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SEC Filings

8-K
COSI INC filed this Form 8-K on 12/28/2016
Entire Document
 

(c)           Operator shall assist Owner during the Term with any and all of its debtor-in-possession reporting obligations including, without limitation, providing Owner with financial information necessary to timely complete monthly operating reports when due, to respond to any and all inquiries for information by the Office of the United States Trustee (the “U.S. Trustee”), and to prepare any and all tax returns during the Term.  During the Term, all fees and expenses incurred by Owner in the preparation and filing of (i) annual federal tax returns and (ii) all reporting required by the U.S. Trustee shall be born 50% by Owner and 50% by Operator.  With the exception of annual federal tax returns, all fees and expenses incurred by Owner in reporting to any other taxing authorities shall be incurred and paid by Operator.
 
(d)           Operator shall provide the following financial information to Owner:
 
(i)
As soon as practicable after the Effective Date and not later than ten (10) Business Days thereafter, a 12 week cash flow forecast in a similar format to the cash flow forecast prepared by Owner prior to the Term;
 
(ii)
on a daily basis (A) daily cash report, (B) leadership sales report, (C) sales and labor report, and (D) catering sales report;
 
(iii)
on a weekly basis, in a similar format to the reporting prepared by Owner prior to the Term, due on Wednesday of each week for the week ending on Monday (i.e., two days prior):  (A) 13 week cash flow variance reports with supporting schedules, (B) cash receipts detail, and (C) cash disbursement detail; and
 
(iv)
on a monthly basis, by the seventh (7th) day of the following month: (A) accounts payable and accounts receivable aging balances, (B) balance sheet, (C) income statement, (D) cash flow statement, and (E) bank account reconciliations reports.
 
(e)          Operator shall promptly provide Owner with any and all information in its possession and control that may be reasonably requested by Owner in order to respond to any legal actions or requests for information by shareholders, creditors and any other party in interest.
 
(f)            Operator shall be entitled to all accounts receivable and all profit, collections, income and revenue attributable to the Business and the Purchased Assets and, except as expressly set forth in this Agreement, shall bear all costs and expenses relating to the Purchased Assets and the operation of the Business that have arisen since the Petition Date or which arise during the Term, including any and all operational losses.  Operator may fund the costs and expenses relating to the Purchased Assets and operation of the Business pursuant to advances to Owner under the DIP Facility or other means in its sole discretion; provided, however, no interest, fees, or any other costs shall accrue on the DIP Facility on or after the Effective Date.
 
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