Removal of Excluded Assets. (i) As soon as practicable after the applicable Closing, each Buyer will remove from its Stores any exterior signs which contain Seller Marks. At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than five days after, the applicable Closing Date, Seller shall use its commercially reasonable efforts to remove from the Stores any other signs, Inventory or personal property which contain any Seller Marks. Any such interior signs or personal property not removed by Seller shall be removed by the applicable Buyer at Seller’s own cost and, at Seller’s request, destroyed or returned to Seller, and Buyers shall neither use nor consent to any third party’s use of any such signs or personal property. (ii) At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than two days after, the applicable Closing Date, Seller shall, at its own cost and expense, use commercially reasonable efforts to remove any proprietary software from the POS/order entry equipment and the security and surveillance equipment and any other proprietary software from all other equipment that is included in the Purchased Assets. Seller shall conduct such removal in a workmanlike manner and shall use commercially reasonable efforts to prevent physical damage to any such equipment resulting therefrom. Seller will notify Buyers as promptly as practicable if Seller believes that any such proprietary software cannot be removed from such equipment. (iii) At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than five days after, the applicable Closing Date, Seller shall, at its sole cost and expense remove all other Excluded Assets from the Stores (other than the Drawer Cash, which shall be removed by Seller immediately prior to the applicable Closing). (iv) Seller shall use reasonable best efforts to avoid any damage to the Stores and the Seller Real Property in connection with its removal of Excluded Assets under this Section 6.5 and, in the event of any physical damage to the Stores or the Seller Real Property caused by Seller or its representatives by virtue of the removal of Excluded Assets, Seller agrees to promptly repair any physical damage to such Stores or Seller Real Property caused by any acts of Seller or such other parties and to restore such Stores or Seller Real Property to substantially the same condition it was in immediately prior to such removal.
Appears in 2 contracts
Samples: Asset Purchase Agreement (Supervalu Inc), Asset Purchase Agreement (Roundy's, Inc.)
Removal of Excluded Assets. All items located at the Real Property that constitute Excluded Assets may be removed on or prior to the Closing Date and within ninety (90) days after the Closing Date (the “Removal Period”) by Sellers, their Affiliates or their respective Representatives, with the removing party making any repairs necessary as a result of any damage caused during such removal, but without any obligation on the part of Sellers, their Affiliates or any removing party to replace any item so removed. Buyer will provide Sellers, their Affiliates and their respective Representatives with reasonable access to the Real Property to effect such removal, at reasonable times within the Removal Period and after at least one (1) business day’s prior notice to Buyer, and Sellers will use reasonable efforts to minimize disruption to Buyer’s operations. Buyer, at its option, will have the right to have a Representative present during any such removal activity. Sellers recognize that Buyer will be replacing Excluded Software and that Buyer desires that its replacement software will be operational as of the Closing. Sellers agree to, and to cause the Company to, cooperate reasonably with Buyer in effecting the transition from Excluded Software to replacement software, by allowing Buyer access to the Real Property to install the replacement software; provided that: (a) there shall be no material interference with the Business before the Closing; (b) Sellers shall be reimbursed for any reasonable out-of-pocket costs incurred by the Company in connection with such cooperation; and (c) if Sellers or the Company shall be required to reveal proprietary information of Sellers or their Affiliates to Buyer in connection with such cooperation, then Sellers or the Company will, at Sellers’ option, either (i) As soon as practicable after not de-install third party Excluded Software that is now installed on personal computers that are included in the applicable Acquired Personal Property (unless required to do so by Law or by agreement with the provider of the Excluded Software) and Buyer agrees that Buyer will either obtain new licenses for such Excluded Software or cease to use such Excluded Software following the Closing, each Buyer will remove from its Stores any exterior signs which contain Seller Marks. At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than five days after, the applicable Closing Date, Seller shall use its commercially reasonable efforts to remove from the Stores any other signs, Inventory or personal property which contain any Seller Marks. Any such interior signs or personal property not removed by Seller shall be removed by the applicable Buyer at Seller’s own cost and, at Seller’s request, destroyed or returned to Seller, and Buyers shall neither use nor consent to any third party’s use of any such signs or personal property.
