On what date should the Security Agreement be dated for All Team?
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 should be dated as of "this day of, 20_." The agreement is between the debtor, identified as "a," and All Team Franchise Corporation, the secured party.
This means that the franchisee, as the debtor, and All Team will need to fill in the specific day and year when the Security Agreement is executed. This date is crucial because it marks the commencement of the agreement, which outlines the security interest All Team has in the franchisee's property to secure financial obligations.
Prospective franchisees should ensure that the date on the Security Agreement aligns with the date of the Funding Agreement, as referenced in the background section. This alignment is important because the Security Agreement is contingent upon the advances and financial accommodations outlined in the Funding Agreement. It is also important to understand that the agreement becomes effective as of its stated date of execution.