New Restaurants. “Between the Effective Date and the sixth (6th) anniversary of the Effective Date (said period, the “Applicable Period”), Licensee shall (i) open up at least two (2) new Restaurants and make the Additional Sale Price Payment that would be due with respect to each such Restaurant pursuant to the provisions of Paragraph 4.b.(ii) of the License Agreement calculated as of the date of each such payment and (ii) make a non refundable advance payment of Additional Sale Price Payments equal to the product of (x) the number by which four (4) exceeds the number of new Restaurants that are actually opened at that time multiplied by (y) the Additional Sale Price Payment that would be due pursuant to the provisions of Paragraph 4.b.(ii) of the License Agreement calculated as of the date of such payment. Any such non refundable advance payment shall be credited against and serve to reduce any future Additional Sale Price Payments due from Licensee under the provisions of Paragraph 4.b.(ii).”
New Restaurants. Provide the Administrative Agent, as of the end of each fiscal quarter (beginning with the Fourth Quarter of 2013), notice of the acquisition, lease or construction (or binding commitment to construct) of any new Restaurant by the Borrower or any Subsidiary.
New Restaurants. The Borrower agrees that each new --------------- Restaurant created or acquired from and after the Closing Date shall be owned or leased and operated only by a Wholly-Owned Subsidiary the capital stock of which has been pledged and delivered to the Bank pursuant to the Pledge Agreement.
New Restaurants. No Credit Party shall acquire, form, start or lease any new Restaurant or other food service location without the written consent of the Administrative Agent, other than up to two (2) new Restaurants and locations in any calendar year established after the Closing Date under the STK and Kona Grill brands (or derivative concepts thereof).
New Restaurants. If at any time during the Term the Fountain Account opens or acquires additional Restaurants where post-mix products are or will be sold ("New Restaurants"), the Product will also be dispensed at such New Restaurants under the same terms, obligations and marketing plan of this Agreement.
New Restaurants. Cause each new restaurant established by Company or its Subsidiaries to have a positive monthly Consolidated EBITDA for at least one full month no later than the twelfth month after such new restaurant's opening ("Cash Flow Positive"), such positive Consolidated EBITDA to be demonstrated by the new restaurant's monthly profit and loss statement provided to the Noteholders in accordance with Section 6.3, provided that the Company and its Subsidiaries may have at any point in time one such new restaurant that is not Cash Flow Positive.
New Restaurants. Each new restaurant established by Borrower or its Subsidiaries shall have a positive monthly EBITDA for at least one full month no later than the twelfth month after such new restaurant's opening, such positive EBITDA to be demonstrated by the new restaurant's monthly profit and loss statement provided to the Bank in accordance with Section 5.3 above.
New Restaurants. Schedule V contains a complete and correct report containing (a) a list of all restaurants for which any Consolidated Entity has contractual commitments to acquire, construct, lease or commence operations after the date of this Agreement, (b) the date of execution of the contracts relating to each such acquisition, construction, lease or commencement of operations and (c) the date upon which each such acquisition, construction, lease or commencement of operations has occurred or is projected to occur.
New Restaurants. Acquire, construct, lease or otherwise commence operations for, or commit to acquire, construct, lease or otherwise commence operations for, any new restaurants, except for (a) "Fuddruckers" and "Champps" restaurants listed on Schedule V, (b) "Leo's Delis", "Fudd's Cafes", "French Quarter Cafes", "La Salsa" restaurants and "Mama Za" restaurants and (c) signature concepts (whether franchised, leased or licensed) in food service locations operated by Daka, Inc. and its Subsidiaries, in each case so long as no Default or Event of Default exists or would exist after giving effect to such acquisition, construction, lease or commencement of operations.
New Restaurants. Section 5.15 of the Credit Agreement is amended by adding the following exception to the end of such section: , and further, except that (i) Dedham K&L, Inc., which is not a Wholly-Owned Subsidiary, shall be permitted to hold the liquor license for the Xxxxx Xxxxx'x Restaurant operated in Dedham, Massachusetts; provided, that (x) the Borrower or BUCA Restaurants 3, Inc. shall have entered into a stock purchase agreement with Xxxxx Xxxxx for the purchase of Xxxxx Xxxxx'x stock in Dedham K&L, Inc. that is substantially in the form of the stock purchase agreement for the Xxxxx Xxxxx'x Acquisition delivered to the Agent prior to the Second Amendment Closing Date, (y) the Equity Interests therein owned by the Borrower or any Subsidiary (which shall be certificated) have been pledged and delivered to the Agent pursuant to an amendment to the Pledge Agreement or a Pledge Agreement (Subsidiary), as applicable, and (z) Dedham K&L, Inc. shall hold such liquor license pursuant to the terms of a beverage concession agreement delivered to the Agent not later than ten (10) days after its execution that is substantially in the form of the beverage concession agreement delivered to the Agent prior to the Second Amendment Closing Date, and (ii) the Sellers, which are not Wholly-Owned Subsidiaries, shall be permitted to hold the liquor licenses for the other Xxxxx Xxxxx'x Restaurants pending issuance of such licenses to BUCA Restaurants 3, Inc.; provided that the Sellers shall hold such liquor licenses pursuant to the terms of management agreements delivered to the Agent within ten (10) days after their execution that are in substantially the form of the management agreement for the Xxxxx Xxxxx'x Acquisition delivered to the Agent prior to the Second Amendment Closing Date, and the Borrower shall have delivered to the Agent not later than six (6) months following the Second Amendment Closing Date either a copy of each such license showing that each such license has been issued to BUCA Restaurants 3, Inc. or written evidence of the Borrower's good faith efforts to cause each such license to be issued to BUCA Restaurants 3, Inc.