(ii) At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than two days after, the applicable Closing Date, Seller shall, at its own cost and expense, use commercially reasonable efforts to remove any proprietary software from the POS/order entry equipment and the security and surveillance equipment and any other proprietary software from all other equipment de-install third party Excluded Software that is now installed on personal computers included in the Purchased AssetsAcquired Personal Property. Seller Buyer’s agreement pursuant to this Section 1.5 shall conduct such removal in a workmanlike manner survive the Closing and shall use commercially reasonable efforts to prevent physical damage to be covered by Buyer’s indemnification obligations in ARTICLE XII hereof and enforceable by Sellers by any means available at Law or equity, including injunctive relief, which Buyer hereby agrees is an appropriate remedy. If Sellers do not remove all of the Excluded Assets located at the Real Property within the Removal Period, then Buyer may dispose of or retain any such equipment resulting therefrom. Seller will notify Buyers as promptly as practicable if Seller believes that any such proprietary software cannot be removed from such equipment.
(iii) At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than five days after, the applicable Closing Date, Seller shall, at its sole cost and expense remove all other Excluded Assets from the Stores (other than the Drawer Cash, which shall be removed by Seller immediately prior to the applicable Closing).
(iv) Seller shall use reasonable best efforts to avoid any damage to the Stores and the Seller Real Property in connection with its removal of Excluded Assets under this Section 6.5 and, in the event of any physical damage to the Stores or the Seller Real Property caused by Seller or its representatives by virtue of the removal of remaining Excluded Assets, Seller agrees to promptly repair any physical damage to such Stores or Seller Real Property caused by any acts of Seller or such other parties and to restore such Stores or Seller Real Property to substantially the same condition it was in immediately prior to such removal.
Appears in 2 contracts
Samples: Equity Interest Purchase Agreement (CAESARS ENTERTAINMENT Corp), Equity Interest Purchase Agreement (Penn National Gaming Inc)
Removal of Excluded Assets. All items that constitute Excluded Assets shall be removed on or prior to the Closing Date and within thirty (30) days after the Closing Date by Sellers (or their designees), the owners of the Excluded Assets, or their respective Representatives, with the removing party making or causing to be made any repairs to the Property necessitated by such removal, but without any obligation on the part of Sellers to replace any item so removed. Sellers hereby reserve unto themselves and the owners of the Excluded Assets, and their respective Representatives, a right of entry into the Property and onto and across the Vessel at reasonable times and on reasonable notice after the Closing Date and within such thirty (30) day period to effect such removal, and, in that regard, Sellers shall use reasonable efforts to minimize disruption to Buyer’s operations. Sellers and the Partnership recognize that Buyer will be replacing Excluded Software and that Buyer desires that its replacement software will be operational as of the Closing. Sellers and the Partnership agree to cooperate reasonably with Buyer in effecting the transition from Excluded Software to replacement software and to use reasonable efforts to minimize disruption to the operations of the Hotel/Casino, including providing Buyer and its Representatives access to the Property at reasonable times and on reasonable notice; provided that: (i) As soon as practicable after there shall be no material interference with the applicable Partnership’s operation of the Property before the Closing; (ii) there shall be no cost incurred by the Partnership or Sellers; and (iii) the Partnership shall not be required to reveal proprietary information to Buyer. The Partnership and Sellers will not de-install third party Excluded Software that is now installed on personal computers at the Property and Buyer agrees that Buyer will either obtain new licenses for such Excluded Software or cease to use such Excluded Software following the Closing. If Sellers do not remove all of the Excluded Assets within thirty (30) days following the Closing, each upon fifteen (15) calendar days notice, Buyer will remove from its Stores any exterior signs which contain Seller Marks. At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than five days after, the applicable Closing Date, Seller shall use its commercially reasonable efforts to remove from the Stores any other signs, Inventory or personal property which contain any Seller Marks. Any such interior signs or personal property not removed by Seller shall be removed by the applicable Buyer at Seller’s own cost and, at Seller’s request, destroyed or returned to Seller, and Buyers shall neither use nor consent to any third party’s use may dispose of any such signs or personal property.
(ii) At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than two days after, the applicable Closing Date, Seller shall, at its own cost and expense, use commercially reasonable efforts to remove any proprietary software from the POS/order entry equipment and the security and surveillance equipment and any other proprietary software from all other equipment that is included in the Purchased Assets. Seller shall conduct such removal in a workmanlike manner and shall use commercially reasonable efforts to prevent physical damage to any such equipment resulting therefrom. Seller will notify Buyers as promptly as practicable if Seller believes that any such proprietary software cannot be removed from such equipment.
