Common use of Operation Until Closing Clause in Contracts

Operation Until Closing. Prior to and including the Closing Date, the Seller will operate the Restaurants in the ordinary course of business. Seller will maintain all of the Assets with respect to the Restaurants operated by Seller in substantially the same condition (ordinary wear and tear excepted) as they were in on the date of this Agreement, 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. Seller 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, Seller will not perform any CAPEX work that is otherwise scheduled to occur after the Closing Date. The damage or destruction of any Restaurant operated by 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, Seller shall proceed to repair the damage or, if such repair is not reasonably practicable in the opinion of Seller prior to the Closing Date, then 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 Seller) of repairing or restoring the damaged or destroyed restaurant to substantially the same condition as immediately before the damage or destruction.

Operation Until Closing. Prior to and including the Closing Date, the Seller will operate the Restaurants in the ordinary course of business. Seller will maintain all of the Assets with respect to the Restaurants operated by Seller in substantially the same condition (ordinary wear and tear excepted) as they were in on the date of this Agreement, 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. Seller 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, Seller will not perform any CAPEX work that is otherwise scheduled to occur after the Closing Date. The damage or destruction of any Restaurant operated by Seller before the Closing will not affect the Buyer's ’s obligation to close the transactions contemplated by this Agreement. Subject to the requirements of any applicable Real Property Lease, Seller shall proceed to repair the damage or, if such repair is not reasonably practicable in the opinion of Seller prior to the Closing Dateclosing date, then 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 Seller) of repairing or restoring the damaged or destroyed restaurant to substantially the same condition as immediately before the damage or destruction.