Common use of Leased Equipment Clause in Contracts

Leased Equipment. The PH Personal Property shall not include the equipment listed or described on Schedule 1.2, which is leased by PH pursuant to lease agreements with third parties. Notwithstanding the foregoing, PH will assign and transfer to NPC all of PH's right, title and interest in and to, and NPC will assume and will agree to faithfully perform, pay and discharge when due all of the terms, covenants, liabilities and obligations of PH under each equipment lease (collectively, the "PH Equipment Leases") with respect to leased equipment located in the PH Restaurants (collectively, the "PH Leased Equipment"). NPC will have 90 days after the Closing Date to review any non-readily terminable PH Equipment Leases which PH may assign and transfer, and PH agrees to assume and may terminate those PH Equipment Leases rejected by NPC in writing within such 90 day period. Notwithstanding the foregoing, NPC agrees to perform the obligations arising under the PH Equipment Leases for at least 90 days following the Closing Date, if not terminable sooner, and for the entire term of the PH Equipment Leases if such PH Equipment Leases are not terminated or put back to PH within the allotted 90 days.

Leased Equipment. The PH NPC Personal Property shall not include the equipment listed or described on Schedule 1.22.2, which is leased by PH NPC pursuant to lease agreements with third parties. Notwithstanding the foregoing, PH NPC will assign and transfer to NPC PH all of PHNPC's right, title and interest in and to, and NPC PH will assume and will agree to faithfully perform, pay and discharge when due all of the terms, covenants, liabilities and obligations of PH NPC under each equipment lease (collectively, the "PH NPC Equipment Leases") with respect to leased equipment located in the PH NPC Restaurants (collectively, the "PH NPC Leased Equipment"). NPC PH will have 90 days after the Closing Date to review any non-readily terminable PH NPC Equipment Leases which PH NPC may assign and transfer, and PH NPC agrees to assume and may terminate those PH NPC Equipment Leases rejected by NPC PH in writing within such 90 day period. Notwithstanding the foregoing, NPC PH agrees to perform the obligations arising under the PH NPC Equipment Leases for at least 90 days following the Closing Date, if not terminable sooner, and for the entire term of the PH NPC Equipment Leases if such PH NPC Equipment Leases are not terminated or put back to PH NPC within the allotted 90 days.