Does the 1-800-GOT-JUNK? General Security Agreement specify any requirements for the Debtor to notify the Secured Party of any bankruptcy proceedings?

The 2025 Franchise Disclosure Document for 1-800-GOT-JUNK? includes a General Security Agreement as Exhibit G. After reviewing the excerpts provided, there is no mention of a requirement for the Debtor to notify the Secured Party (1-800-GOT-JUNK? LLC) regarding bankruptcy proceedings within the General Security Agreement. The agreement outlines obligations secured, security interests, and other general terms, but it does not explicitly address bankruptcy notification.

However, the General Security Agreement does state in Article 1.1 that it serves as a general and continuing security for the due performance of all debts, liabilities, and obligations of the Debtor to the Secured Party, including obligations contained in one or more franchise agreements. It also states in Article 19.1 that the agreement benefits the Secured Party, its successors and assigns and binds the Debtor and its heirs, executors, personal representatives, successors and assigns.

Because the excerpts do not specify whether the Debtor is required to notify the Secured Party of any bankruptcy proceedings, it would be prudent for a prospective franchisee to seek clarification from 1-800-GOT-JUNK? regarding this matter. Understanding the obligations and responsibilities related to potential bankruptcy situations is crucial for making an informed investment decision.