Common use of Interim Management Clause in Contracts

Interim Management. If we exercise the option to purchase your Store, pending the closing of such purchase, we have the right to appoint a manager to maintain the operation of your Store or, at our option, require you to close your Store during such time period without removing any assets. If we appoint a manager to maintain the operation of your Store pending closing of such purchase, all funds from the operation of your Store during the period of management by our appointed manager will be kept in a separate fund, and all expenses of your Store, including compensation, other costs, and travel and living expenses of our appointed manager, will be charged to such fund. As compensation for such management services, we will charge such fund 10% of the Gross Revenues of your Store during the period of our management. Operation of your Store during any such period will be on your behalf, provided that we will have a duty only to utilize our good faith effort and will not be liable to you for any debts or obligations incurred by your Store or to any of your creditors for any merchandise, materials, supplies or services purchased by your Store during any period in which your Store is managed by our appointed manager. You will maintain in force for your Store all insurance policies required by this Agreement until the date of closing.

Interim Management. If we exercise the option to purchase your the Licensed Store, pending the closing of such purchase, we have the right to may appoint a manager to maintain the operation of your the Licensed Store or, at our option, require you to close your the Licensed Store during such time period without removing any assets. If we appoint a manager to maintain the operation of your the Licensed Store pending closing of such purchase, all funds from the operation of your the Licensed Store during the period of management by our appointed manager will be kept in a separate fund, and all expenses of your the Licensed Store, including compensation, other costs, and travel and living expenses of our appointed manager, will be charged to such fund. As compensation for such management services, we will charge such fund 10% of the Gross Revenues of your the Licensed Store during the period of our management. Operation of your the Licensed Store during any such period will be on your behalf, provided that we will have a duty only to utilize our good faith effort and will not be liable to you for any debts or obligations incurred by your the Licensed Store or to any of your creditors for any merchandise, materials, supplies or services purchased by your the Licensed Store during any period in which your the Licensed Store is managed by our appointed manager. You will maintain in force for your the Licensed Store all insurance policies required by this Agreement until the date of closing. Terminationof Franchise Agreement. Upon the closing of the purchase of the Assets and satisfaction by you of all of your obligations under this Agreement accruing through the closing, this Agreement will terminate.