Refranchising Asset Disposition definition

Refranchising Asset Disposition means any disposition of property in connection with any refranchising pursuant to any sale, transfer or other disposition of the operations and assets of a Securitization-Owned Location or other Take 5 Company Location (as opposed to a disposition of fee simple real estate or a real estate lease, including in connection with a refranchising asset disposition) to a Franchisee.
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Refranchising Asset Disposition has the meaning set forth in Section 8.16(l) of the Base Indenture.
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Refranchising Asset Disposition has the meaning specified in the definition of “Permitted Asset Disposition”.
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Examples of Refranchising Asset Disposition in a sentence

  • No Co-Issuer shall, or shall permit any other Securitization Entity to, enter into any lease of real property (other than any lease of real property entered into by the Master Issuer or in connection with any Refranchising Asset Disposition).

  • The Aggregate Controlling Party shall have the right to consent (such consent not to be unreasonably withheld or delayed) to any documentation in connection with Asset Dispositions involving sale/leaseback of any Company-Owned Real Property or any guarantees executed in connection with a Refranchising Asset Disposition prior to the execution of such documentation.

  • No Co-Issuer shall, or shall permit any other Securitization Entity to, enter into any lease of real property (other than in connection with any Refranchising Asset Disposition).


More Definitions of Refranchising Asset Disposition

Refranchising Asset Disposition means any disposition of property in connection with any refranchising pursuant to any sale, transfer or other disposition of the operations and assets of a Securitization-Owned Location or other Take 5 Company Location (as opposed to a disposition of fee simple real estate or a real estate lease, including in connection with a refranchising asset disposition) to a Franchisee. “Refranchising Proceeds” has the meaning specified in Section 5.10(c) of the Base Indenture. “Refranchising Proceeds Cap” means, for each fiscal year of the Securitization Entities that own Securitization-Owned Locations, $10,000,000 (the “Base Amount”); provided that if the aggregate Refranchising Proceeds in any fiscal year (commencing with the fiscal year ended December 29, 2018) is less than the sum of (x) Base Amount and (y) any shortfall added to the Base Amount in any prior fiscal year, the amount of such difference will be added to the Refranchising Proceeds Cap for each succeeding fiscal year. “Registrar” has the meaning specified in Section 2.5(a) of the Base Indenture. “Release Price” means, with respect to any Disposed Brand Assets and the related Disposed Brand IP, an amount calculated by the applicable Manager equal to 125% of the Allocated Amount of such Disposed Brand Assets and the related Disposed Brand IP. The Allocable Share of the Issuer or the Canadian Co-Issuer, as applicable, of any Release Price directly attributable to, in the case of the Issuer, the U.S. Securitization Entities, or, in the case of the Canadian Co-Issuer, the Canadian Securitization Entities, will be 100% (and any Shortfall Payments in respect thereof shall be paid in accordance with the Allocation Agreement). “Reorganization” means, with respect to any Multiemployer Plan, the condition that such plan is in reorganization within the meaning of Section 4241 of ERISA. “Reportable Event” means any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Single Employer Plan (other than an event for which the 30-day notice period is waived). “Required Rating” means (i) a short-term certificate of deposit rating from S&P of at least “A-2” and (ii) a long-term unsecured debt rating of not less than “BBB+” by S&P.
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Refranchising Asset Disposition. The disposition of Collateral in connection with refranchising activities pursuant to which Company-Owned U.S. Restaurants will be converted to Franchised U.S. Restaurants.
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Refranchising Asset Disposition means any resale, transfer or other disposition of a Franchise Arrangement or Franchised POD Lease that results in the replacement of a Franchise Arrangement or Franchised POD Lease with one or more New Franchise Arrangements or New Franchised POD Leases, including, without limitation, any resale, transfer, termination or creation (or combination thereof) of a Securitization Entity’s interest in a Franchise Arrangement or Franchised POD Lease.
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Refranchising Asset Disposition has the meaning set forth in Section 8.16(l) of the Base Indenture. “Registrar” has the meaning specified in Section 2.5(a) of the Base Indenture. “Related Documents” means the Indenture, the Notes, the Guarantee and Collateral Agreement, each Account Control Agreement, the Management Agreement, the Servicing Agreement, the Back-Up Management Agreement, any Series Hedge Agreement, the Contribution Agreements, any agreement pursuant to which New Contributed Assets are contributed to the Securitization Entities, any Variable Funding Note Purchase Agreement, each other note purchase agreement pursuant to which Notes are purchased, the IP License
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Related to Refranchising Asset Disposition

  • Permitted Asset Disposition means (i) any Asset Disposition permitted by Section 8.5 and (ii) any Excluded Asset Disposition.

