Under the Ledgers Franchise Agreement, what is the definition of 'Listings'?

According to the 2025 Ledgers Franchise Disclosure Document, 'Listings' is defined within the context of the Telephone Number Assignment Agreement. Specifically, it refers collectively to the telephone numbers, listings, and advertisements related to the franchisee's Ledgers franchise. This definition is important because upon expiration or termination of the Franchise Agreement, Ledgers retains the right to control these Listings.

This means that if a franchisee's agreement ends, Ledgers can take over the phone numbers and advertising associated with the franchise. The franchisee is obligated to transfer the Listings to Ledgers or its agent, install an intercept message on the Listings, disconnect the Listings, and cooperate with Ledgers in removing or relisting them. Ledgers may also require the franchisee to 'port' or transfer all Listings to Ledgers or an approved vendor.

For a prospective Ledgers franchisee, this highlights the importance of building a strong client base that is loyal to the individual franchisee, not just the Ledgers brand. Upon termination, the franchisee loses control of the Listings, which could significantly impact their ability to retain clients and continue operating a similar business independently. This clause ensures that Ledgers can maintain continuity and goodwill associated with the phone numbers and advertising used by the franchise, but it also presents a risk for the franchisee if they decide to leave the system.