What is the full legal name of the Secured Party in the Security Agreement 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 defines the "Secured Party" as ALL TEAM FRANCHISE CORPORATION, a Florida corporation. Their chief executive office is located at 500 N. Westshore Boulevard, Suite 300, Tampa, Florida 33609.
This agreement outlines the terms under which the franchisee (Debtor) grants All Team Franchise Corporation (Secured Party) a security interest in the franchisee's assets (Collateral) to secure the franchisee's obligations. This means that if the franchisee defaults on their obligations, All Team has a legal claim on the specified collateral.
As part of the agreement, the Debtor grants the Secured Party a security interest in the Collateral. The Debtor is also required to execute financing statements and other documents necessary to perfect the security interest. This allows All Team to establish a legal priority over other potential creditors regarding the collateral. The Debtor also appoints All Team as their attorney-in-fact, empowering All Team to sign financing statements on the Debtor's behalf.
This Security Agreement is a standard legal document used in franchising to protect the franchisor's financial interests. Prospective franchisees should carefully review this agreement with legal counsel to fully understand their obligations and the potential consequences of default.