Common use of Limitation on Sale and Lease-Back Clause in Contracts

Limitation on Sale and Lease-Back. (a) The Company will not, nor will it permit any Subsidiary to, enter into any arrangement with any person providing for the leasing to the Company or Subsidiary of any Principal Property (except for temporary leases for a term of not more than three years), which property has been owned more than one hundred twenty days by the Company or such Subsidiary and has been or is to be sold or transferred by the Company or such Subsidiary to such person (herein referred to as a "Sale and Lease-Back Transaction"), unless either (1) the Company or such Subsidiary would be entitled to incur debt secured by a mortgage on the property to be leased without equally and ratably securing the Securities pursuant to clause (a) or (b) of Section 1006 or (2) the Company shall, and in any such case the Company covenants that it will, apply an amount equal to the fair value (as determined by the Board of Directors) of the property so leased to the retirement, within one hundred twenty days of the effective date of any such Sale and Lease-Back Transaction, of Securities (in the manner, subject to the restrictions and at the redemption prices then applicable to redemption of Securities at the option of the Company) or other indebtedness of the Company with a maturity in excess of one year from the date of such Sale and Lease-Back Transaction and which ranks on a parity with the Securities.

Limitation on Sale and Lease-Back. (a) The Company Issuer will not, nor will it permit any Consolidated Subsidiary to, enter into any arrangement sale and lease-back transaction with respect to any person providing for the leasing to the Company or Subsidiary of assets, other than any Principal Property (except for temporary leases such transaction involving a lease for a term of not more than three years), which property has been owned more than one hundred twenty days by the Company or such Subsidiary and has been or is to be sold or transferred by the Company or such Subsidiary to such person (herein referred to as a "Sale and Lease-Back Transaction"), unless either (1a) the Company Issuer or such Consolidated Subsidiary would be entitled to incur debt Indebtedness secured by a mortgage lien on the property assets to be leased leased, in an amount at least equal to the Attributable Debt with respect to such sale and lease-back transaction, without equally and ratably securing the Securities Securities, pursuant to clause clauses (a) through (k) inclusive of Section 3.9, or (b) the proceeds of Section 1006 or (2) the Company shall, and in any such case sale of the Company covenants that it will, apply an amount assets to be leased are at least equal to the fair value of such assets (as determined by the Board of DirectorsDirectors of the Issuer) and the proceeds are applied to the purchase or acquisition (or, in the case of property, the construction) of the property so leased assets or to the retirementretirement (other than at maturity or pursuant to a mandatory sinking fund or redemption provision) of Senior Funded Indebtedness. This limitation, within one hundred twenty days of the effective date of any such Sale and Lease-Back Transactionhowever, of Securities (in the manner, subject to the restrictions and will not apply if at the redemption prices then applicable to redemption time the Issuer or any Consolidated Subsidiary enters into such sale and lease-back transaction, and immediately after giving effect thereto, Exempted Debt does not exceed 20% of Securities at the option of the Company) or other indebtedness of the Company with a maturity in excess of one year from the date of such Sale and Lease-Back Transaction and which ranks on a parity with the SecuritiesConsolidated Net Tangible Assets.

Limitation on Sale and Lease-Back. (a) The Company will not, nor will it permit any Consolidated Subsidiary to, enter into any arrangement sale and lease-back transaction with respect to any person providing for the leasing to the Company or Subsidiary of assets, other than any Principal Property (except for temporary leases such transaction involving a lease for a term of not more than three (3) years), which property has been owned more than one hundred twenty days by the Company or such Subsidiary and has been or is to be sold or transferred by the Company or such Subsidiary to such person (herein referred to as a "Sale and Lease-Back Transaction"), unless either (1a) the Company or such Consolidated Subsidiary would be entitled to incur debt Indebtedness secured by a mortgage Lien on the property assets to be leased leased, in an amount at least equal to the Attributable Debt with respect to such sale and lease-back transaction, without equally and ratably securing the Securities Obligations, pursuant to clause CLAUSES (ai) through (xi) inclusive of SECTION 8.1(n) or (b) the proceeds of Section 1006 or (2) the Company shall, and in any such case sale of the Company covenants that it will, apply an amount assets to be leased are at least equal to the fair value of such assets (as determined by the Board of Directors) of the property so leased to the retirement, within one hundred twenty days of the effective date of any such Sale and Lease-Back Transaction, of Securities (in the manner, subject to the restrictions and at the redemption prices then applicable to redemption of Securities at the option Directors of the Company) and the proceeds are applied to the purchase or acquisition (or, in the case of property, the construction) of assets or to the retirement (other indebtedness than at maturity or pursuant to a mandatory sinking fund or redemption provision) of Senior Funded Indebtedness. This limitation, however, will not apply if at the time the Company with a maturity in excess or any Consolidated Subsidiary enters into such sale and lease-back transaction, and after giving effect thereto, Exempted Debt does not exceed 20% of one year from the date of such Sale and Lease-Back Transaction and which ranks on a parity with the SecuritiesConsolidated Net Tangible Assets.

