Seasonality Clause Examples

Seasonality. The predictable annual change in seasons for a specific region that influences the demand for vacation travel to the region.

Seasonality. Shrinkage.

Seasonality. Shrinkage, which initially shall be the amount equal to that percentage of actual shrink in excess of the percentage accrued by the Borrowers.

Seasonality. The Company's business is subject to seasonal fluctuations, the effects of weather and economic conditions. Earnings have been highest in its fourth fiscal quarter due primarily to increased customer traffic during the holiday shopping season. The fourth fiscal quarter typically accounts for approximately 40% of annual net income. The length of the holiday shopping period between Thanksgiving and Christmas and the number of weeks in the fourth quarter also impacts the fourth quarter earnings relationship from year to year. NEW RESTAURANT CONCEPTS During 1995, the Company began developing three new restaurant concepts. The first is a casual dining concept under the name Umberto's of New Hyde Park, featuring pizza and other Italian-style foods. The Company has an 80% interest in this restaurant business. Umberto's currently operates five restaurants on Long Island, New York, with three additional units planned for 1998 openings and five food court units in regional shopping malls in Chicago, Las Vegas, White Plains and Long Island, New York. The Company is also developing with joint venture partners a family-style steakhouse concept and an upscale, table-service Italian restaurant, and is analyzing the market potential of a new concept that would offer healthy, South-of-the-Border cuisine. PROPERTIES All Sbarro restaurants are operated in leased premises. As of December 28, 1997, the Company leased 641 restaurants, of which 34 were subleased to franchisees under terms which cover all obligations of the Company under the lease. The remaining franchisees directly lease their restaurant space. Most of the Company's restaurant leases provide for the payment of base rents plus real estate taxes, utilities, insurance, common area charges and certain other expenses, as well as contingent rents generally ranging from 8% to 10% of net restaurant sales in excess of stipulated amounts. Leases to which the Company was a party at December 28, 1997 have initial terms expiring as follows: Years Initial Lease Number of Company- Number of Franchised Terms Expire Owned Restaurants Restaurants ------------ ----------------- ----------- 1998 26 4 1999 - 2003 336 25 2004 - 2008 239 5 2009 - 2012 6 0 Since May 1986, the Company's headquarters have been located in a two-story 20,000 square foot office building located in Commack, New York, which is leased for a period of fifteen years at a current annual base rent of $337,000. The Company pays real estate taxes, utilities, insuran...

Seasonality. Shrinkage (to the extent not already reflected in the calculation of Eligible Inventory).

Seasonality. The fleet management services businesses are generally not seasonal. REAL ESTATE DIVISION The Real Estate division consists of our Real Estate Franchise, Relocation, Mortgage and ▇▇▇▇.▇▇▇ Group segments (see "Divested ▇▇▇▇▇▇▇▇▇▇--▇▇▇▇.▇▇▇ and Welcome Wagon International"). The Real Estate division represented approximately 39%, 31% and 28% of our revenue for 2000, 1999 and 1998, respectively. REAL ESTATE FRANCHISE SEGMENT

Seasonality. Shrinkage, which initially shall be the sum of a base amount of $400,000.00 plus 2% of sales.

Seasonality. Our results of operations have not historically been materially affected by seasonality, and we do not currently have reason to believe that seasonal fluctuations will have a material impact in the foreseeable future.

Seasonality. Our personal loan volume is generally highest during the second and fourth quarters of the year, primarily due to marketing efforts, seasonality of demand, and increased traffic in branches after the winter months. Demand for our personal loans is usually lower in January and February after the holiday season and as a result of tax refunds. Delinquencies on our personal loans are generally lowest in the first quarter and tend to rise throughout the remainder of the year. These seasonal trends contribute to fluctuations in our operating results and cash needs throughout the year.