Licensed Restaurants definition
Examples of Licensed Restaurants in a sentence
Licensor or its designated independent accountants shall have the right at all reasonable times to examine and copy at Licensor's expense, all financial records and accounts relating to the Licensed Restaurants.
At the time of filing any and all federal income tax and state sales or income tax returns applicable to the Licensed Restaurants with the appropriate taxing authority, Licensee shall submit a copy of same to Licensor, certified by Licensee to be authorized copies of those filed with the I.R.S. and with the applicable State Tax Commission.
The franchising and licensing business conducted by the Franchise Company and the ownership and operation of the Company Restaurants are collectively referred to herein as the "Business." The Company Restaurants, the Franchised Restaurants and the Licensed Restaurants are identified by name, store number and address in Schedule 1 attached hereto.
If Licensee fails to submit to Licensor the statements required by this Section within thirty (30) days of receiving notice that they are overdue, Licensor may have an audit conducted of the Licensed Restaurant's financial records and accounts for the applicable period by Certified Public Accountant selected by Licensor, at Licensor's sole expense.
Any information or know-how concerning the methods of operation of the Licensor's restaurant business which may be communicated to Licensee or of which Licensee may learn by virtue of Licensee's operation of the Licensed Restaurants or relationship with Licensor under this Agreement.
The Company anticipates that the Licensed Restaurants will be operated as a concept other than Shells by April 2002 (subject to the licensee's option to extend for an additional six months).
Primary Customer represents and warrants that it has the legal and/or contractual authority to bind Licensees to the terms of this Agreement and, by virtue of its signature to this Agreement, all Licensed Restaurants served under this Agreement are bound by the terms hereof, subject to a Licensee's rights under Article 9 entitled "Distribution and Purchase of Equipment, Supplies, and other Products" of Licensee's franchise agreement.
As of the Effective Date, the Company Restaurants and Licensed Restaurants within the Service Area are those that are indicated as such in Schedule 1A.
Notwithstanding the foregoing, unless a change in law or practice permits the use of Interim Management Agreements in the applicable jurisdiction, Buyer and Seller will not be required to execute Interim Management Agreements for the Mandatory Licensed Restaurants.
In the event that a Licensee is no longer in good standing with Primary Customer, and Primary Customer wishes for such Licensee to be excluded from the distribution services provided under this Agreement, Primary Customer shall direct SSA, in writing, to discontinue distribution services hereunder to such Licensee’s Licensed Restaurants and, in such event, the list of Restaurants served under this Agreement shall be deemed to be correspondingly amended by the deletion of the affected Licensed Restaurants.