Operation Until Closing. Since January 23, 1997, the Sellers have operated, and through the Closing Date the Sellers will operate, the Restaurants in the ordinary course of business. Each Seller will maintain all of the Assets with respect to the Restaurants operated by such Seller in substantially the same condition (ordinary wear and tear excepted) as it was in on January 23, 1997, except (I) Assets disposed of in the ordinary course of business consistent with the past operations of such Restaurant; provided, however, any such Assets must be replaced by similar Assets of equal or greater value in like or better condition than those Assets transferred or removed or (ii) Assets transferred among Restaurants that are subject to this Agreement. The damage or destruction of any Restaurant operated by any Seller before the Closing will not affect the Buyers' obligation to close the transactions contemplated by this Agreement. Subject to the requirements of any applicable Real Property Lease, such Seller shall proceed to repair the damage or, if such repair is not reasonably practicable in the reasonable opinion of such Seller, then such Seller shall credit to the Buyers at the Closing an amount equal to the sum of the reasonable cost (as agreed by the Buyers and the Sellers) of repairing or restoring the damaged or destroyed restaurant to substantially the same condition as immediately before the damage or destruction.
Operation Until Closing. TRICON agrees, on behalf of itself and each member of the TRICON Group, that through the Distribution Date the Restaurant Businesses shall be operated in the ordinary course of business, consistent with past practice.
Operation Until Closing. Prior to and including the Closing Date, each party will operate the respective Restaurants in the ordinary course of business. PH and NPC will maintain the PH Assets and NPC Assets, respectively, with respect to the respective Restaurants in substantially the same condition (ordinary wear and tear excepted) as they were in on the date of this Agreement, except for (i) the respective Personal Property disposed of in the ordinary course of business consistent with the past operations of such Restaurant; provided, however, any such Personal Property must be replaced by similar assets of equal or greater value in like or better condition than those assets transferred or removed or (ii) the respective Personal Property transferred among the respective Restaurants that are subject to this Agreement. PH and NPC will only make capital improvements to the Restaurants that have been authorized as evidenced by a fully approved and executed CAPEX dated prior to the date of this Agreement. Notwithstanding the foregoing, PH and NPC will not perform any CAPEX work to their respective Restaurants that is otherwise scheduled to occur after the Closing Date. The damage or destruction of any Restaurant operated by either party before the Closing will not affect the other party's obligation to close the transactions contemplated by this Agreement. Subject to the requirements of any applicable Real Property Lease, the respective party shall proceed to repair the damage or, if such repair is not reasonably practicable in the opinion of such party prior to the closing date, then such party shall credit to the other party at the Closing an amount equal to the sum of the reasonable cost (as agreed by the parties) of repairing or restoring the damaged or destroyed restaurant to substantially the same condition as immediately before the damage or destruction.
Operation Until Closing. From and after June 8, 1999, the Sellers have operated and will operate the Restaurants in the ordinary course of business. Each Seller will maintain all of the Assets with respect to the Restaurants operated by such Seller in substantially the same condition (ordinary wear and tear excepted) as they were in on June 8, 1999, except for (i) Personal Property disposed of in the ordinary course of business consistent with the past operations of such Restaurant; provided, however, any such Personal Property must be replaced by similar assets of equal or greater value in like or better condition than those assets transferred or removed or (ii) Personal Property transferred among Restaurants that are subject to this Agreement. The damage or destruction of any Restaurant operated by any Seller before the Closing will not affect the Buyer's obligation to close the transactions contemplated by this Agreement. Subject to the requirements of any applicable Real Property Lease, such Seller shall proceed to repair the damage or, if such repair is not reasonably practicable in the opinion of such Seller prior to the Closing Date, then such Seller shall credit to the Buyer at the Closing an amount equal to the sum of the reasonable cost (as agreed by the Buyer and the Sellers) of repairing or restoring the damaged or destroyed restaurant to substantially the same condition as immediately before the damage or destruction.
Operation Until Closing. PBG agrees, on behalf of itself and each member of the PBG Group that, through the Offering Date, the Bottling Businesses shall be operated in the ordinary course of business, consistent with past practice.
Operation Until Closing. Sellers have operated, and through the Closing Date Sellers will operate, the Restaurants in the ordinary course of business. Sellers have maintained, and will maintain, all of the Assets in substantially the same condition (ordinary wear and tear excepted) as on December 27, 1995. The damage or destruction of any Restaurant before Closing will not affect Buyer's or Sellers' obligation to close; at Buyer's option, Sellers shall proceed to repair the damage or credit to Buyer at Closing an amount equal to the sum of the reasonable cost (as agreed by Buyer and Sellers) of repairing or restoring the damaged or destroyed Restaurant to substantially the same condition as immediately before the damage or destruction.
Operation Until Closing. 9.1 Operation Before Closing 51 9.2 Leasing, Contracts and Encumbrances Prior to Closing 51 9.3 Damage Before Closing 51 9.4 Expropriation 52
Operation Until Closing. 8.1 Operation Before Closing, Ongoing Work 44 8.2 Damage Before Closing 46 8.3 Expropriation Before Closing 47 8.4 Leasing and Hotel Contracts 47 8.5 Assignment of Hotel Contracts and Hotel Permits 48 8.6 Liquor Licence 49 8.7 Employees 50 8.8 Trade-Marks and Other Intellectual Property Rights 52
Operation Until Closing. 7.1 Operation Before Closing 28 7.2 Damage Before Closing 28 7.3 Leasing and Contracts 29 7.4 Assignment of Contracts 30 7.5 Trade-Marks 31
Operation Until Closing. Pending consummation of the sale and purchase of the Assets pursuant to this Agreement and until the Closing, Seller shall continue to operate the Business in a prudent and commercially reasonable manner. However, Seller shall not sell, lend, lien, pledge, hypothecate, mortgage or otherwise encumber the Assets nor shall Seller make any acquisition, enter into any purchase contracts, sales contracts, leases or other commercial or initial arrangements which may affect the Assets or the Business nor take any other action not in the ordinary course of business without the prior express written consent of Buyer.