(iii) At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than five days after, the applicable Closing Date, Seller shall, at its sole cost and expense remove all other Excluded Assets from the Stores (other than the Drawer Cash, which shall be removed by Seller immediately prior to the applicable Closing).
(iv) Seller shall use reasonable best efforts to avoid any damage to the Stores and the Seller Real Property in connection with its removal of Excluded Assets under this Section 6.5 and, in the event of any physical damage to the Stores or the Seller Real Property caused by Seller or its representatives by virtue of the removal of remaining Excluded Assets, Seller agrees to promptly repair any physical damage to such Stores or Seller Real Property caused by any acts of Seller or such other parties and to restore such Stores or Seller Real Property to substantially the same condition it was in immediately prior to such removal.
Appears in 2 contracts
Samples: Partnership Interest Purchase Agreement (Harrahs Entertainment Inc), Partnership Interest Purchase Agreement (Boyd Gaming Corp)
Removal of Excluded Assets. All items that constitute Excluded Assets shall be removed on or prior to the Closing Date and within thirty (30) days after the Closing Date by Sellers (or their designees), the owners of the Excluded Assets, or their respective Representatives, with the removing party making or causing to be made any repairs to the Property necessitated by such removal, but without any obligation on the part of Sellers to replace any item so removed. Sellers hereby reserve unto themselves and the owners of the Excluded Assets, and their respective Representatives, a right of entry into the Property and onto and across the Vessel at reasonable times and on reasonable notice after the Closing Date and within such thirty (30) day period to effect such removal, and, in that regard, Sellers shall use reasonable efforts to minimize disruption to Buyer’s operations. Sellers and the Partnership recognize that Buyer will be replacing Excluded Software and that Buyer desires that its replacement software will be operational as of the Closing. Sellers and the Partnership agree to cooperate reasonably with Buyer in effecting the transition from Excluded Software to replacement software and to use reasonable efforts to minimize disruption to the operations of the Hotel/Casino, including providing Buyer and its Representatives access to the Property at reasonable times and on reasonable notice; provided that: (i) As soon as practicable after there shall be no material interference with the applicable Partnership’s operation of the Property before the Closing; (ii) there shall be no cost incurred by the Partnership or Sellers; and (iii) the Partnership shall not be required to reveal proprietary information to Buyer. The Partnership and Sellers will not de-install third party Excluded Software that is now installed on personal computers at the Property and Xxxxx agrees that Buyer will either obtain new licenses for such Excluded Software or cease to use such Excluded Software following the Closing. If Sellers do not remove all of the Excluded Assets within thirty (30) days following the Closing, each upon fifteen (15) calendar days notice, Buyer will remove from its Stores any exterior signs which contain Seller Marks. At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than five days after, the applicable Closing Date, Seller shall use its commercially reasonable efforts to remove from the Stores any other signs, Inventory or personal property which contain any Seller Marks. Any such interior signs or personal property not removed by Seller shall be removed by the applicable Buyer at Seller’s own cost and, at Seller’s request, destroyed or returned to Seller, and Buyers shall neither use nor consent to any third party’s use may dispose of any such signs or personal property.
(ii) At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than two days after, the applicable Closing Date, Seller shall, at its own cost and expense, use commercially reasonable efforts to remove any proprietary software from the POS/order entry equipment and the security and surveillance equipment and any other proprietary software from all other equipment that is included in the Purchased Assets. Seller shall conduct such removal in a workmanlike manner and shall use commercially reasonable efforts to prevent physical damage to any such equipment resulting therefrom. Seller will notify Buyers as promptly as practicable if Seller believes that any such proprietary software cannot be removed from such equipment.
(iii) At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than five days after, the applicable Closing Date, Seller shall, at its sole cost and expense remove all other Excluded Assets from the Stores (other than the Drawer Cash, which shall be removed by Seller immediately prior to the applicable Closing).
(iv) Seller shall use reasonable best efforts to avoid any damage to the Stores and the Seller Real Property in connection with its removal of Excluded Assets under this Section 6.5 and, in the event of any physical damage to the Stores or the Seller Real Property caused by Seller or its representatives by virtue of the removal of remaining Excluded Assets, Seller agrees to promptly repair any physical damage to such Stores or Seller Real Property caused by any acts of Seller or such other parties and to restore such Stores or Seller Real Property to substantially the same condition it was in immediately prior to such removal.
