Restaurant Sales definition

Restaurant Sales means all monies (whether paid in cash, by credit card or otherwise) received as operating revenues in the ordinary course of business and derived from the sale of food and beverages at Restaurants or from off-premises catering originating from Restaurants and the fair market value of any goods or services received in exchange for such food, beverage or catering, less bona fide refunds to customers, gratuities and tips in fact paid out to employees, the value of beverages and/or meals served by Licensee to employees or for courtesy or promotional purposes, taxes imposed and paid on customer checks and credit card fees. Restaurant Sales shall include any proceeds received by any Restaurant from business interruption insurance carried thereby.

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Restaurant Sales means all monies received by NEWCO or for their account from the operation of the Restaurant, including, but not limited to, banquet services, on and off premises catering, and sale of merchandise in the ordinary course of business, in cash, by credit card or otherwise, but less, as to all the foregoing, bona fide refunds to customers, uncollected amounts, gratuities and tips in fact paid out by the Restaurant to employees of the Restaurant, and taxes imposed and paid by the Restaurant on customer checks.

Restaurant Sales means all monies received by NEWCO or for their account from the operation of the Restaurant, including, but not limited to, banquet services, on and off premises catering, and sale of merchandise in the ordinary course of business, in cash, by credit card or otherwise, but less, as to all the foregoing, bona fide refunds to customers, uncollected amounts, gratuities and tips in fact paid out by the Restaurant to employees of the Restaurant, and taxes imposed and paid by the Restaurant on customer checks. 5 <PAGE> e. NEWCO agrees to provide to MANAGEMENT COMPANY copies of NEWCO federal and state tax returns, on an annual basis and NEWCO agrees to indemnify and hold MANAGEMENT COMPANY harmless with respect to any liability to the MANAGEMENT COMPANY based on errors and omissions in such returns. 4.

Examples of Restaurant Sales in a sentence

• Such amount shall be paid within seven (7) days after the end of each calendar month and, until adjusted by the parties as hereafter provided, the amount paid shall equal three (3) per cent of the Restaurant Sales for the immediately preceding month.

• When rendering such annual statements, Licensee will pay an amount, if any, equal to the difference between the total royalties paid during the calendar year and the total royalties due to Licensee for such calendar year based on the audited statement of Restaurant Sales and Non-Restaurant Sales, together with interest on such balance, if any, from the close of such calendar year at the prime rate of interest as then charged by Chase Manhattan Bank, New York (the "Prime Rate").

• If at the close of any calendar year (but not later than 90 days thereafter) it is determined that the aggregate of the monthly payments for the fiscal year has either exceeded or fallen short of three (3) per cent of Restaurant Sales for such fiscal year, then the MANAGEMENT COMPANY and the NEWCO shall promptly adjust the amount owing not later than 90 days after such calendar year.

• As partial compensation for the MANAGEMENT COMPANY'S services hereunder, in addition to the compensation set forth in Section 4 hereof, NEWCO shall pay to the MANAGEMENT COMPANY an amount equal to three (3) per cent of all Restaurant Sales (as hereinafter defined) with respect to each month (or portion hereof at the beginning and end of the term of this Agreement).

• Within one hundred five (105) days after the close of each calendar year, Licensee will deliver to Licensor a true and complete audited special report, setting forth in reasonable detail, by Restaurant, the computation of the Restaurant Sales, the Non-Restaurant Sales and the amount of Percentage Royalties, if any, payable hereunder for the preceding calendar year.

• For each calendar year after the Initial Calendar Year, such Restaurant shall pay a monthly royalty fee based on the Net Restaurant Sales of the preceding calendar year (annualized for Restaurants open less than twelve months in the previous calendar year).

• Except as provided in subparagraph 5(b) below, Licensee shall pay to Licensor an annual royalty (the "Percentage Royalty") of two (2%) percent of the amount of Restaurant Sales and Non-Restaurant Sales made during the calendar year for which the Percentage Royalty is being calculated.

• As compensation for the Restaurant Group's services hereunder, Post House Investors shall pay to the Restaurant Group an amount equal to 5% of all Restaurant Sales (as hereinafter defined) with respect to each month (or portion thereof at the beginning and end of the term of this Agreement).

• CIGI shall submit to MBI no later than the tenth (10th) day of each month during the term of this Agreement, a remittance report accurately reflecting all Net Restaurant Sales and Net Product Sales during the preceding calendar month and such other data or information as MBI may reasonably request.

• The threshold cumulative Gross Restaurant Sales for the forty-week period ended October 7, 2007 shall be $42,781,750 (the “Third Quarter Threshold”) and the target shall be $48,252,747 (the “Third Quarter Target”).