Under the Schedule of Fixtures Collateral, does Aerus's definition of fixtures include items acquired in the future?
Aerus Franchise · 2025 FDDAnswer from 2025 FDD Document
SCHEDULE OF FIXTURES COLLATERAL
All present and future right, title and interest of Debtor in and to all fixtures now owned or hereafter acquired. The above-described fixtures includes, without limitation, all attachments, renewals, replacements, additions, accessories, accessions, increases, parts, substitutes therefore and proceeds of the above and all guaranties, claims, rights, remedies and privileges relating to any of the foregoing.
Source: Item 23 — Receipts (FDD pages 74–305)
What This Means (2025 FDD)
According to Aerus's 2025 Franchise Disclosure Document, the Schedule of Fixtures Collateral includes both currently owned and future acquired fixtures. This means that any fixtures the franchisee owns now, as well as any they acquire later, are considered collateral. This collateral also includes any attachments, renewals, replacements, additions, accessories, accessions, increases, parts, substitutes, and proceeds from these fixtures, along with any related guarantees, claims, rights, remedies, and privileges.
For a prospective Aerus franchisee, this has significant implications. It means that Aerus has a security interest not only in the fixtures initially used to operate the franchise but also in any fixtures purchased or obtained throughout the term of the franchise agreement. This could impact the franchisee's ability to sell, transfer, or otherwise dispose of these assets without Aerus's consent.
This type of collateral agreement is fairly standard in franchising, as it protects the franchisor's investment and ensures that the franchisee fulfills their financial obligations. However, franchisees should carefully consider the implications of granting such a broad security interest, especially if they plan to finance the purchase of fixtures through other means. Franchisees should seek legal counsel to fully understand the scope of the collateral agreement and its potential impact on their business operations.