Appears in 1 contract
Removal of Excluded Assets. (i) As soon as practicable after the applicable ClosingWith respect to each Station Property, each Buyer will remove from its Stores any exterior signs which contain Seller Marks. At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than five days after, the applicable Closing Date, Seller shall use its commercially reasonable efforts to remove from the Stores any other signs, Inventory on or personal property which contain any Seller Marks. Any such interior signs or personal property not removed by Seller shall be removed by the applicable Buyer at Seller’s own cost and, at Seller’s request, destroyed or returned to Seller, and Buyers shall neither use nor consent to any third party’s use of any such signs or personal property.
(ii) At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than two days after, the applicable Closing Date, Seller shall, at its own cost and expense, use commercially reasonable efforts to remove any proprietary software from the POS/order entry equipment and the security and surveillance equipment and any other proprietary software from all other equipment that is included in the Purchased Assets. Seller shall conduct such removal in a workmanlike manner and shall use commercially reasonable efforts to prevent physical damage to any such equipment resulting therefrom. Seller will notify Buyers as promptly as practicable if Seller believes that any such proprietary software cannot be removed from such equipment.
(iii) At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than five days after, the applicable Closing Date, Seller shall, at its sole cost and expense remove all other Excluded Assets from the Stores (other than the Drawer Cash, which shall be removed by Seller immediately prior to the applicable Closing).
CIC Conversion Date, Sellers shall remove all Excluded Assets (ivother than those Excluded Assets owned by third Persons) Seller shall use reasonable best efforts to avoid from the Real Property, as well as signs, signage or advertising bearing or displaying Excluded Assets or any damage names, marks, or trade dress, except, in each case, to the Stores and the Seller extent required to continue ongoing operations of such Real Property in connection with its removal the Ordinary Course of Business (such as branded fuel signage for a brand that will continue to be utilized past the applicable CIC Conversion Date). Sellers shall provide to Buyers, prior to the applicable CIC Conversion Date, evidence reasonably satisfactory to Buyers that all such Excluded Assets have been removed. Notwithstanding the foregoing, if, after good faith efforts, Sellers need more time to comply with the foregoing, the Parties shall cooperate to provide Sellers with a reasonable extension of time. Any such Excluded Assets not removed from the applicable Station Property by ninety (90) days following the applicable CIC Conversion Date or such date as may be determined pursuant to an extension under this Section 6.5 and5.12 shall be deemed abandoned by Sellers, and Buyers may dispose of such Excluded Assets in whatever manner Buyers may elect; provided, however, that to the event extent Buyers transfer or otherwise dispose of any physical damage such Excluded Assets following the applicable CIC Conversion and prior to the Stores date that is ninety (90) days following the applicable CIC Conversion Date such that they are no longer located at the Station Property, Sellers shall have no further right to recover such Excluded Assets from Buyers and Buyers shall not be liable to Sellers for any such transfer or the Seller Real Property caused by Seller or its representatives by virtue of the removal of Excluded Assets, Seller agrees to promptly repair any physical damage to such Stores or Seller Real Property caused by any acts of Seller or such other parties and to restore such Stores or Seller Real Property to substantially the same condition it was in immediately prior to such removaldisposal.
Appears in 1 contract
Samples: Asset Purchase Agreement (Sunoco LP)
Removal of Excluded Assets. All items located at each Seller’s Property that constitute such Seller’s Excluded Assets may be removed on or prior to the Closing Date and within thirty (30) days after the Closing Date by the applicable Seller, its Affiliates, the owners of the Excluded Assets, or their respective Representatives, with the removing party making any repairs necessitated by such removal, but without any obligation on the part of any Seller, any of their respective Affiliates, or any removing party to replace any item so removed. Each Seller hereby reserves unto itself and its Affiliates and the owners of the Excluded Assets, and their respective Representatives, a right of entry into its Property and, with respect to the Xxxxxx’x Sellers and Caesars Seller Two, onto and across their respective Vessels, at reasonable times and upon reasonable notice after the Closing Date and within such thirty (30) day period to effect such removal, and, in that regard, Sellers shall use reasonable efforts to minimize disruption to Buyer’s operations. Each Seller recognizes that Buyer will be replacing the Excluded Software at its Property and that Buyer desires that its replacement software will be operational as of the Transfer Time. Subject to Section 1.4(c) hereof, each Seller, with respect to its Property, agrees to cooperate reasonably with Buyer in effecting the transition from Excluded Software to replacement software, including providing Buyer with electronic copies of the Property Specific Data; provided that: (i) As soon as practicable after there shall be no material interference with any Seller’s operation of its Property before the applicable Closing, each Buyer will remove from its Stores any exterior signs which contain Seller Marks. At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than five days after, the applicable Closing Date, Seller ; (ii) there shall use its commercially reasonable efforts to remove from the Stores any other signs, Inventory be no out-of-pocket cost or personal property which contain expense incurred by any Seller Marks. Any or any of their Affiliates in connection with such interior signs or personal property not removed by cooperation; and (iii) no Seller shall be removed by the applicable Buyer at Seller’s own cost andrequired to reveal proprietary information to Buyer, at Seller’s request, destroyed or returned to Seller, and Buyers shall neither use nor consent to any third party’s use of any such signs or personal property.
