Permitted Sale Leasebacks as defined in Section 7.11.
Permitted Sale Leasebacks means sale leasebacks of real and personal property constituting a portion of the Project, PROVIDED that (a) such sale leasebacks shall be undertaken for fair value pursuant to a tax program reasonably satisfactory to the Majority Lenders and recommended by an internationally recognized tax consultant of the Company, (b) the terms of such sale leasebacks shall be acceptable to the Majority Lenders and (c) the Net Cash Proceeds of any sale of assets undertaken in connection therewith shall be applied to the prepayment of the Loans in accordance with Section 2.9.
Permitted Sale Leasebacks has the meaning assigned to that term in Section 7.16.
Examples of Permitted Sale Leasebacks in a sentence
The Borrower will not, and will not permit any of the Restricted Subsidiaries to, enter into or effect any Sale Leasebacks, other than Permitted Sale Leasebacks.
The Borrower will not, and will not permit any of the Restricted Subsidiaries to, enter into or effect any Sale Leasebacks other than Permitted Sale Leasebacks.
The Borrower will not, and will not permit the Restricted Subsidiaries to, enter into or effect any Sale Leasebacks after the Closing Date, other than Permitted Sale Leasebacks.
Holdings and the Borrower will not, and will not permit any of the Restricted Subsidiaries to, enter into or effect any Sale Leasebacks, other than Permitted Sale Leasebacks.
The Borrower will not, and will not permit any of the Restricted Subsidiaries to, enter into or effect any Sale Leasebacks, other than Permitted Sale Leasebacks; provided that the aggregate fair value of all assets disposed of pursuant to this Section 10.8 shall not exceed $60,000,000 in the aggregate.
More Definitions of Permitted Sale Leasebacks
Permitted Sale Leasebacks means any Sale Leaseback with respect to the sale, transfer or disposition of property consummated by the Borrower or any of its Subsidiaries after the Effective Date; provided that any such Sale Leaseback (a) is not between the Borrower and a Subsidiary and (b) is, in each case, consummated for fair market value as determined at the time of consummation in good faith by the Borrower or such Subsidiary (which such determination may take into account any retained interest or other Investment of the Borrower or such Subsidiary in connection with, and any other material economic terms of, such Sale Leaseback).
Permitted Sale Leasebacks means any sale and leaseback transaction with any Person (other than the Borrower or its Subsidiaries) providing for the leasing by the Borrower or any of its Subsidiaries of Real Property (including any improvements thereon) consisting of built to suit retail store, warehouse or distribution center properties; provided that:
Permitted Sale Leasebacks means any Sale Leaseback with respect to the sale, transfer or disposition of property consummated by the Borrower or any of its Subsidiaries after the Effective Date; provided that any such Sale Leaseback (a) is not between the Borrower and a Subsidiary and(b) is, in each case, consummated for fair market value as determined at the time of consummation in good faith by the Borrower or such Subsidiary (which such determination may take into account any retained interest or other Investment of the Borrower or such Subsidiary in connection with, and any other material economic terms of, such Sale Leaseback).
Permitted Sale Leasebacks means any sale and leaseback transaction with any Person (other than Borrower or its Subsidiaries) providing for the leasing by Borrower or any of its Subsidiaries of Real Property (including any improvements thereon) consisting of built to suit retail store, warehouse or distribution center properties; provided that:
(a) such sale and leaseback transaction is consummated within eighteen (18) months of the date of completion of the construction of such improvements,
(b) as of each fiscal quarter end, any Permitted Sale Leaseback transaction that has been initiated and not completed as of such date shall be disclosed in the compliance certificate delivered in respect of such fiscal quarter pursuant to Section 9.6(a) hereof (such disclosure to include, without limitation, (i) the date of completion of the construction of such improvements, (ii) a description of the Real Property involved in the sale and leaseback transaction and (iii) the aggregate fair market value of the property and related Real Property sold or to be sold in such sale and leaseback transaction), and
(c) in each case the property is sold by Borrower or such Subsidiary for fair value and cash consideration only.
Permitted Sale Leasebacks shall have the meaning set forth in Section 5.05(b).
Permitted Sale Leasebacks means any Sale Leaseback with respect to the sale, transfer or disposition of property consummated by the Borrower or any of its Subsidiaries after the Effective Date; provided that any such Sale Leaseback (a) is not between the Borrower and a Subsidiary and (b) is, in each case, consummated for fair market value as determined at the time of consummation in good faith by the Borrower or such Subsidiary (which such determination may take into account any retained interest or other Investment of the Borrower or such Subsidiary in connection with, and any other material economic terms of, such Sale Leaseback). “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, limited partnership, limited liability limited partnership, Governmental Authority or other entity. “Plan” means any employee pension benefit plan (as defined in Section 3(2) of ERISA) (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. “Plan Asset Regulations” means of 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time. “Pledged Eligible Assets” means Eligible Assets that have been pledged to the Administrative Agent for the benefit of the Lenders to secure the obligations of the Borrower in respect of
Permitted Sale Leasebacks means leases or sale leasebacks of real and ------------------------- personal property constituting a portion of the System, provided that (a) such -------- leases or sale leasebacks shall be undertaken for fair value pursuant to a tax program reasonably satisfactory to the Lead Agents recommended by Xxxxxx Xxxxxxxx, LLP or such other tax consultant of national standing retained by the Borrower that is reasonably satisfactory to the Lead Agents and (b) the Net Cash Proceeds of any sale of assets undertaken in connection therewith shall be applied to the prepayment of the Term Loans in accordance with Section 2.11(c). ---------------