Boston Pizza definition
Examples of Boston Pizza in a sentence
Seasonal factors such as tourism and better weather allow Boston Pizza Restaurants to open their patios and generally increase franchise sales in the second and third quarters compared to the first and fourth quarters.
Although many of the administrative and management duties of the Trustees have been delegated to Boston Pizza Royalties Limited Partnership (“LP”), as Administrator to the Fund, the Trustees remain responsible for supervising and directing the performance of such duties by Boston Pizza GP Inc.
The purpose of these contractual rights are to protect the Fund’s sources of revenue, which are dependent on (a) the protection of the intellectual property assets of LP; (b) BPI’s ability to pay the royalty; and (c) Boston Pizza Canada Limited Partnership’s ability to pay distributions.
In return for adding net franchise sales to the Royalty Pool, Boston Pizza receives Class B Additional entitlements which are included in the deferred gain.
Boston Pizza Restaurants experience seasonal fluctuations in franchise sales, which are inherent in the full service restaurant industry in Canada.
The 20% residual ownership of BPGP is owned by Boston Pizza International Inc.
The Class 1 LP and Class 2 LP Units are held indirectly by the Fund and entitle the Fund to a cash distribution equal to 1.5% of franchise sales of Boston Pizza restaurants in the Royalty Pool, less the pro rata portion payable to BPI in respect of its retained interest in the Fund.
The amended and restated declaration of trust dated December 7, 2010 (the “Declaration of Trust”) governing the Boston Pizza Royalties Income Fund (the “Fund”) provides, pursuant to section 10.2, that the trustees of the Fund (the “Trustees”) are responsible for supervising the activities and investments and to conduct the affairs of the Fund.
BPI is a general partner of Royalties LP.The Fund was established to indirectly, through Royalties LP, acquire the trademarks and trade names owned by BPI including “Boston Pizza” and other similar related items, logos and designs (collectively, the “BP Rights”) used in connection with the operation of Boston Pizza restaurants in Canada (“Boston Pizza Restaurants”).
The estimated net franchise sales from the two new Boston Pizza Restaurants less the eleven Boston Pizza Restaurants that permanently closed is negative $15.2 million.