Permitted Sale and Leaseback Transaction definition
Permitted Sale and Leaseback Transaction has the meaning provided in Section 3.02(b).
Permitted Sale and Leaseback Transaction means any of the following: (i) temporary leases for a term, including renewals at the option of the lessee, of not more than three years, (ii) leases between only the Company and a Subsidiary or only between Subsidiaries of the Company, (iii) leases of property executed by the time of, or within 12 months after the latest of (A) the acquisition, (B) the completion of construction or improvement or (C) the commencement of commercial operation of the property and (iv) any Sale and Leaseback Transaction regarding the real property in Silver Spring, Maryland and the Company’s headquarters building located on such property.
Permitted Sale and Leaseback Transaction has the meaning specified in Section 7.18.
Examples of Permitted Sale and Leaseback Transaction in a sentence
Enter into any Sale and Leaseback Transaction (other than any Permitted Sale and Leaseback Transaction).
This Section 3.08 shall not apply to any Permitted Sale and Leaseback Transaction.
Enter into any Sale and Leaseback Transaction other than a Permitted Sale and Leaseback Transaction.
No Loan Party shall enter into any sale-leaseback, synthetic lease or similar transaction involving any of its property or assets except pursuant to a Permitted Sale and Leaseback Transaction.
With respect to any period during which any Permitted Acquisition, any Permitted Sale and Leaseback Transaction or any sale, transfer or other disposition of any material assets outside the ordinary course of business occurs, calculations of the Total Leverage Ratio, the Senior Secured Leverage Ratio, the Interest Coverage Ratio and the Rent-Adjusted Leverage Ratio with respect to such period shall be made on a Pro Forma Basis.
More Definitions of Permitted Sale and Leaseback Transaction
Permitted Sale and Leaseback Transaction means the sale by the Borrower of the Xxxxxx Property to a bona fide third party purchaser and thereafter the lease of the Xxxxxx Property by the Borrower or a Subsidiary thereof from such purchaser for use for substantially the same purpose or purposes as the Borrower was using the real property for at the time of the sale.
Permitted Sale and Leaseback Transaction means any Sale and Leaseback Transaction consummated by the Parent Guarantor or any of its Restricted Subsidiaries after the Issue Date for Fair Market Value as determined at the time of consummation in good faith by (i) the Parent Guarantor or a Restricted Subsidiary and (ii) in the case of any Sale and Leaseback Transaction (or series of related Sale and Leaseback Transactions) the aggregate proceeds of which exceed the greater of (x) $90.0 million and (y) 12.5% of Consolidated EBITDA for the Test Period, the Board of Directors of the Parent Guarantor or such Restricted Subsidiary.
Permitted Sale and Leaseback Transaction means any Sale and Leaseback Transaction consummated by a Loan Party with respect to any fee owned real property of such Loan Party; provided, that, (a) the real property sold shall be sold for fair market value (as determined by the Borrower in good faith) to a Person that is not an Affiliate of the Borrower or any Subsidiary, (b) the Borrower shall have delivered a certificate of a Responsible Officer of the Borrower certifying that: (i) after giving effect to such Sale and Leaseback Transaction on a Pro Forma Basis, the Loan Parties would be in compliance with the covenants set forth in Section 7.11 and, during the Specified Period, the Specified Period Conditions, in each case as of the most recent Measurement Period and (ii) no Event of Default shall have occurred and be continuing or would arise upon consummation of such transaction as a result thereof and (c) the Net Cash Proceeds received from the sale of such property shall have been applied in accordance with, and to the extent required by, Section 2.05(b)(i).
Permitted Sale and Leaseback Transaction means any Sale and Leaseback Transaction entered into by the Borrower or any of its Subsidiaries after the Closing Date provided that the aggregate fair market value of all properties of the Borrower and its Subsidiaries that are Disposed of pursuant to Permitted Sale and Leaseback Transactions shall not exceed $50,000,000.
Permitted Sale and Leaseback Transaction means any of the following: (i) temporary leases for a term, including renewals at the option of the lessee, of not more than three years, (ii) leases between only the Company and a Subsidiary or only between Subsidiaries of the Company and (iii) leases of property executed by the time of, or within 12 months after the latest of (A) the acquisition, (B) the completion of construction or improvement or (C) the commencement of commercial operation of the property.
Permitted Sale and Leaseback Transaction means one or more Sale and Leaseback Transactions effected as operating leases involving the properties securing the Assumed Debt on the Original Closing Date or involving plants located in Calgary, Alberta or Rocky Mount, Virginia; provided that (i) at the time of and immediately after giving effect to such Permitted Sale and Leaseback Transaction and the application of the proceeds thereof, no Default shall have occurred and be continuing and (ii) the proceeds are used to fund the MW Acquisition.
Permitted Sale and Leaseback Transaction means a transaction by any Borrower or any of its Subsidiaries permitted pursuant to the proviso to Section 7.2.15.