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. 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. 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. 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. During the Forbearance Period, the Company shall not commit to open any new restaurants.
New Restaurants. Give Administrative Agent prompt notice of the acquisition or lease of any new or relocated Restaurant by any Borrower.
New Restaurants. After the Closing Date, open or acquire or commit to open or acquire new Non-Core Concept Restaurants (i) in each of the fiscal years ending December 27, 2000 and December 26, 2001, if, at the time of such opening, acquisition or commitment, the total number of Non-Core Concept Restaurants owned and/or operated by Holdings, the Borrower or any of its Subsidiaries would exceed 7% of the total number of opened and operating individual restaurants (both Core Concept Restaurants and Non-Core Concept Restaurants) owned and/or operated by Holdings, the Borrower or any of its Subsidiaries or (ii) in each of the fiscal years ending December 25, 2002 and thereafter, if, at the time of such opening, acquisition or commitment, the total number of Non-Core Concept Restaurants owned and/or operated by Holdings, the Borrower or any of its Subsidiaries would exceed 10% of the total number of open and operating individual restaurants (both Core Concept Restaurants and Non-Core Concept Restaurants) owned and/or operated by Holdings, the Borrower or any of its Subsidiaries.
