Forbearance Agreement among Roadhouse Grill, Inc., Tinsley Advertising & Marketing, Inc., and Clear Channel Communications Inc. dated February 23, 2001

Summary

Roadhouse Grill, Inc. owes Clear Channel Communications Inc. $701,989.50 for radio advertising arranged by Tinsley Advertising & Marketing, Inc. This agreement sets a payment plan for Roadhouse to pay off the debt through Tinsley, with specific amounts and deadlines. In return, Clear Channel agrees not to take legal action as long as payments are made on time. If Roadhouse misses a payment, Clear Channel can pursue legal remedies. Future advertising must be paid in full at the time of placement.

EX-10.3 4 g67562ex10-3.txt REPAYMENT PLAN DATED 03/03/01 1 Exhibit 10.3 [Roadhouse Grill Logo} Eat, drink and be yourself. THIS FORBEARANCE AGREEMENT (the "Agreement") is made and entered into as of this ___ day of February, 2001, by and between ROADHOUSE GRILL, INC., a Florida Corporation ("Roadhouse"), Tinsley Advertising & Marketing, Inc., as its agent, (Tinsley) and Clear Channel Communications Inc., ("Broadcaster"). WHEREAS, Roadhouse is presently in debt to Broadcaster in the amount of $701,989.50 for Roadhouse radio advertising, placed by Tinsley, as agent for its disclosed principal, Roadhouse; and WHEREAS, Roadhouse wishes to agree to a schedule of payments to retire the aforesaid debt to Broadcaster on the terms contained herein; Now, therefore, the parties do hereby agree as follows: 1. The undersigned Broadcaster agrees not to bring any legal action against Roadhouse or against its agent, Tinsley, if Roadhouse makes payments to Tinsley for Broadcaster upon the following schedule: A. Roadhouse will pay Tinsley, who, in turn, will pay Broadcaster, the sum of $50,000 within seven (7) days from the full execution of this agreement. B. Commencing April 1, 2001, Roadhouse shall pay Tinsley, who in turn, will pay Broadcaster, the sum of $20,000 each and every week. C. Commencing September 1, 2001, Roadhouse shall pay Tinsley, who in turn, will pay Broadcaster the sum of $40,000 each and every week until the entire debt is paid in full. ROADHOUSE GRILL, INC. 2703-A Gateway Drive o Pompano Beach, FL 33069 Phone ###-###-#### o FAX ###-###-#### o Web Site www.roadhousegrill.com 2 [Roadhouse Grill Logo} Eat, drink and be yourself. 2. In the near future, Roadhouse intends to continue to advertise its restaurants on Broadcasters radio facilities, and it is agreed by Roadhouse and Broadcaster that these future radio schedules will be paid in full upon placement of same. 3, In the event Roadhouse fails to make any payment as hereinabove provided, the agreement of Broadcaster to forebear legal action against Roadhouse shall become null and void, and Broadcaster will look solely to Roadhouse for payment of any sums unpaid by Roadhouse and may pursue Roadhouse with any and all remedies the law allows. Agreed: This the 23rd day of February, 2001 Roadhouse Grill, Inc. Clear Channel Communications, Inc. By: /s/ By: -------------------------------- ------------------------------------ Officer Tinsley Advertising By: --------------------------------- CEO ROADHOUSE GRILL, INC. 2703-A Gateway Drive o Pompano Beach, FL 33069 Phone ###-###-#### o FAX ###-###-#### o Web Site www.roadhousegrill.com