Does the All Team agreement specify who the 'Secured Party' is?
All_Team Franchise · 2025 FDDAnswer from 2025 FDD Document
This is a Security Agreement ("Agreement") dated as of this day of, 20, by and between a, with its principal place of business and chief executive office at (hereinafter called the "Debtor") and ALL TEAM FRANCHISE CORPORATION, a Florida corporation, with its chief executive office at 500 N. Westshore Boulevard, Suite 300, Tampa, Florida 33609 (hereinafter called the "Secured Party").
Source: Item 22 — CONTRACTS (FDD pages 33–34)
What This Means (2025 FDD)
According to All Team's 2025 Franchise Disclosure Document, the Security Agreement specifies the 'Secured Party'. The agreement clearly states that All Team Franchise Corporation, a Florida corporation with its chief executive office at 500 N. Westshore Boulevard, Suite 300, Tampa, Florida 33609, is the 'Secured Party'.
This designation is crucial because it establishes All Team as the entity to whom the Debtor (the franchisee) grants a security interest in the collateral to secure the franchisee's obligations. This means that if the franchisee defaults on their obligations, All Team has the right to seize the assets defined as collateral in the agreement.
For a prospective All Team franchisee, this means understanding exactly what assets are included as collateral in the Security Agreement and the circumstances under which All Team could exercise its rights as the Secured Party. It is important to fully understand the implications of granting a security interest and to ensure that all obligations to All Team can be met to avoid default and potential loss of collateral.