Who is considered the 'Secured Party' in the 1-800-GOT-JUNK? General Security Agreement?

According to the 2025 1-800-GOT-JUNK? Franchise Disclosure Document, the Secured Party in the General Security Agreement is 1-800-GOT-JUNK? LLC, a Delaware limited liability company with an office at 301 – 887 Great Northern Way, Vancouver, BC, V5T 4T5, Canada. This agreement outlines the security interests granted to 1-800-GOT-JUNK? LLC by the franchisee (Debtor) to secure the franchisee's obligations to 1-800-GOT-JUNK? LLC.

The General Security Agreement ensures that 1-800-GOT-JUNK? LLC has a legal claim on specific assets of the franchisee's business (referred to as 'Collateral') to cover debts, liabilities, and obligations outlined in the franchise agreement. This collateral includes items such as vehicles, equipment, accessories, and other assets related to the franchised business. The security interest extends to both present and future assets acquired by the franchisee.

This arrangement protects 1-800-GOT-JUNK? LLC by giving them priority over other potential creditors in the event the franchisee defaults on their obligations. The agreement also specifies that it is in addition to any other security interests 1-800-GOT-JUNK? LLC may hold. The agreement can only be amended in writing with signatures from both 1-800-GOT-JUNK? LLC and the franchisee, and it is governed by the laws of the state where the collateral is located.