Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
As previously disclosed,
On
The proceeds from the draw are currently being held on the Company's balance
sheet. The drawn principal accrues interest at a rate equal to SOFR plus 6.50%.
Cash balances held by the Company are currently earning interest income at
approximately 3.75% and may change from time to time. The delayed draw amount
must be repaid on
The foregoing description of the credit agreement, as amended, is qualified in
its entirety by reference to the full text of the agreement which was included
as Exhibit 10.1 to the Current Report on Form 8-K filed by the Company on
CAUTIONARY LANGUAGE CONCERNING FORWARD-LOOKING STATEMENTS
Statements in this report regarding the expected use of borrowed funds are
"forward-looking statements" within the meaning of the "safe harbor" provisions
of the United States Private Securities Litigation Reform Act of 1995. Whether
and how we use borrowed amounts are subject to various risks and uncertainties
including but not limited to: (1) the effects of the COVID-19 pandemic on our
business, including government restrictions on our ability to operate our
restaurants and changes in customer behavior, and our ability to hire employees;
(2) our ability to open new restaurants and food and beverage locations in
current and additional markets, grow and manage growth profitably, maintain
relationships with suppliers and obtain adequate supply of products and retain
employees; (3) factors beyond our control that affect the number and timing of
new restaurant openings, including weather conditions and factors under the
control of landlords, contractors and regulatory and/or licensing authorities;
(4) the possibility that the Company may be adversely affected by other
economic, business, and/or competitive factors; and (5) other risks and
uncertainties indicated from time to time in our filings with the
Investors are referred to the most recent reports filed with the
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