Franchisee Note definition

Franchisee Note means any franchisee note entered into by a Franchise Entity or any franchisee note or other franchisee financing agreement entered into in order to finance the payment of franchisee fees or other amounts owing by a Franchisee.

Franchisee Note means each note issued after the Closing Date by a Franchisee and owing to a Franchisor.

Franchisee Note means a promissory note duly executed and delivered to a Borrower or any Subsidiary by a Person that is a franchisee of a retail outlet of such Borrower or such Subsidiary, including any amendment, modification, renewal or replacement of such promissory note.

Examples of Franchisee Note in a sentence

• Also in reliance upon the Borrower's representations and warranties set forth below, and the additional terms and provisions set forth in this letter agreement, the Lender shall excuse the Borrower from its present noncompliance with the requirements of Section 2.7, provided that the Borrower satisfies the requirements of this letter agreement with respect to the special arrangements regarding Franchisee Note substitutions set forth below and in Exhibit A attached hereto.

• In addition, within ten (10) days after the occurrence of an Event of Default hereunder, the Borrower shall deliver to the Lender and Guarantor such originally executed copy of each such Franchisee Note.

• Each Construction Loan will be evidenced by a promissory note (each a "Construction Note" and collectively, "Construction Notes") in the form attached hereto as Exhibit "C-2" (the Leasehold Notes and the Construction Notes, each a "Franchisee Note" and collectively, the "Franchisee Notes"); provided however, that the aggregate amount of all outstanding Franchisee Notes shall not at any time exceed Twelve Million Dollars ($12,000,000.00).

• The amount due as of the date of this Agreement under each of the Franchisee Notes and the date of the next scheduled payment due under each Franchisee Note is accurately set forth in Schedule 1 to this Agreement.

• Within five (5) days after the expiration of each two (2) week period prior to the Borrower's repayment, in full, of the Notes, the Lender shall provide to the Borrower a written report concerning the status of each Franchisee Note, containing such information and in such form as the Lender customarily prepares for its own use and/or as the Borrower may reasonably request.

• A copy of all notices of default and notices of termination given by the Borrower to the maker (Franchisee) of any Franchisee Note then pledged to the Lender hereunder, shall be simultaneously forwarded by the Borrower to the Lender.

• Borrower agrees to keep adequately informed from such means of any facts, events or circumstances which might in any way affect Borrower's risks hereunder or under any related Guaranty of Franchisee Note, and Borrower further agrees that Bank shall have no obligation to disclose to Borrower any information or material about any Franchisee that is acquired by Bank in any manner.

• After the occurrence or during the continuance of an Event of Default hereunder, the Borrower shall not reacquire the assets of any retail optical store (for which a Franchisee Note is then pledged to the Lender as Collateral hereunder) without the prior, written consent of the Lender, which consent shall not be unreasonably withheld and/or delayed.

• Such loans will be evidenced by promissory notes (each a "Franchisee Note" and collectively, "Franchisee Notes") in the form attached hereto as Exhibit "C"; provided however, that the aggregate amount of all outstanding Franchisee Notes shall not at any time exceed Four Million Dollars ($4,000,000.00).

• Each Loan Commitment shall be evidenced by a Franchisee Loan Agreement and Franchisee Note substantially in the forms attached hereto.

More Definitions of Franchisee Note

Franchisee Note means a promissory note, naming a Grantor as payee, that evidences indebtedness of a franchisee, which note has a face amount not in excess of $1,000,000 and a duration not in excess of twelve (12) months.

Franchisee Note means each note issued after the Original Closing Date by a Franchisee and owing to Taco Bxxx Franchisor or Franchise Holder, as applicable.

Franchisee Note means any franchisee note or other franchisee financing agreement entered into in order to finance the payment of franchisee fees or other amounts owing by a Franchisee. “Franchisee Payments” means all amounts payable to a Securitization Entity by Franchisees, whether directly or indirectly, pursuant to the Franchise Documents, including Royalty Payments and Other Franchisee Payments, but excluding Excluded Amounts. “Franchisor” means Planet Fitness Franchising LLC, a Delaware limited liability company, and its successors and assigns. “Franchisor Capital Account” means the account maintained in the name of the Franchisor and any Additional Securitization Entity that from time to time acts as the franchisor with respect to New Franchise Agreements and New Securitized Area Development Agreements, as applicable, into which such Securitization Entity causes amounts to be deposited pursuant to Section 5.2(d) of the Base Indenture or any successor account established by such Securitization Entity for such purpose pursuant to the Base Indenture. “Future Brand” means any name or Trademark (including any Trademarks related to, based on or derivative thereof, but excluding the Planet Fitness Brand or any Trademark owned by the Securitization Entities as of the Initial Closing Date) that (i) is acquired or developed by Holdco or any of its Subsidiaries and subsequently contributed to one or more Securitization Entities in a manner consistent with the terms of the Related Documents or (ii) that is acquired or developed by the Master Issuer or any one or more Securitization Entities in a manner consistent with the terms of the Related Documents. “GAAP” means the generally accepted accounting principles in the United States promulgated or adopted by the Financial Accounting Standards Board and its predecessors and successors in effect from time to time; provided that, for purposes of computing the Holdco Leverage Ratio (including any financial and accounting terms included in the components thereof), or determining whether an obligation constitutes a Capitalized Lease Obligation, GAAP shall mean generally accepted accounting principles in the United States promulgated or adopted

Franchisee Note means each note issued after the Original Closing Date by a Franchisee and owing to Arby’s Franchisor.