According to the Aerus Security Agreement, who is considered the 'Secured Party'?
Aerus Franchise · 2025 FDDAnswer from 2025 FDD Document
THIS SECURITY AGREEMENT (this "Agreement"), is entered into as of the date of execution by "Secured Party" (the "Effective Date") by and between AERUS FRANCHISING, LLC, a Delaware limited liability company, having offices at 14841 Dallas Parkway, Suite 500, Dallas, Texas 75254 ("Aerus Franchising" or "Secured Party") and the individual or entity executing this Agreement as Purchaser ("Debtor").
Source: Item 23 — Receipts (FDD pages 74–305)
What This Means (2025 FDD)
According to Aerus's 2025 Franchise Disclosure Document, the 'Secured Party' in the Security Agreement is Aerus Franchising, LLC. The agreement is established between Aerus Franchising, LLC, identified as the 'Secured Party,' and the franchisee, referred to as the 'Debtor.'
This agreement is formalized as of the execution date, with Aerus Franchising having its offices at 14841 Dallas Parkway, Suite 500, Dallas, Texas 75254. The Security Agreement is linked to the Franchise Agreement between the Debtor and Aerus Franchising. It also relates to a Secured Promissory Note, where the Debtor owes indebtedness to Aerus Franchising.
The Security Agreement serves as an inducement for Aerus Franchising to extend credit to the franchisee, with the Debtor securing the Note as outlined in the agreement. This arrangement ensures that Aerus Franchising has a secured interest in the assets of the franchisee to cover the debt owed.