Restaurant Sites definition

Restaurant Sites. The (i) real property and improvements thereon at the ---------------- five (5) locations set forth on Schedule 1 hereto owned in fee and (ii) nine (9) ---------- months after the restaurant is opened at a new location acquired after the date hereof, whether leasehold or owned in fee, real property and improvements thereon, but only if the Borrower or Guarantor, as the case may be, has not entered into a Special Purpose Transaction with respect to such location.

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Examples of Restaurant Sites in a sentence

• At the Closing but effective as of the Effective Time (as defined in Section 2.6), Seller shall sell, transfer and assign to Buyer all of Seller’s right, title and interest in and to all of the inventory on hand (including raw materials, work in process and finished goods) at the Restaurant Sites.

• All representations and warranties contained in this Security Agreement and in any other agreement between the Debtor and the Secured Party concerning the Note and the other obligations related thereto, shall survive the execution, delivery, and performance of this Security Agreement and the creation and payment of the obligations of the Debtor to the Secured Party.

• The Assets located at the Restaurant Sites (a) constitute all the assets, of any nature whatsoever, necessary at the Restaurant Sites in order for Seller to operate its business at the Restaurant Sites in the manner such business is presently operated by Seller, and (b) include all of the operating assets of Seller at the Restaurant Sites.

• Upon the execution of this Agreement, Buyer shall have the right to communicate with landlords (and other parties in the leasehold chain) regarding the leaseholds related to the Restaurant Sites.

• Seller has not received any written opinion or memorandum of legal advice from legal counsel to the effect that it is exposed to any liability which may be material to the business, prospects, results of operations, financial condition or assets of Seller at the Restaurant Sites.

• Since February 11, 2005, there has not occurred or, to the Knowledge of Seller, been threatened any material strike, slowdown, picketing, work stoppage, concerted refusal to work overtime or other similar labor activity with respect to any employees employed in the operation of the business conducted at the Restaurant Sites.

• Use commercially reasonable efforts to conduct the business at the Restaurant Sites in the ordinary course and in substantially the same manner as such business has previously been carried out, without limiting the foregoing, the Seller will use commercially reasonable efforts to maintain adequate inventory levels and adequate staffing levels, and the Seller will not engage in any transactions not in the ordinary course.

• Seller holds all of the required permits, licenses, approvals and authorizations of any Governmental Unit (as defined in Article 10) or third parties (collectively, “Permits”) necessary or appropriate for the conduct of its business at the Restaurant Sites.

• To the Knowledge of the Seller, Seller is in material compliance with all laws, regulations, rules, ordinances, orders and other requirements applicable to the operation, conduct or ownership of the business conducted at the Restaurant Sites.

• All such assets and property are located at real property locations constituting the Restaurant Sites.