Common use of Franchisee Notes Clause in Contracts

Franchisee Notes. As of the applicable New Asset Addition Date with respect to a Franchisee Note, acquired or entered into on such New Asset Addition Date: (i) Such agreement is genuine, and is the legal, valid and binding obligation of the parties thereto and is enforceable against the parties thereto in accordance with its terms (except as such enforceability may be limited by bankruptcy or insolvency laws and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law); (ii) Such agreement complies in all material respects with all applicable Requirements of Law; (iii) The Franchisee related to such agreement is not the subject of a bankruptcy proceeding; and (iv) Except as required by applicable Requirements of Law, such agreement is freely assignable by the applicable Securitization Entities.

Franchisee Notes. As of the applicable New Asset Addition Date with respect to a Franchisee Note, acquired or entered into on such New Asset Addition Date: (i) Such agreement is genuine, and is the legal, valid and binding obligation of the parties thereto and is enforceable against the parties thereto in accordance with its terms (except as such enforceability may be limited by bankruptcy or insolvency laws and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law); ; (ii) Such agreement complies in all material respects with all applicable Requirements of Law; ; (iii) The Franchisee related to such agreement is not the subject of a bankruptcy proceeding; and and (iv) Except as required by applicable Requirements of Law, such agreement is freely assignable by the applicable Securitization Entities.