Sale of Liquor Assets Clause Samples

Sale of Liquor Assets. (a) (i) Purchaser and Seller recognize that the Liquor Assets are currently owned by Liquor Seller, and that the transfer of the Liquor Assets is statutorily regulated pursuant to California Business and Professions Code Section 23950 et seq., and is subject to the approval of the ABC. In order to comply with these statutory requirements, on or prior to Closing, Purchaser (or its Liquor Designee) and Liquor Seller shall execute a separate escrow agreement relating to the transfer of the Liquor Assets to Purchaser (or its Liquor Designee) (the “Liquor Assets Escrow Agreement”), in the form of Exhibit B attached hereto, and any other required documents, and the Parties shall, at or prior to Closing, deliver a fully executed Liquor Assets Escrow Agreement to the Liquor Assets Escrow Agent along with the Liquor Assets Purchase Price.