Condition of Restaurants Sample Clauses

Condition of Restaurants. The Restaurants comply, in all material respects, with the current Burger King Corporation Repairs and Maintenance Standards (the "Standards"). In the event Burger King Corporation requires any modification to the Restaurants as a result of the failure of the Restaurants to meet the Standards, Seller shall, at its sole cost and expense, effect such repairs to bring all Restaurants into compliance with the Standards; provided, however, that Seller shall not be required to make any improvements to the Restaurants to comply with the Burger King Corporation's Project Xxxxxxxx standards or other merely cosmetic changes not related to the operation, functionality or safety of the Restaurants.
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Condition of Restaurants. The Restaurants comply, in all material respects, with the current Burger King Corporation Repairs and Maintenance Standards (the "Standards"). In the event Burger King Corporation or the Purchaser (pursuant to Section 7.2.8) requires any modification to the Restaurants as a result of the failure of the Restaurants to meet the Standards, the Company shall, at its sole cost and expense, effect such repairs to bring all Restaurants into compliance with the Standards; provided, however, that the Company shall not be required to make any improvements to the Restaurants to comply with the Burger King Corporation's Project Xxxxxxxx standards or other merely cosmetic changes not related to the operation, functionality or safety of the Restaurants, and further provided that the Company shall not be required to make any improvements to the Restaurants in excess of $5,000.00 per Restaurant or $100,000.00 in the aggregate for all Restaurants. Such dollar limitations shall not, however, apply to expenditures in connection with the continued development of the Development Restaurants.
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Related to Condition of Restaurants

  • Expiration of Restrictions and Risk of Forfeiture Unless otherwise provided in Section 7 below, the restrictions on the Restricted Stock Units granted pursuant to this Agreement, including the Forfeiture Restrictions, will expire on September 30, 2014, and shares of Stock that are nonforfeitable and transferable will be issued to you in payment of your vested Restricted Stock Units as set forth in Section 5, provided that you remain in the continuous employ of, or a service provider to, the Company or its Subsidiaries until September 30, 2014.

  • Termination of Restrictions Except as set forth in Section 9.3 hereof, the restrictions imposed by this Section 9 upon the transferability of Restricted Securities shall cease and terminate as to any particular Restricted Securities: (a) which shall have been effectively registered under the Securities Act, or (b) when, in the opinions of both counsel for the holder thereof and counsel for the Company, such restrictions are no longer required in order to insure compliance with the Securities Act or Section 10 hereof. Whenever such restrictions shall cease and terminate as to any Restricted Securities, the Holder thereof shall be entitled to receive from the Company, without expense (other than applicable transfer taxes, if any), new securities of like tenor not bearing the applicable legends required by Section 9.1 hereof.

  • Lapse of Restrictions If, for any reason, Shares are issued to the Employee within six months of the Grant Date, the Employee agrees that he or she will not sell or otherwise dispose of any such Shares prior to the six-month anniversary of the Grant Date.

  • Expiration and Termination of Restrictions The restrictions imposed under Section 2 will expire on the earliest to occur of the following (the period prior to such expiration being referred to herein as the “Restricted Period”):

  • Vesting and Lapse of Restrictions Subject to Sections 2.2(a) and 2.2(c), the Award shall vest and Restrictions shall lapse in accordance with the vesting schedule set forth on the Grant Notice.

  • Removal of Restrictions Shares of Restricted Stock covered by each Restricted Stock grant made under the Plan shall be released from escrow as soon as practicable after the last day of the Period of Restriction. The Committee, in its discretion, may accelerate the time at which any restrictions shall lapse, and remove any restrictions. After the restrictions have lapsed, the Participant shall be entitled to have any legend or legends under Section 7.4 removed from his or her Share certificate, and the Shares shall be freely transferable by the Participant.

  • Release of Restrictions Upon vesting of any portion of the shares of Restricted Stock and satisfaction of any other conditions required by the Plan or pursuant to this Restricted Stock Agreement, the Company shall promptly either issue a stock certificate, without such restricted legend, for any shares of the Restricted Stock that have vested, or, if the shares are held in book entry form, the Company shall remove the notations on the book form for any shares of the Restricted Stock that have vested.

  • Terms of Restricted Stock Units The grant of RSUs provided in Section 1 hereof shall be subject to the following terms, conditions and restrictions:

  • Non-Transferability of Restricted Stock The Restricted Stock and this Restricted Stock Agreement shall not be transferable.

  • Period of Restriction (i) The Restricted Stock Units subject to the Award shall be restricted during the period (the “Period of Restriction”) commencing on the Award Date and expiring on the first to occur of:

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