(ii) At a time mutually agreed to by the applicable Buyer and Seller, but no earlier other than five days before, and no later than two days after, the applicable Closing Date, Seller shall, at its own cost and expense, use commercially reasonable efforts to remove any proprietary software from the POS/order entry equipment and the security and surveillance equipment and any other proprietary software from all other equipment information that is included in the Purchased Total Assets. Each Seller will uninstall third party Excluded Software at its Property that is now installed on personal computers at its Property; provided, however, if Buyer is able to obtain new licenses for any such software, each Seller will leave copies of such software at its Property to the extent provided for in such licenses. Buyer’s agreement pursuant to this Section 1.5 shall conduct such removal in a workmanlike manner survive the Closing and shall use commercially reasonable efforts to prevent physical damage to be covered by Buyer’s indemnification obligations in Article XI hereof and enforceable by each Seller by any means available at Law or equity, including injunctive relief, which Buyer hereby agrees is an appropriate remedy. If any Seller does not remove any of such equipment resulting therefrom. Seller will notify Buyers as promptly as practicable if Seller believes that any such proprietary software cannot be removed from such equipment.
Seller’s Excluded Assets within fifteen (iii15) At a time mutually agreed to by days following the applicable Buyer and Seller, but no earlier than five days before, and no later than five days after, the applicable Closing Date, Seller shall, at its sole cost and expense remove all other Excluded Assets from the Stores upon ten (other than the Drawer Cash, which shall be removed by Seller immediately prior 10) calendar days notice to the applicable Closing).
Seller, Buyer may dispose of or retain for its own use (excluding (i) any items included in item (iv) of the definition of “Excluded Personal Property,” and (ii) any third-party software which must be disposed of) any such remaining Excluded Assets and such Seller shall use reasonable best efforts to avoid any damage to the Stores and the Seller Real Property in connection with its removal of Excluded Assets under this Section 6.5 andreimburse, in the event of each case, Buyer for any physical damage to the Stores or the Seller Real Property caused by Seller or its representatives by virtue of the removal of Excluded Assets, Seller agrees to promptly repair any physical damage to reasonable costs incurred with such Stores or Seller Real Property caused by any acts of Seller or such other parties and to restore such Stores or Seller Real Property to substantially the same condition it was in immediately prior to such removaldisposal.
Appears in 1 contract
Samples: Asset Purchase Agreement (Harrahs Entertainment Inc)
Removal of Excluded Assets. All items located at each Seller's Property that constitute such Seller's Excluded Assets may be removed on or prior to the Closing Date and within thirty (30) days after the Closing Date by the applicable Seller, its Affiliates, the owners of the Excluded Assets, or their respective Representatives, with the removing party making any repairs necessitated by such removal, but without any obligation on the part of any Seller, any of their respective Affiliates, or any removing party to replace any item so removed. Each Seller hereby reserves unto itself and its Affiliates and the owners of the Excluded Assets, and their respective Representatives, a right of entry into its Property and, with respect to the Xxxxxx'x Sellers and Caesars Seller Two, onto and across their respective Vessels, at reasonable times and upon reasonable notice after the Closing Date and within such thirty (30) day period to effect such removal, and, in that regard, Sellers shall use reasonable efforts to minimize disruption to Buyer's operations. Each Seller recognizes that Buyer will be replacing the Excluded Software at its Property and that Buyer desires that its replacement software will be operational as of the Transfer Time. Subject to Section 1.4(c) hereof, each Seller, with respect to its Property, agrees to cooperate reasonably with Buyer in effecting the transition from Excluded Software to replacement software, including providing Buyer with electronic copies of the Property Specific Data; provided that: (i) As soon as practicable after there shall be no material interference with any Seller's operation of its Property before the applicable Closing, each Buyer will remove from its Stores any exterior signs which contain Seller Marks. At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than five days after, the applicable Closing Date, Seller ; (ii) there shall use its commercially reasonable efforts to remove from the Stores any other signs, Inventory be no out-of-pocket cost or personal property which contain expense incurred by any Seller Marks. Any or any of their Affiliates in connection with such interior signs or personal property not removed by cooperation; and (iii) no Seller shall be removed by the applicable Buyer at Seller’s own cost andrequired to reveal proprietary information to Buyer, at Seller’s request, destroyed or returned to Seller, and Buyers shall neither use nor consent to any third party’s use of any such signs or personal property.