Limitation on Sale and Lease-Back. (a) The Company following provisions shall apply to the Securities of each series unless specifically otherwise provided in a Board Resolution, Officers' Certificate or indenture supplemental hereto as provided pursuant to Section 2.3. The Issuer will not, nor will it permit any Consolidated Subsidiary to, enter into any arrangement with any person Person (other than the Issuer) providing for the leasing to by the Company Issuer or a Consolidated Subsidiary of any Principal Property (except for temporary leases for a term of not more than three years), which property has been owned more than one hundred twenty days by the Company or such Subsidiary and has been or is to be sold or transferred by the Company Issuer or such Consolidated Subsidiary to such person Person (herein referred to as a "Sale and Lease-Back Transaction"), unless either (1a) the Company net proceeds to the Issuer or such Consolidated Subsidiary from such sale or transfer equal or exceed the fair value (as determined by the Board of Directors) of the property so leased, (b) the Issuer or such Consolidated Subsidiary would be entitled to incur debt Indebtedness secured by a mortgage Lien on the property to be leased without equally and ratably securing the Securities pursuant to clause (a) Section 3.5, or (b) of Section 1006 or (2c) the Company Issuer shall, and in any such case the Company Issuer covenants that it will, apply an amount equal to the fair value (as determined by the Board of Directors) of the property so leased to the retirement (other than any mandatory retirement), within one hundred twenty 90 days of the effective date of any such Sale and Lease-Back Transaction, of Securities (in the manner, subject to the restrictions and at the redemption prices then applicable to redemption of Securities at the option Funded Indebtedness of the Company) or other indebtedness of the Company with a maturity in excess of one year from the date of such Sale and Lease-Back Transaction and which ranks on a parity with the SecuritiesIssuer.

Limitation on Sale and Lease-Back. (a) The Company will not, nor will it permit any Subsidiary to, enter into any arrangement with any person providing for the leasing to by the Company or any Subsidiary of any Principal Property of the Company or any Subsidiary (except for temporary leases for a term of not more than three yearsyears and except for leases between the Company and a Subsidiary or between Subsidiaries), which property has been owned more than one hundred twenty days by the Company or such Subsidiary and Principal Property has been or is to be sold or transferred more than 180 days after such Principal Property has been owned by the Company or such Subsidiary and completion of construction and commencement of full operation thereof, by the Company or a Subsidiary to such person (herein referred to as a "Sale and Lease-Back Transaction"), unless either (1a) the net proceeds to the Company or such Subsidiary would be entitled to incur debt secured by a mortgage on from the property to be leased without equally and ratably securing the Securities pursuant to clause (a) sale or (b) of Section 1006 transfer equal or (2) the Company shall, and in any such case the Company covenants that it will, apply an amount equal to exceed the fair value (as determined by the Board of Directors) of the property Principal Property so leased leased, (b) the Company or such Subsidiary would be entitled, pursuant to the retirementprovisions of Section 3.6, to issue, assume or guarantee Debt secured by a Lien upon such Principal Property at least equal in amount to the Attributable Debt in respect of such Sale and Lease-Back Transaction without equally and ratably securing the Securities; or (c) the Company shall apply, within one hundred twenty 180 days of the effective date of any such Sale and Lease-Back Transactionarrangement, of Securities (an amount in the manner, subject cash equal to the restrictions and at the redemption prices then applicable to redemption of Securities at the option of the Company) or other indebtedness of the Company with a maturity Attributable Debt in excess of one year from the date respect of such Sale and Lease-Back Transaction and which ranks on a parity with arrangement to (i) the Securitiesretirement of Funded Debt or (ii) to the acquisition of additional real property.

Limitation on Sale and Lease-Back. Subject to the provisions of Article Twelve (a) The to the extent they are applicable to the Securities of any series), the Company will not, nor will it permit any Restricted Subsidiary to, enter into any arrangement with any person Person providing for the leasing to by the Company or any Restricted Subsidiary of any Principal Property (whether such Principal Property is now owned or hereafter acquired), except for temporary leases for a term term, including any renewal, of not more than three years)five years and except for leases between the Company and a Restricted Subsidiary or between Restricted Subsidiaries, which property has been owned more than one hundred twenty days by the Company or such Subsidiary and Principal Property has been or is to be sold or transferred by the Company or such Restricted Subsidiary to such person Person (herein referred to as hereinafter, a "“Sale and Lease-Back Transaction"”), unless either (1i) the Company or such Restricted Subsidiary would be entitled entitled, in accordance with the provisions of Section 4.05 (other than provisions with respect to exempted indebtedness), to incur debt Debt secured by a mortgage lien on the such property to be leased without equally and ratably securing the Securities pursuant to clause (a) Securities, or (b) of Section 1006 or (2ii) the Company shall, and in any such case the Company covenants that it will, apply an amount equal to the fair value (as determined by the Board of Directors) of the property so leased to the retirement, within one hundred twenty 180 days of after the effective date of any such Sale and Lease-Back Transaction, of Securities (in the manner, subject to the restrictions and at the redemption prices then applicable to redemption of Securities at the option of the Company) or other indebtedness of the Company with a maturity in excess of one year from the date of such Sale and Lease-Back Transaction and which ranks on a parity with applies an amount equal to the Securities.Value of such transaction to the voluntary retirement of its Funded Debt. For the purposes of this Article, “Value” shall mean an amount equal to the greater of the net proceeds of the sale or transfer of the property leased pursuant to such Sale and