For Brueggers Bagels, what must be substantially the same as the licenses represented by the License Agreement for the Licensee's representation and warranty to be valid?

II. Maryland Franchise Registration and Disclosure Law. Licensee represents and warrants that the license represented by the Test Agreement is substantially similar to licenses already owned by Licensee.

III. New York General Business Law.

• A. Licensee represents and warrants that:
  • i. Licensee has actively operated a business pursuant to a license from Licensor for the eighteen (18) months preceding the offer, which license is substantially the same as the licenses represented by the License Agreement;

ii. Licensee is purchasing the license in order to operate the business and not for the purpose of resale; and

IV. Rhode Island Franchise Investment Act.

• A. Licensee represents and warrants that:
  • i. Licensee has a net worth of at least one million dollars, according to its financial statements for the most recently concluded fiscal year; and
  • ii. Licensee has knowledge and experience in financial and business matters in order to evaluate the merits and risks of the license.
• B. Licensee also represents and warrants that the license represented by the License Agreement is substantially the same as the license under which Licensee has operated for at least two (2) years at the time of the sale.

Source: Item 22 — CONTRACTS (FDD page 61)