Partnership Property. All property, real, personal, tangible, intangible, or mixed, acquired by or contributed to the Partnership shall be owned by the Partnership and titled in its name and such property shall not be owned individually by any Partner. Each Partner acknowledges and agrees that the System and all elements thereof, are the exclusive property of the Company and are not Partnership property. Each Partner acknowledges and agrees that the Proprietary Marks are the exclusive property of the Company and are not Partnership property. Each Partner acknowledges and agrees that the Partnership shall not acquire or own any land or buildings. Any land or buildings used in the Partnership business shall be acquired and owned by the Company or an Affiliate of the Company and leased to the Partnership at reasonable rates and terms, and such land and buildings shall not be Partnership property.
Partnership Property. Unless otherwise unanimously agreed by the Partners or unless registered in the name of a trustee, all Partnership property shall be registered in the name of the Partnership in proportion to the Capital Account of each Partner.
Partnership Property. All Partnership Property shall be owned by the Partnership as an entity, and no Partner shall have any ownership interest in any Partnership Property in its individual name or right. The Partnership shall hold all of the Partnership Property in the name of the Partnership and not in the name of any Partner. Each Partner's interest in the Partnership shall be personal property for all purposes.
Partnership Property. All property, real, personal, tangible, intangible, or mixed, acquired by or contributed to the Partnership shall be owned by the Partnership and titled in its name and such property shall not be owned individually by any Partner. Each Partner acknowledges and agrees that the System and all elements thereof, are the exclusive property of the Company and are not Partnership property. Each Partner acknowledges and agrees that the Proprietary Marks are the exclusive property of the Company and are not Partnership property. Each Partner acknowledges and agrees that the Partnership shall not acquire or own any land or buildings. Any land or buildings used in the Partnership business shall be acquired and owned by the Company or an Affiliate of the Company and leased to the Partnership at reasonable rates and terms, and such land and buildings shall not be Partnership property. Outback Steakhouse of Central Florida-II, Ltd. 6
Partnership Property. No later than the Retirement Date, you shall return to the Partnership all documents, files and property belonging to the Partnership or the Company. For the avoidance of doubt, you may make and retain an electronic copy of your contacts list, calendar and any documents reasonably necessary in order for you to file your personal income tax returns. ablegal - 1523532 v1
Partnership Property. The Partnership property must be held and applied by the Partners exclusively for the purposes of the Partnership and in accordance with this Agreement. The beneficial interest in all Partnership property is shared evenly between the Partners.
Partnership Property. The legal title to the real or personal property or interest therein now or hereafter acquired by the Partnership shall be owned, held or operated in the name of the Partnership, and no Partner, individually, shall have any ownership of such property.
Partnership Property. All property, real, personal, tangible, intangible, or mixed, acquired by or contributed to the Partnership shall be owned by the Partnership and titled in its name and such property shall not be owned individually by any Partner. Each Partner acknowledges and agrees that the System and all elements thereof, are the exclusive property of the Company and are not Partnership property. Each Partner acknowledges and agrees that the Proprietary Marks are the exclusive property of the Company and are not Partnership property. Each Partner acknowledges and agrees that the Partnership shall not acquire or own any land or buildings. Any land or buildings used in the Partnership business shall be acquired and owned by the Company or an Affiliate of the Company and leased to the Partnership at reasonable rates and terms, and such land and buildings shall not be Partnership property. Outback Steakhouse of North Georgia-II, L.P. 6
Partnership Property. The Partners agree that the property and other assets of the Partnership are and shall be owned by the Partnership as an entity. Each Partner, accordingly, owns Unit(s) and not an undivided interest in such assets and properties. No Partner shall have any right to partition the assets and properties of the Partnership; and to the extent, if any, that any Partner would have such a right, each such Partner hereby irrevocably waives any and all rights to maintain any action for partition of the assets and properties of the Partnership, either as a partition in kind or a partition by sale.
Partnership Property. Upon liquidation and after giving effect to Section 11.6, the Partnership shall contribute all customer lists owned by the Partnership to a California trust, with a mutually agreed trustee and both Partners as equal beneficiaries. Such trust shall have a perpetual life (subject to termination for material breach or bankruptcy of a Partner) and shall provide that each Partner shall have a perpetual royalty free license to all customer lists owned by the Partnership (and transferred to the trust). Neither Partner may provide the customer lists to third parties unless mutually agreed. Notwithstanding the foregoing, the perpetual grant hereunder shall be modified, if necessary, with respect to certain assets if such perpetual grant would materially diminish the value of such assets as a matter of law.
