Common use of Leased Equipment Clause in Contracts

Leased Equipment. The NPC Personal Property shall not include the equipment listed or described on Schedule 2.2, which is leased by NPC pursuant to lease agreements with third parties. Notwithstanding the foregoing, NPC will assign and transfer to PH all of NPC's right, title and interest in and to, and PH will assume and will agree to faithfully perform, pay and discharge when due all of the terms, covenants, liabilities and obligations of NPC under each equipment lease (collectively, the "NPC Equipment Leases") with respect to leased equipment located in the NPC Restaurants (collectively, the "NPC Leased Equipment"). PH will have 90 days after the Closing Date to review any non-readily terminable NPC Equipment Leases which NPC may assign and transfer, and NPC agrees to assume and may terminate those NPC Equipment Leases rejected by PH in writing within such 90 day period. Notwithstanding the foregoing, PH agrees to perform the obligations arising under the NPC Equipment Leases for at least 90 days following the Closing Date, if not terminable sooner, and for the entire term of the NPC Equipment Leases if such NPC Equipment Leases are not terminated or put back to NPC within the allotted 90 days.

Leased Equipment. The NPC PH Personal Property shall not include the equipment listed or described on Schedule 2.21.2, which is leased by NPC PH pursuant to lease agreements with third parties. Notwithstanding the foregoing, NPC PH will assign and transfer to PH NPC all of NPCPH's right, title and interest in and to, and PH NPC will assume and will agree to faithfully perform, pay and discharge when due all of the terms, covenants, liabilities and obligations of NPC PH under each equipment lease (collectively, the "NPC PH Equipment Leases") with respect to leased equipment located in the NPC PH Restaurants (collectively, the "NPC PH Leased Equipment"). PH NPC will have 90 days after the Closing Date to review any non-readily terminable NPC PH Equipment Leases which NPC PH may assign and transfer, and NPC PH agrees to assume and may terminate those NPC PH Equipment Leases rejected by PH NPC in writing within such 90 day period. Notwithstanding the foregoing, PH NPC agrees to perform the obligations arising under the NPC PH Equipment Leases for at least 90 days following the Closing Date, if not terminable sooner, and for the entire term of the NPC PH Equipment Leases if such NPC PH Equipment Leases are not terminated or put back to NPC PH within the allotted 90 days.