What is an Aira Fitness franchisee required to do if requested by Franchisor's Affiliate regarding waivers of interest or liens?
Aira_Fitness Franchise · 2025 FDDAnswer from 2025 FDD Document
The undersigned entered into a Franchise Agreement for the operation of an Aira Fitness Business under a license from AIRA Fitness Franchising LLC. In connection with the Franchise Agreement, I authorize AIRA Fitness Franchising LLC. to discuss with and obtain information from the third party providers for any Aira Fitness Business owned or guaranteed by my Owners (directly or indirectly), including: (1) the landlord of the Aira Fitness Business, (2) any lender providing financing for the Aira Fitness Business or that holds any security interest in any of the assets of the Aira Fitness Business or in the Franchisee (if a corporate entity), and (3) any other vendor orsupplier for the Aira Fitness Business. I authorize such persons to provide information regarding the Aira Fitness Business to AIRA Fitness Franchising LLC.
Source: Item 23 — **RECEIPTS (FDD pages 59–254)
What This Means (2025 FDD)
Based on the 2025 Aira Fitness Franchise Disclosure Document, if an Aira Fitness franchisee seeks financing for their business, they must authorize Aira Fitness to obtain information from any lender holding a security interest in the assets of the Aira Fitness business. This authorization is part of the Information Release Consent attached to the Franchise Agreement.
This consent allows Aira Fitness to discuss the franchisee's business with lenders and other vendors or suppliers. This enables Aira Fitness to monitor the financial health of its franchisees and ensure compliance with franchise standards.
While the FDD excerpts discuss the franchisee's obligation to authorize Aira Fitness to obtain information from lenders, it does not explicitly state what actions a franchisee must take if requested by Aira Fitness's affiliate regarding waivers of interest or liens. A prospective franchisee should seek clarification from Aira Fitness on the specific procedures and requirements related to such requests during their due diligence process.