  • from an Asset Disposition means cash payments received therefrom (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise and proceeds from the sale or other disposition of any securities received as consideration, but only as and when received, but excluding any other consideration received in the form of assumption by the acquiring Person of Indebtedness or other obligations relating to such properties or assets or received in any other noncash form), in each case net of:

  • Major Asset Disposition means the sale or other disposition in one transaction or a series of related transactions of 50% or more of the assets of the Company and its subsidiaries on a consolidated basis; and any specified percentage or portion of the assets of the Company shall be based on fair market value, as determined by a majority of the members of the Incumbent Board;

  • Excluded Asset Disposition means, with respect to any Consolidated Party, any Asset Disposition consisting of (i) the sale, lease, license, transfer or other disposition of inventory or other assets in the ordinary course of such Consolidated Party's business, (ii) the sale, lease, license, transfer or other disposition of Property no longer used or useful in the conduct of such Consolidated Party's business, (iii) any Involuntary Disposition by such Consolidated Party, (iv) any sale, lease, license, transfer or other disposition of Property by such Consolidated Party to any Credit Party, PROVIDED that the Credit Parties shall cause to be executed and delivered such documents, instruments and certificates as the Agent may reasonably request so as to cause the Credit Parties to be in compliance with the terms of Section 7.12 after giving effect to such transaction, (v) any portion of an Asset Disposition by such Consolidated Party constituting a Permitted Investment, (vi) if such Consolidated Party is not a Credit Party, any sale, lease, license, transfer or other disposition of Property by such Consolidated Party to any Consolidated Party that is not a Credit Party, (vii) the sale or disposition of Cash Equivalents for fair market value, (viii) any sale of accounts receivable in connection with the compromise thereof, (ix) the assignment of past due accounts for collection or (x) the licensing of Intellectual Property to third Persons on customary terms as determined by the licensor's board of directors in good faith; PROVIDED, HOWEVER, that the term "Excluded Asset Disposition" shall not include any Asset Disposition to the extent of the portion of the proceeds of such Asset Disposition that would be required under any Junior Financing Documentation to be applied to permanently retire Indebtedness of the Consolidated Parties.

  • Asset Disposition means any sale, lease, transfer or other disposition (or series of related sales, leases, transfers or dispositions) by the Company or any Restricted Subsidiary, including any disposition by means of a merger, consolidation or similar transaction (each referred to for the purposes of this definition as a "disposition"), of:

  • Permitted Asset Dispositions means the following Asset Dispositions:

  • Net Disposition Proceeds means, with respect to any sale, transfer or other disposition of any assets of the Borrower, any Parent Guarantor or any of their respective Subsidiaries (other than sales permitted pursuant to clause (a), (b) or (c) of Section 7.2.9), the excess of

  • Final disposition means the burial, interment, cremation, removal from the state, or other disposition of a dead body or fetus.

  • REO Disposition Proceeds All amounts received with respect to an REO Disposition pursuant to Section 4.16.

  • Asset Sale means any direct or indirect sale, issuance, conveyance, assignment, transfer, lease (other than operating leases entered into in the ordinary course of business) or other disposition (including pursuant to any Sale and Lease-Back Transaction), other than to the Company or any of its Restricted Subsidiaries, in any single transaction or series of related transactions of:

  • Prepayment Asset Sale means any Disposition by the Borrower or its Restricted Subsidiaries made pursuant to Section 6.07(h).

  • Permitted Asset Sale means any Asset Sale that is permitted under Section 6.8.

  • Collateral Disposition means (i) the sale, lease, transfer or other disposition of the Vessel by the Borrower to any Person (it being understood that a Permitted Chartering Arrangement is not a Collateral Disposition) or the sale of 100% of the Capital Stock of the Borrower or (ii) any Event of Loss of the Vessel.

  • Specified Disposition means any disposition of all or substantially all of the assets or Equity Interests of any Subsidiary of the Borrower or any division, business unit, product line or line of business.

  • Specified Asset Sale has the meaning specified in Section 2.05(b)(vi).

  • REO Disposition The final sale by the Servicer of any REO Property.

  • Asset Sales means any sale, issuance, conveyance, transfer, lease, assignment or other disposition by any Borrower to any Person (including by means of a sale and leaseback transaction or a merger or consolidation or similar transaction and including any sale or issuance of the equity interests of any Borrower) (collectively, for purposes of this definition, a “transfer”), in one transaction or a series of related transactions, of any assets of any Borrower; provided, that for purposes of this definition, the term “Asset Sale” shall not include:

  • Recovery Event any settlement of or payment in respect of any property or casualty insurance claim or any condemnation proceeding relating to any asset of any Group Member.

  • Disposition Proceeds means, with respect to each Non-Program Vehicle, the net proceeds from the sale or disposition of such Non-Program Vehicle to any Person (other than any portion of such proceeds payable by the Lessee thereof pursuant to the Lease).

  • Asset Sale Proceeds means, with respect to any Asset Sale,

  • Material Disposition means any Disposition of property or series of related Dispositions of property that yields gross proceeds to the Borrower or any of its Subsidiaries in excess of $1,000,000.

  • Qualified disposition means a Disposition or a series of related Dispositions in which the consideration received by the Credit Parties is equal to or greater than $50,000,000.

  • Foreign Disposition has the meaning set forth in Section 2.05(b)(xi).

  • Retained Asset Sale Proceeds shall have the meaning provided in Section 10.4.

  • Financing Disposition means any sale, transfer, conveyance or other disposition of, or creation or incurrence of any Lien on, property or assets by the Company or any Subsidiary thereof to or in favor of any Special Purpose Entity, or by any Special Purpose Subsidiary, in each case in connection with the Incurrence by a Special Purpose Entity of Indebtedness, or obligations to make payments to the obligor on Indebtedness, which may be secured by a Lien in respect of such property or assets.

  • REO Disposition Period As defined in Section 3.14. REO Proceeds: Proceeds, net of any related expenses of the Servicer, received in respect of any REO Property (including, without limitation, proceeds from the rental of the related Mortgaged Property) which are received prior to the final liquidation of such Mortgaged Property.