Gross Restaurant Sales definition

Gross Restaurant Sales means the total amount charged in connection with any and all sales of food, beverages, merchandise and services made or rendered on, in or from the Restaurants and all other sales at or relating to the Restaurants (including receipts from public telephones, stamp machines and vending/video machines, sales of promotional items, and redemptions of gift certificates), for the fifty-two week and one day period ended December 31, 2007 (or such shorter period as set forth in paragraph (a) above) determined in accordance with GAAP. “Gross Restaurant Sales” shall not include:
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Gross Restaurant Sales means the total amount charged in connection with any and all sales of food, beverages, merchandise and services made or rendered on, in or from the Restaurants and all other sales at or relating to the Restaurants (including receipts from public telephones, stamp machines and vending/video machines, sales of promotional items, and redemptions of gift certificates), for the fifty-two week and one day period ended December 31, 2007 (or such shorter period as set forth in paragraph (a) above) determined in accordance with GAAP. “Gross Restaurant Sales” shall not include: (i) the value of meals furnished to employees or the discounted amount of any sale to an employee of Seller (before the First Closing Date) or Buyer (on or after the First Closing Date) (as applicable, the “Operator”); (ii) the amount of any sales, use, gross receipts or similar tax imposed by any Governmental Entity directly on sales, to the extent such tax is separately stated and collected by Operator from its customers and paid to any governmental authorities; (iii) tips or gratuities paid by customers to employees; (iv) any service charge separately made to customers and collected by Operator and turned over to its employees in lieu of such employees receiving tips or gratuities from Tenant’s patrons; (v) the sale of trade fixtures or movable equipment by Operator after use thereof at the Restaurants; (vi) the proceeds of insurance or like settlements; (vii) uncollected and uncollectible accounts, walkout or bad debt expense; (viii) the selling price of all merchandise returned by customers and accepted for full credit or the amount of discounts and allowances made thereon; (ix) cash refunds made to customers in the ordinary course of business; (x) charges paid to the issuers of credit cards and charges for check authorization fees; (xi) credits given for coupons or other discounts; and (xii) intercompany transfers of food and/or inventory, provided no such transfer is made to avoid paying any Contingent Payment hereunder.
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Examples of Gross Restaurant Sales in a sentence

  • The threshold cumulative Gross Restaurant Sales for the twenty-eight week period ended July 15, 2007 shall be $29,263,139 (the “Second Quarter Threshold”) and the target shall be $33,005,495 (the “Second Quarter Target”).

  • The threshold cumulative Gross Restaurant Sales for the fifty-two week and one day period ended December 31, 2007 shall be $56,300,000 (the “Contingent Payment Threshold”) and the target shall be $63,500,000 (the “Contingent Payment Target”).

  • 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”).

  • The Sellers have represented that they have attained Gross Restaurant Sales equal to $17,549,734 during such period (equal to 94.3% of the First Quarter Target).