Restricted Franchise System Funds definition
Restricted Franchise System Funds means any cash or other assets owned, administered or controlled by any of the Group Companies which are required, whether pursuant to any Multi-Unit Development Agreement, Franchise Agreement or other written or oral contract, agreement, arrangement, license, obligation, promise or undertaking that is legally binding, any commitment or representation that any of the Group Companies made to any Franchisees, or any law, to be used for advertising, marketing, promotional or customer relationship management programs on behalf of any Franchisee or Multi-Unit Developer or Franchised Store, including all Advertising Requirements, System Advertising Fund and Cooperative contributions (each as defined or referred to in the Franchise Agreements).
Examples of Restricted Franchise System Funds in a sentence
The Franchise Advisory Council has no decision-making power with respect to the content of the Multi-Unit Development Agreements or Franchise Agreements (or any successors thereto), the use of Rebates or Restricted Franchise System Funds, or other aspects of the Franchise System.
The applicable Group Company has the sole right to direct the expenditures of all Restricted Franchise System Funds, subject only to the Franchise Agreements and the Franchise Laws.