Does Schedule B for Coffee News allow for indirect assignment or transfer of rights and obligations?

According to the 2025 Coffee News Franchise Disclosure Document, Schedule B outlines the terms of the Promissory Note. Regarding the transfer of rights and obligations, the document states that neither party may directly or indirectly assign or transfer any rights and obligations under Schedule B without the prior written consent of the other party. However, Schedule B is binding upon and will benefit the parties, their successors, and assigns, subject to the previously mentioned condition.

This means that as a Coffee News franchisee, you cannot transfer your rights or obligations related to the Promissory Note (Schedule B) to another party without first obtaining written consent from Coffee News. This restriction protects Coffee News by ensuring they have control over who assumes the financial obligations and responsibilities associated with the franchise agreement.

While the clause restricts the franchisee's ability to unilaterally transfer the agreement, it also states that the agreement is binding upon and benefits the parties' successors and assigns, provided the necessary consent is obtained. This suggests that transfers are possible with franchisor approval, offering some flexibility while maintaining franchisor oversight. A prospective franchisee should discuss the conditions under which Coffee News will grant consent for assignment or transfer to fully understand their options.