Common use of Sections 16 Clause in Contracts

Sections 16. 2.B. and 16.3. hereof shall not apply to ownership by Franchisee of less than two percent (2%) beneficial interest in the outstanding equity securities of any publicly-held corporation. The term “publicly-held corporation” as used in this Agreement means a corporation with securities registered under the Securities Exchange Act of 1934.

Sections 16. 2.B. and 16.3. hereof shall not apply to ownership by Franchisee of less than two percent (2%) beneficial interest in the outstanding equity securities of any publicly-held corporation. The term “"publicly-held corporation” " as used in this Agreement means a corporation with securities registered under the Securities Exchange Act of 1934.