Common use of Franchisor Clause in Contracts

Franchisor. The Franchise from the Franchisor is, and at Closing will be, valid and in full force and effect, and Contributor is not and will not be in default with respect thereto (with or without the giving of any required notice and/or lapse of time), except to the extent that the assignment thereof at Closing would constitute an event of default. Acquiror shall be responsible, at its sole cost and expense, for obtaining a new Franchise Agreement, if any, or a permissive assignment of the Franchise, if any.