(ii) At a time mutually agreed to by the applicable Buyer and Seller, but no earlier other than five days before, and no later than two days after, the applicable Closing Date, Seller shall, at its own cost and expense, use commercially reasonable efforts to remove any proprietary software from the POS/order entry equipment and the security and surveillance equipment and any other proprietary software from all other equipment information that is included in the Purchased Total Assets. Each Seller will uninstall third party Excluded Software at its Property that is now installed on personal computers at its Property; provided, however, if Buyer is able to obtain new licenses for any such software, each Seller will leave copies of such software at its Property to the extent provided for in such licenses. Buyer's agreement pursuant to this Section 1.5 shall conduct such removal in a workmanlike manner survive the Closing and shall use commercially reasonable efforts to prevent physical damage to be covered by Buyer's indemnification obligations in Article XI hereof and enforceable by each Seller by any means available at Law or equity, including injunctive relief, which Buyer hereby agrees is an appropriate remedy. If any Seller does not remove any of such equipment resulting therefrom. Seller will notify Buyers as promptly as practicable if Seller believes that any such proprietary software cannot be removed from such equipment.
Seller's Excluded Assets within fifteen (iii15) At a time mutually agreed to by days following the applicable Buyer and Seller, but no earlier than five days before, and no later than five days after, the applicable Closing Date, Seller shall, at its sole cost and expense remove all other Excluded Assets from the Stores upon ten (other than the Drawer Cash, which shall be removed by Seller immediately prior 10) calendar days notice to the applicable Closing).
Seller, Buyer may dispose of or retain for its own use (excluding (i) any items included in item (iv) of the definition of "Excluded Personal Property," and (ii) any third-party software which must be disposed of) any such remaining Excluded Assets and such Seller shall use reasonable best efforts to avoid any damage to the Stores and the Seller Real Property in connection with its removal of Excluded Assets under this Section 6.5 andreimburse, in the event of each case, Buyer for any physical damage to the Stores or the Seller Real Property caused by Seller or its representatives by virtue of the removal of Excluded Assets, Seller agrees to promptly repair any physical damage to reasonable costs incurred with such Stores or Seller Real Property caused by any acts of Seller or such other parties and to restore such Stores or Seller Real Property to substantially the same condition it was in immediately prior to such removaldisposal.
Appears in 1 contract
Samples: Asset Purchase Agreement (Caesars Entertainment Inc)
Removal of Excluded Assets. (i) As soon as practicable after the applicable Closing, each Buyer will remove from its Stores any exterior signs which contain Seller Marks. At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than five days after, the applicable Closing Date, Seller shall use its commercially reasonable efforts to remove from the Stores any other signs, Inventory or personal property which contain any Seller Marks. Any such interior signs or personal property not removed by Seller shall be removed by the applicable Buyer at Seller’s own cost and, at Seller’s request, destroyed or returned to Seller, and Buyers shall neither use nor consent to any third party’s use of any such signs or personal property.
(ii) At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than two days after, the applicable Closing Date, Seller shall, at its own cost and expense, use commercially reasonable efforts to remove on or before the Closing any proprietary software from and all tangible Excluded Assets located at, on, in, or under the POS/order entry equipment and Project Real Property or any Off-Site Real Property. From time to time, for a period of up to ninety (90) days following the security and surveillance equipment and any other proprietary software from all other equipment that is included in the Purchased Assets. Seller shall conduct such removal in a workmanlike manner and shall use commercially reasonable efforts to prevent physical damage to any such equipment resulting therefrom. Seller will notify Buyers as promptly as practicable if Seller believes that any such proprietary software cannot be removed from such equipment.
