Restaurant Assets Sample Clauses

The 'Restaurant Assets' clause defines which physical and intangible assets are included as part of the restaurant in the context of the agreement. This typically covers items such as kitchen equipment, furniture, fixtures, inventory, and sometimes intellectual property like recipes or branding. By clearly listing or describing these assets, the clause ensures both parties understand what is being transferred, used, or maintained, thereby preventing disputes over ownership or responsibility for specific items.
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Restaurant Assets. RTM shall designate Buyers to which Seller shall assign, transfer and deliver all of the Purchased Assets. In the absence of a designation of a Person as a Buyer for all or any portion of the Purchased Assets, RTM shall fulfill the obligations of a Buyer hereunder as to such Purchased Assets (or portion thereof) for which RTM has failed to designate a Buyer. At the Closing, but effective on the Effective Date, Seller agrees to sell, assign, transfer and deliver (or, in the case of Company Restaurants held by Realco, to cause Realco to sell, assign, transfer and deliver) to a Buyer or Buyers (it being expressly acknowledged and agreed by Seller that different Persons may be designated by RTM for the purchase of different portions of the Purchased Assets and/or for the assumption of the Assumed Liabilities (as defined below), and that the Purchase Price shall be allocated among and between the Purchased Assets in the manner provided for below), and such Buyer or Buyers designated by RTM shall purchase from Seller, for the Purchase Price and upon and subject to the terms and conditions hereinafter set forth, the following described assets (the "Purchased Assets") as they exist on the Effective Date:
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Restaurant Assets. Notwithstanding anything to the contrary contained in Sections 18.11 and 18.12, if you operate the Restaurant from a premises that is subleased to you by us or one of our affiliates, upon termination or expiration of this Agreement, we shall have the right to take immediate possession of the assets of the Restaurant, including, any or all of the furnishings, equipment (including any point of sale or computer hardware and software systems), signs, fixtures, supplies, and inventory related to the operation of the Restaurant. We shall have a lien against all such assets in the amount of any amounts due to us under this Agreement or any other agreement. We shall have the right to have such assets appraised at the lower of cost or fair market value of the used assets, and to acquire all right, title and interest to such assets, without conducting any public sale, by paying to you (or to any lender of yours who has a lienholder interest in the assets) the difference between the appraised value and the amounts owed to us by you at the time of termination. If the lien on the assets from your lender has priority over any lien of ours, and the amount of the lien is in excess of the appraised value of such assets, we shall have the right to deal directly with your lienholder, and to pay any amounts due to you directly to the lienholder. You agree to provide all further assurances, and to execute all documents required by us or by law to lawfully effect such transfer, and to perfect our security interest. We shall have the right to take such action without the execution of any further documents by you if you fail or refuse to comply with these further assurances.
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Related to Restaurant Assets

  • Capital Equipment Collaborator’s commitment, if any, to provide ICD with capital equipment to enable the research and development activities under the Research Plan appears in Appendix B. If Collaborator transfers to ICD the capital equipment or provides funds for ICD to purchase it, then ICD will own the equipment. If Collaborator loans capital equipment to ICD for use during the CRADA, Collaborator will be responsible for paying all costs and fees associated with the transport, installation, maintenance, repair, removal, or disposal of the equipment, and ICD will not be liable for any damage to the equipment.

  • Leased Assets The term "Leased Assets" shall have the meaning ascribed thereto in Section 3.6.

  • Plant and Equipment The plants, structures and equipment of the Company are structurally sound with no known defects and are in good operating condition and repair and are adequate for the uses to which they are being put; and none of such plants, structures or equipment are in need of maintenance or repairs except for ordinary, routine maintenance and repairs which are not material in nature or cost. Except as set forth in Schedule 3.16, the Company has not received notification that it is in violation of any applicable building, zoning, anti-pollution, health or other law, ordinance or regulation in respect of its plants or structures or their operations and no such violation exists.

  • Property or Properties As the context requires, any, or all, respectively, of the Real Property acquired by the Company, either directly or indirectly (whether through joint venture arrangements or other partnership or investment interests).

  • Current Operating Areas Where logging or road construction is in progress but not completed, unless agreed otherwise, Purchaser shall, before opera- tions cease annually, remove all temporary log culverts and construct temporary cross drains, drainage ditches, dips, berms, culverts, or other facilities needed to control erosion.