Franchisee Notes. (a) The Company shall pledge or cause to be pledged Eligible Franchisee Notes in an outstanding unpaid principal amount equal to 1.25 multiplied by the then outstanding principal balance of the Loans (the "Minimum Secured Amount"). The Company shall first pledge Company Franchisee Notes which constitute Eligible Franchisee Notes. To the extent the aggregate unpaid principal balance of such Company Franchisee Notes is less then the Minimum Secured Amount, Xxxxxxxx XXX, Sterling Vision California and/or Sterling DKM shall pledge BOS Franchisee Notes, California Franchisee Notes and DKM Franchisee Notes, respectively, to cover the shortfall. To the extent the Company, Xxxxxxxx XXX, Sterling Vision California or Sterling DKM, collectively, do not have Eligible Franchisee Notes in an aggregate unpaid principal amount equal to the Minimum Secured Amount, the Company shall not be deemed to be in default under this Section 6.13, if the Company, Sterling DKM, Sterling Vision California and/or Xxxxxxxx XXX, has pledged to the Bank Eligible Franchisee Notes in an amount not less than the outstanding principal amount of the Loans and the Company maintains Eligible Royalty Receivables and/or Eligible Rent Receivables in an aggregate amount equal to (x) the sum of the pledged Eligible Franchisee Notes less (y) the Minimum Secured Amount; provided, however, the aggregate amount of Eligible Rent Receivables pledged hereunder shall not exceed $250,000. Eligible Franchisee Notes pledged pursuant to this Section 6.13 shall be held by the Bank pursuant to the terms of the applicable Debt Pledge Agreement. The Bank shall be granted a security interest in all Royalty Receivables and Rent Receivables pursuant to the applicable Security Agreement.
Franchisee Notes. As of the applicable New Asset Addition Date with respect to a Franchisee Note, acquired or entered into on such New Asset Addition Date: (i) Such agreement is genuine, and is the legal, valid and binding obligation of the parties thereto and is enforceable against the parties thereto in accordance with its terms (except as such enforceability may be limited by bankruptcy or insolvency laws and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law); (ii) Such agreement complies in all material respects with all applicable Requirements of Law; (iii) The Franchisee related to such agreement is not the subject of a bankruptcy proceeding; and (iv) Except as required by applicable Requirements of Law, such agreement is freely assignable by the applicable Securitization Entities. (g) New Contributed Corporate-Owned Store Leases and Securitized Franchisee Leases. As of the applicable New Asset Addition Date with respect to any New Contributed Corporate-Owned Store Leases or Securitized Franchisee Leases, as applicable, acquired or entered into on such New Asset Addition Date: (i) No material default by Planet Fitness Assetco, or to the Actual Knowledge of the Manager, by any other party, exists under any provision of such lease, and no condition or event exists, that, after notice or lapse of time or both, would constitute a material default thereunder by Planet Fitness Assetco or, to the Actual Knowledge of the Manager, by any other party, except where such default would not be reasonably expected to have a Material Adverse Effect; (ii) To Manager’s Actual Knowledge, such New Contributed Corporate-Owned Store Leases or Securitized Franchisee Leases, as the case may be, and the use thereof, comply in all material respects with all applicable legal requirements, including local building and zoning ordinances and codes and the certificate of occupancy issued for such property, except where such failure to comply would not be reasonably expected to have a Material Adverse Effect; (iii) Neither Planet Fitness Assetco, nor, to the Actual Knowledge of the Manager, the related sub-lessee (if any) has committed any act or omission affording any Governmental Authority the right of forfeiture against such property; (iv) No condemnation or similar proceeding has been commenced nor, to the Actual Knowledge of the Manager, is threatened in writing with respect to all or any material portion of such N...
Franchisee Notes. All the original Franchisee Notes, duly indorsed in favor of the Lender, and the original copy (or a copy thereof, certified as true and correct by the Borrower) of all Franchisee Documents related thereto and as generally described in Schedule 1 hereto;
Franchisee Notes. Unless prohibited by Applicable Law, Borrower hereby authorizes Agent to execute and file any such financing statement on Borrower's behalf. The parties agree that a carbon, photographic or other reproduction of this Agreement shall be sufficient as a financing statement and may be filed in any appropriate office in lieu thereof.
Franchisee Notes. As of the applicable New Asset Addition Date with respect to a Franchisee Note, acquired or entered into on such New Asset Addition Date:
Franchisee Notes
