Future Securitization Entity definition
Future Securitization Entity means any entity that becomes a direct or indirect wholly owned Subsidiary of Funding Holdco or Canadian Funding Holdco, any Co-Issuer or Franchisor Holdco after the Series 2018-1 Closing Date in accordance with and as permitted under the Transaction Documents and is designated by the applicable Manager as a “Future Securitization Entity” pursuant to Section 8.30 of the Base Indenture.
Future Securitization Entity pursuant to Section 8.30 of the Base Indenture. “FX Agent” means Citibank, N.A. or any successor FX Agent appointed pursuant to Section 14.19. “FX Exchange Report” has the meaning set forth in Section 4.1(b) of the Base Indenture “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 each of the Driven Brands Leverage Ratio and the Senior Leverage Ratio (including any financial and accounting terms included in the components thereof), GAAP shall mean generally accepted accounting principles in the United States promulgated or adopted by the Financial Accounting Standards Board and its predecessors and successors in effect on the Series 2015-1 Closing Date. “Go! Glass Brand” means the Go Glass® name and Go Glass Trademarks, including the Go Glass & Accessories® Trademarks, whether alone or in combination with other words or symbols, and any variations or derivatives of any of the foregoing (but excluding any other Driven Securitization Brand). “Go! Glass Franchisor” means Go Glass Franchisor SPV LP, a newly formed special purpose Ontario limited partnership. “Go! Glass Franchisor GP” means Go Glass Franchisor SPV GP Corporation, a special purpose Canadian corporation and a direct, wholly-owned subsidiary of the Canadian Co-Issuer, and the general partner of Go! Glass Franchisor. “Governmental Authority” means the government of the United States of America, Canada, any other nation or any political subdivision of the foregoing, whether state, provincial, territorial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. “Government Securities” means readily marketable obligations issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality thereof and as to which obligations the full faith and credit of the United States of America is pledged in support thereof.
Future Securitization Entity means any additional subsidiary of the Issuer which may be created or acquired after the Series 2025-1 Closing Date, at the election of the Manager, in respect of (i) any non-U.S. operations or assets, (ii) New Franchise Agreements and (iii) acquisitions of additional franchise brand subsidiaries (which may include non-U.S. subsidiaries) in connection with Future Brands; provided that the Manager will be required to cause the applicable Non-Securitization Entities to contribute to one or more Securitization Entities any National Mexican Quick Service Restaurant Brand that, in the good faith determination of the Manager in accordance with the Managing Standard, is intended to compete with and will have a Material Adverse Effect on the Taco Bell Brand or any Future Brand.
Examples of Future Securitization Entity in a sentence
If either Co-Issuer desires to create, incorporate, form or otherwise organize a Future Securitization Entity that does not comply with the immediately preceding sentence, such Co-Issuer shall first obtain the prior written consent of the Control Party, such consent not to be unreasonably withheld.
More Definitions of Future Securitization Entity
Future Securitization Entity means any additional direct or indirect Subsidiary of one or more of the Co-Issuers, the Co-Issuer Subsidiaries or Holdco Guarantors that is designated as a “Future Securitization Entity” by the Manager pursuant to Section 8.30 of the Base Indenture from time to time following the Closing Date, without the consent of the Control Party, at the election of the Manager, in respect of (i) any additional U.S. or non-U.S. operations or assets relating to any FOCUS Franchise Brand, (ii) any additional U.S. or non-U.S. operations or assets relating to any Future Brand or (iii) other assets and property with the consent of the Control Party.