeds realized or received by the Borrower or any Restricted Subsidiary from any Exempt Permitted Sale-Leaseback Transaction.
Upon the First Amendment Effective Date, Lender shall remove the Tampa Reserve; provided, however that the Tampa Reserve shall be reinstituted immediately if the Permitted Sale-Leaseback Transaction shall not be consummated (pursuant to documentation in form and substance satisfactory in Lender’s Permitted Discretion delivered to Lender) on or prior to March 11, 2016.
If the Permitted Sale-Leaseback Transaction shall be consummated after March 11, 2016, then the Tampa Reserve shall be removed upon Lender’s receipt of evidence of the consummation of such Permitted Sale-Leaseback Transaction.
If the Permitted Sale-Leaseback Transaction shall be consummated after March 11, 2016, then the Xxxxxx Street Reserve shall be removed upon Lender’s receipt of evidence of the consummation of such Permitted Sale-Leaseback Transaction.
If the Permitted Sale-Leaseback Transaction shall be consummated after March 11, 2016, then the Howard Street Reserve shall be removed upon Lender’s receipt of evidence of the consummation of such Permitted Sale-Leaseback Transaction.

More Definitions of Permitted Sale-Leaseback Transaction

Permitted Sale-Leaseback Transaction means any Sale Leaseback Transaction consummated after or contemporaneously with the consummation of the FTS Acquisition with respect to the Specified FTS Real Property; provided that (a) no Event of Default shall have occurred or be continuing or would result therefrom, (b) the lease with respect to such Sale Leaseback Transaction shall be on arms’ length commercially reasonable terms (as determined by the Borrower in good faith), (c) the lease with respect to such Sale Leaseback Transaction shall not have a capitalization rate in excess of 10.00% per annum, (d) the applicable purchaser and lessor with respect to such Sale Leaseback Transaction shall be an Affiliate of Xxxxx Brothers, LLC and (e) Holdings or any of its Restricted Subsidiaries consummating such Sale Leaseback Transaction shall receive in connection with the sale or transfer of the property subject thereto, cash consideration in amount that (i) is at least equal to the Fair Market Value (as evidenced by an appraisal delivered to the Agent on or within 30 days following the closing date of such Sale Leaseback Transaction) of such property and (ii) does not in the aggregate exceed $50,000,000 (not including any reasonable and documented out-of-pocket fees, costs and expenses incurred and/or assessed in connection with such Sale Leaseback Transaction).

Permitted Sale-Leaseback Transaction means any Sale and Leaseback Transaction entered into by a Loan Party or any Subsidiary after the Second Amendment Effective Date; provided, that (a) the aggregate value of all properties of the Loan Parties and their Subsidiaries that are Disposed of pursuant to Permitted Sale Leaseback Transactions shall not exceed $30,000,000 and (b) the consideration paid in connection any Permitted Sale Leaseback Transaction shall be cash or Cash Equivalents paid contemporaneous with consummation of such Permitted Sale Leaseback Transaction and shall be in an amount not less than the fair market value of the property Disposed of.

Permitted Sale-Leaseback Transaction means any Sale Leaseback Transaction consummated by the Borrower or any of the Subsidiaries after the Closing Date, provided that any such Sale Leaseback Transaction that is not between (a) a Loan Party and another Loan Party or (b) a Subsidiary that is not a Loan Party and another Subsidiary that is not a Loan Party shall be consummated for fair value as determined at the time of consummation in good faith by the Borrower or such Subsidiary.

Permitted Sale-Leaseback Transaction means any sale and leaseback transaction of any assets of the Borrower or any of its Restricted Subsidiaries in a transaction or series of transactions in which the Borrower or any such Restricted Subsidiary receives Fair Market Value (as determined in good faith by the Borrower) for each such sale; provided, that (a) no Event of Default has occurred and is continuing immediately prior to such sale or would occur as a result of such sale, (b) the lease pertaining to such assets is an operating lease for purposes of GAAP or a Capitalized Lease to the extent permitted under Section 9.3(e), and (c) the Net Cash Proceeds from such transaction are used by the Borrower or such Restricted Subsidiary to prepay outstanding Indebtedness (including any Junior Financing) or reinvested in accordance with Section 2.4(b).

Permitted Sale-Leaseback Transaction means any Sale Leaseback Transaction meeting the following requirements:

Permitted Sale-Leaseback Transaction means a Sale-Leaseback Transaction entered into by the Borrower or a Subsidiary with respect to a Principal Property that satisfied any of the following conditions:

Permitted Sale-Leaseback Transaction means any sale and leaseback transaction with any Person providing for the leasing by the Borrower or any of its Restricted Subsidiaries of real or personal property of (a) existing restaurant units owned by the Borrower or any Restricted Subsidiary on the Closing Date and held for resale as set forth on Schedule 1.1(b), (b) newly created restaurant units not in existence on the Closing Date, (c) existing restaurant units owned by any franchisee of the Borrower or lessor to the Borrower or any of its Subsidiaries that are acquired by the Borrower after the Closing Date or (d) the Innovation Center Property; provided that, in each case, the restaurant unit or units (or the Innovation Center Property) are sold by the Borrower or such Restricted Subsidiary for fair value and cash consideration only; and provided further that, the aggregate amount of gross proceeds for all such sales in any Fiscal Year of the Borrower shall not exceed $115,000,000.