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

Based on the 2025 Franchise Disclosure Document, the provided excerpts do not contain specific requirements within the General Security Agreement mandating the Debtor (franchisee) to notify the Secured Party (1-800-GOT-JUNK?) of any assignment of the Franchise Agreement. The excerpts do describe the General Security Agreement, including the obligations secured and the security interest granted to 1-800-GOT-JUNK?. However, they do not explicitly state any notification requirements related to the assignment of the Franchise Agreement.

While the excerpts detail the security interest 1-800-GOT-JUNK? holds in the franchisee's assets and the conditions under which the security agreement is in effect, the absence of a specific notification requirement regarding assignment suggests that either this requirement is addressed elsewhere in the full agreement or that no such requirement exists. The Franchise Agreement itself (Exhibit B) may contain clauses related to assignment and notification, but these are not detailed in the provided excerpts.

A prospective 1-800-GOT-JUNK? franchisee should carefully review the complete General Security Agreement and Franchise Agreement to understand all obligations and conditions related to the transfer or assignment of the franchise. Specifically, they should check for any clauses that require them to inform 1-800-GOT-JUNK? if they plan to assign their Franchise Agreement to another party.

To gain clarity, a prospective franchisee should directly ask 1-800-GOT-JUNK? whether there are any notification requirements in the event they decide to assign their Franchise Agreement. Understanding these requirements is crucial for remaining compliant with the terms of both the General Security Agreement and the Franchise Agreement.