Examples of Franchisee Loan in a sentence
Vakrangee has provided the loan facility under “Union Mudra Scheme’ – an exclusive Franchisee Loan Scheme for Vakrangee Franchisees from Union Bank of India to facilitate Term Loan for 2nd and 3rd instalment payment SALIENT FEATURES OF UBI LOAN: • Collateral Free Loan• Low Rate of Interest• Zero Processing fee• No Pre-payment / Foreclosure Charges• Minimum Documentation Required This loan facility is available for limited period and the loan will be disbursed on a first come first serve basis.
Franchisee Loan Program Since 1996, Capital Delivery, Ltd., a wholly owned subsidiary of the Company, has extended loans to selected franchisees from time to time for use in the construction and development of their restaurants.
Sponsor expressly acknowledges and agrees that Servicer shall exercise with respect to the Franchisee Loan Program the same standard of care and diligence in the performance of its duties, responsibilities and obligations under the Operative Documents as it generally exercises with respect to loans of a similar size and structure in Servicer’s sole and absolute discretion.
Any “Startup Franchisee Loan”, “Startup Franchisee Loan Commitment” or “Startup Franchisee Master Note” existing on the First Amendment Effective Date shall be deemed to be a Line of Credit Loan, Line of Credit Commitment or Line of Credit Note, as applicable.
Amendment to Servicing Agreement In connection with the Franchisee Loan Facility Amendment, on May 22, 2009, the Company also entered into the Second Amendment to the Servicing Agreement with SunTrust Bank, as servicer (the “Amended Servicing Agreement”), attached hereto as Exhibit 10.2, which amends the Servicing Agreement dated as of May 28, 2004, as amended on May 23, 2008.
In the event that Sponsor receives any such payment with respect to the Loans pursuant to the Franchisee Loan Program (other than with respect to Loans purchased by Sponsor or where Sponsor has been subrogated to the rights of Servicer pursuant to the terms of the Sponsor Guaranty), such payments shall be accepted by Sponsor as agent for Servicer and Sponsor shall immediately endorse and forward the same to Servicer.
The foregoing description of the Franchisee Loan Facility Amendment and Amended Servicing Agreement are qualified in their entirety by reference to the First Amendment to the full text of such documents, which are attached hereto as Exhibits 10.1 and 10.2, respectively, and are incorporated herein by reference.
Broadway sent an invoice to Reagor-Dykes well in advance of the July 4 celebration and well before Reagor-Dykes made its payment.9 Don Caldwell says that Broadway “bills [] local businesses in advance.
The Company remains subject to the same financial covenants under the Existing Franchisee Loan Facility, which forbid the Company from exceeding certain debt to equity levels and require the maintenance of a minimum net worth ratio, a minimum ratio of debt to earnings before interest, taxes, depreciation and amortization and a minimum fixed charge coverage ratio.
The Funding Approval Notice shall contain a statement that Sponsor has approved the Franchisee for a franchise license and for participation in the Franchisee Loan Program and shall also state that the Sponsor consents to the liens in favor of Servicer provided for therein.