(iii) At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than five days after, the applicable Closing DateClosing, Seller shallmay remove, at its sole cost and expense expense, and without unreasonable interference with the normal business operations or activities of Purchaser at the Project Real Property, any tangible Excluded Asset remaining at, on, in, or under the Project Real Property as of the Closing. The dates and times of any such removal shall be coordinated reasonably in advance with Purchaser. Purchaser shall have no Liability to Seller whatsoever with respect to any tangible Excluded Asset remaining at, on, in, or under the Project Real Property on or after the Closing (and any such Liability shall constitute an Excluded Liability). If Seller fails to remove all other of the tangible Excluded Assets from located at, on, in, or under the Stores Project Real Property within such ninety (other than the Drawer Cash90)-day period, which then each such remaining tangible Excluded Asset shall be removed deemed to have been abandoned by Seller immediately prior and Purchaser may, in its sole and absolute discretion, appropriate, sell, store, destroy, and/or otherwise dispose of all or any portion of such tangible Excluded Assets without notice to Seller and without any obligation to account for such tangible Excluded Assets. To the applicable Closing).
(iv) Seller shall use reasonable best efforts to avoid any damage to extent the Stores out-of-pocket costs and the Seller Real Property expenses incurred by Purchaser in connection with its removal appropriating, selling, storing, destroying, or otherwise disposing of such tangible Excluded Assets under exceed the revenues received by Purchaser in connection therewith, Seller shall reimburse Purchaser for all such excess costs and expenses within ten (10) days after Purchaser’s delivery to Seller of a written request therefor. Notwithstanding anything to the contrary contained herein, the terms and conditions of this Section 6.5 and, in 6.16 shall survive the event of any physical damage to the Stores or the Seller Real Property caused by Seller or its representatives by virtue of the removal of Excluded Assets, Seller agrees to promptly repair any physical damage to such Stores or Seller Real Property caused by any acts of Seller or such other parties and to restore such Stores or Seller Real Property to substantially the same condition it was in immediately prior to such removalClosing.
Appears in 1 contract
Removal of Excluded Assets. (i) As soon as practicable after the applicable ClosingWith respect to each Station Property, each Buyer will remove from its Stores any exterior signs which contain Seller Marks. At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than five days after, the applicable Closing Date, Seller shall use its commercially reasonable efforts to remove from the Stores any other signs, Inventory on or personal property which contain any Seller Marks. Any such interior signs or personal property not removed by Seller shall be removed by the applicable Buyer at Seller’s own cost and, at Seller’s request, destroyed or returned to Seller, and Buyers shall neither use nor consent to any third party’s use of any such signs or personal property.
(ii) At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than two days after, the applicable Closing Date, Seller shall, at its own cost and expense, use commercially reasonable efforts to remove any proprietary software from the POS/order entry equipment and the security and surveillance equipment and any other proprietary software from all other equipment that is included in the Purchased Assets. Seller shall conduct such removal in a workmanlike manner and shall use commercially reasonable efforts to prevent physical damage to any such equipment resulting therefrom. Seller will notify Buyers as promptly as practicable if Seller believes that any such proprietary software cannot be removed from such equipment.
(iii) At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than five days after, the applicable Closing Date, Seller shall, at its sole cost and expense remove all other Excluded Assets from the Stores (other than the Drawer Cash, which shall be removed by Seller immediately prior to the applicable Closing).
CIC Conversion Date, Sellers shall remove all Excluded Assets (ivother than those Excluded Assets owned by third Persons) Seller shall use reasonable best efforts to avoid from the Real Property, as well as signs, signage or advertising bearing or displaying Excluded Assets or any damage names, marks, or trade dress, except, in each case, to the Stores and the Seller extent required to continue ongoing operations of such Real Property in connection with its removal the Ordinary Course of Business (such as branded fuel signage for a brand that will continue to be utilized past the applicable CIC Conversion Date). Sellers shall provide to Buyers, prior to the applicable CIC Conversion Date, evidence reasonably satisfactory to Buyers that all such Excluded Assets have been removed. Notwithstanding the foregoing, if, after good faith efforts, Sellers need more time to comply with the foregoing, the Parties shall cooperate to provide Sellers with a reasonable extension of time. Any such Excluded Assets not removed from the applicable Station Property by ninety (90) days following the applicable CIC Conversion Date or such date as may be determined pursuant to an extension under this Section 6.5 and5.12 shall be deemed abandoned by Sellers, and Buyers may dispose of such Excluded Assets in whatever manner Buyers may elect; provided, however, that to the event extent Buyers transfer or otherwise dispose of any physical damage such Excluded Assets following the applicable CIC Conversion Date and prior to the Stores date that is ninety (90) days following the applicable CIC Conversion Date such that they are no longer located at the Station Property, Sellers shall have no further right to recover such Excluded Assets from Buyers and Buyers shall not be liable to Sellers for any such transfer or the Seller Real Property caused by Seller or its representatives by virtue of the removal of Excluded Assets, Seller agrees to promptly repair any physical damage to such Stores or Seller Real Property caused by any acts of Seller or such other parties and to restore such Stores or Seller Real Property to substantially the same condition it was in immediately prior to such removaldisposal.
