Food and Beverage Inventory definition

Food and Beverage Inventory. All inventory of food and beverages, including alcoholic beverages, owned by Seller located at the Hotel, and used in the operation of any restaurant, cafe, bar or other food service operation within the Hotel.

Food and Beverage Inventory means the stock of raw and processed foods, spices, condiments and beverages used to provide food and beverage service within the Hotel, other than the Liquor Inventory.

Food and Beverage Inventory. 5 (o) "Franchise Agreement" 5 (p) "Franchisor" 5 (q) "Hotel" 5 (r) "Improvements" 5 (s) "Intangible Property" 5 (t) "Latent Defects" 6 (u) "Laws" 6 (v) "Managing Partner" 6 (w) "Operating Equipment" 6 (x) "Operating Supplies" 6 (y) "Person" 6 (z) "Permitted Title Exceptions" 6 (aa) "Permitted Transferee" 6 (ab) "Personalty" 6 (ac) "Purchase Price" 6 (ad) "Real Property" 6 (ae) "Title Agent" 7

Examples of Food and Beverage Inventory in a sentence

• Except as may otherwise be provided in any Contracts, all Food and Beverage Inventory is free and clear of any lien or claim, except for the Existing Indebtedness.

• At Closing, Seller shall receive an aggregate credit in the amount of fifty percent (50%) of the value of the Food and Beverage Inventory as of the Closing Date, as such value is reflected in the financial books of the Hotel; provided, however, in no event shall such credit exceed $60,000.

• Representatives of Buyer and Seller will perform a physical count of the inventory as of 12:01 a.m. on the Closing Date to determine the Food and Beverage Inventory and the cash on hand at the Restaurants as of such time, consistent with the past practices of Seller.

• As of the date immediately prior to the Closing Date, Seller and Buyer shall jointly conduct or cause Hotel Manager or any joint designee of Buyer and Seller to conduct an inventory of (i) all Inventory and (ii) all Food and Beverage Inventory, in each case, that are unused and in unopened cases (or bottles or jars in the case of Food and Beverage Inventory) and located at the Hotel (“Unopened Inventory”), and shall deliver a written report covering such Unopened Inventory to Seller and Buyer.

• No Intercompany Debt is secured by a Lien on any Collateral, any Real Property Assets, any Personal Property, any Intangibles or Food and Beverage Inventory.

More Definitions of Food and Beverage Inventory

Food and Beverage Inventory means the inventory of usable foodstuffs and beverages located at all of the Restaurants, including

Food and Beverage Inventory means food and beverages (including liquor), utensils and china stored at the hotel on the Mortgaged Property for service to hotel guests. "Licenses" shall mean all material franchises, trademarks, tradenames, copyrights, licenses, permits, certificates, authorizations, qualifications, accreditations, easements, rights of way and other rights, consents and approvals which are necessary for the operation of the Mortgaged Property and its business as presently conducted, including without limitation, liquor licenses, as applicable.

Food and Beverage Inventory means Seller’s interest as of the Closing Date in the inventory of foodstuffs and beverages, including the Liquor Inventory, for use in the operation of the Restaurants and which are useable for the Applebee’s menu (as of the Closing Date), not expired and not spoiled.

Food and Beverage Inventory means the inventory of usable foodstuffs and beverages located at all of the Restaurants, including the Liquor Inventory.

Food and Beverage Inventory means all saleable inventory of food and beverages owned by Seller or by Manager on behalf of Seller, and located at the Property, and used in the operation of any restaurant, cafe, bar or other food service operation within the Property. Notwithstanding the foregoing, Food and Beverage Inventory shall exclude all Liquor License Assets to be sold pursuant to any liquor license asset purchase agreement. Representatives of Seller and Purchaser shall make such inventories, examinations and audits of Seller, and of the books and records of Seller, as may be necessary to make the adjustments and prorations required under this Agreement. Prior to Closing, representatives of Purchaser and Seller shall jointly prepare a statement (the “Preliminary Closing Statement”) based upon such preliminary inventories, audits and examinations which will show the net amount due to Seller or Purchaser as the result thereof, and that net amount will be added to, or deducted from, the Purchase Price. Within sixty (60) days following the Closing, representatives of Purchaser and Seller shall prepare a revised statement (the “Final Closing Statement”, and together with the Preliminary Closing Statement, collectively, the “Closing Statements”) setting forth the final determination of all items to be included in the Closing Statements, and any necessary payment shall be made within thirty (30) days after completion of such Final Closing Statement, provided that any items then still not ascertainable shall be adjusted at such time as they are ascertainable, it being understood that any item which cannot be finally prorated because of the unavailability of information shall be tentatively prorated on the basis of the best data then available and re-prorated when the information is available but in no event later than twelve (12) months following the Closing Date. The provisions of this Section 8.4 (subject to the provisions of Section 8.4(b)(i)) shall survive the Closing for a period of twelve (12) months and shall not be deemed merged into any instrument of conveyance delivered at the Closing. Purchaser and Seller acknowledge and agree that, except as otherwise expressly provided herein, the purpose and intent of the provisions set forth in this Section 8.4 and elsewhere in this Agreement as to prorations and apportionments is that Seller shall bear all expenses of the ownership and operation of the Property (for which buyers and sellers of hotels in Orange County, California would cu...

Food and Beverage Inventory means all food and beverage (alcoholic and non-alcoholic) held for sale to Hotel guests and others in the Ordinary Course or otherwise used in the operation of the Hotel (including the alcoholic beverage and other contents of any in-room service bars and mini-bars), subject to the depletion and restocking that occurs in the Ordinary Course. “Food and Beverage Inventory” shall not include Alcoholic Beverages if any applicable governmental regulation requires a separate sale and transfer of the Alcoholic Beverages.

Food and Beverage Inventory shall not include Alcoholic Beverages if any applicable governmental regulation requires a separate sale and transfer of the Alcoholic Beverages.