Under the Carvel Guaranty, what is the definition of 'Franchisor'?

According to Carvel's 2025 Franchise Disclosure Document, specifically Schedule A which outlines franchise-specific terms, the term 'Franchisor' is defined as Carvel Franchisor SPV LLC, a Delaware limited liability company. This definition is crucial within the context of the Guaranty of Payment and Performance, as it clearly identifies the entity to which the guarantor is providing financial assurances.

For a prospective Carvel franchisee, understanding this definition is important because it clarifies the legal entity they are dealing with. The Guaranty ensures that if the franchisee fails to meet their financial obligations or other requirements under the Franchise Agreement, the guarantor is responsible for fulfilling those obligations. Knowing that Carvel Franchisor SPV LLC is the specific entity benefiting from this guaranty helps all parties understand their respective roles and responsibilities.

This definition also appears in the General Release – Assignment/Renewal section, where Carvel Franchisor SPV LLC's consent is required for the assignment or renewal of the Carvel Franchise Agreement. This highlights the consistent use of this specific legal entity throughout various critical documents and processes within the Carvel franchise system. Therefore, any legal or financial documents should be carefully reviewed to ensure the correct entity name is referenced.