Retail Outlets

Retail Outlets. Shall mean and include stores, engaged in retail trade, owned or operated by a Co-Borrower of the type presently operated by such Co-Borrower and engaged in operations similar to those presently conducted by any Co-Borrower, and any stores owned or operated by customers and/or franchisees of any Co-Borrower.

Retail Outlets. Means the Phase 1 Outlets and the Phase 2 Outlets. "Retail Outlet" means one of the Retail Outlets.