Appears in 1 contract
Samples: Asset Purchase Agreement (Sunoco LP)
Removal of Excluded Assets. (i) As soon as practicable after the applicable Closing, each Buyer will remove from its Stores any exterior signs which contain Seller Marks. At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than five days after, the applicable Closing Date, Seller shall use its commercially reasonable efforts Commercially Reasonable Efforts to remove from on or before the Stores Closing any and all of its tangible Excluded Assets (other signsthan the Major Maintenance Spares that Purchasers do not elect to purchase pursuant to Section 2.21) located at, Inventory on, in or personal property which contain under the Project Real Property or any Seller MarksOff-Site Real Property. Any such interior signs or personal property not removed by Seller shall be removed by From time to time, for a period of up to three hundred and sixty-five (365) days following the applicable Buyer at Seller’s own cost and, at Seller’s request, destroyed or returned to Seller, and Buyers shall neither use nor consent to any third party’s use of any such signs or personal property.
(ii) At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than two days after, the applicable Closing DateClosing, Seller shall, at its own cost and expense, use commercially reasonable efforts to remove any proprietary software from the POS/order entry equipment and the security and surveillance equipment and any other proprietary software from all other equipment that is included in the Purchased Assets. Seller shall conduct such removal in a workmanlike manner and shall use commercially reasonable efforts to prevent physical damage to any such equipment resulting therefrom. Seller will notify Buyers as promptly as practicable if Seller believes that any such proprietary software cannot be removed from such equipment.
(iii) At a time mutually agreed to by the applicable Buyer and Seller, but no earlier than five days before, and no later than five days after, the applicable Closing Date, Seller shallmay remove, at its sole cost and expense expense, and without unreasonable interference with the normal business operations or activities of any Project Purchaser at the Project Real Property, any of its tangible Excluded Assets remaining at, on, in or under the Project Real Property as of the Closing. The dates and times of any such removal shall be coordinated reasonably in advance with the appropriate Purchaser. No Purchaser shall have any liability to Seller whatsoever with respect to Seller's tangible Excluded Assets remaining at, on, in or under the Project Real Property on or after the Closing (except to the extent that a Purchaser utilizes or disposes of any such Excluded Assets without Seller’s prior written consent). If Seller fails to remove all other of Seller's tangible Excluded Assets from located at, on, in or under the Stores Project Real Property within such three hundred and sixty-five (other than the Drawer Cash365)-day period, which then each such remaining tangible Excluded Asset shall be removed deemed to have been abandoned by Seller immediately prior to Seller, and the applicable Closing).
(iv) Purchaser may appropriate, sell, store, destroy or otherwise dispose of all or any portion of such tangible Excluded Assets without notice to Seller shall use and without any obligation to account for such tangible Excluded Assets. To the extent the reasonable best efforts to avoid out-of-pocket costs and expenses incurred by any damage to the Stores and the Seller Real Property Purchaser in connection with its removal appropriating, selling, storing, destroying or otherwise disposing of such tangible Excluded Assets under exceed the revenues received by such Purchaser in connection therewith, Seller shall reimburse such Purchaser for all such reasonable out-of-pocket excess costs and expenses within ten (10) days of such Purchaser's delivery to Seller of a written request therefor. Notwithstanding anything to the contrary contained herein, the terms and conditions of this Section 6.5 and, in 6.16 shall survive the event of any physical damage to the Stores or the Seller Real Property caused by Seller or its representatives by virtue of the removal of Excluded Assets, Seller agrees to promptly repair any physical damage to such Stores or Seller Real Property caused by any acts of Seller or such other parties and to restore such Stores or Seller Real Property to substantially the same condition it was in immediately prior to such removalClosing.
Appears in 1 contract
Samples: Asset Purchase Agreement (Entergy Gulf States Louisiana, LLC)