Under the All Team agreement, what is the debtor's principal place of business used for?
All_Team Franchise · 2025 FDDAnswer from 2025 FDD Document
r to the jurisdiction, governing law or venue in those Florida courts.
IN WITNESS WHEREOF, each of the undersigned has hereunto affixed their signatures on the same day and year as the Agreement was executed.
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EXHIBIT A
SECURITY AGREEMENT
SECURITY AGREEMENT
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 debtor's principal place of business is the location specified in the Security Agreement where the debtor's business and chief executive office are situated. This location is crucial for identifying the debtor and determining where legal notices should be sent. Specifically, if All Team needs to notify the debtor of any intended action, such as the sale or disposition of collateral, sending the notice to the address listed in the Security Agreement or, if no address is listed there, to the debtor's principal place of business, constitutes reasonable notice, provided it is sent at least 10 business days before the action.
This aspect of the agreement is important for franchisees as it establishes how All Team will communicate critical information regarding the security interests and potential actions related to the collateral. The franchisee needs to ensure that the principal place of business is accurately recorded and kept up to date with All Team to avoid missing important notices. Failing to receive such notices could result in the franchisee being unaware of actions taken by All Team, potentially leading to financial or legal repercussions.
In the context of the Security Agreement, the debtor's principal place of business serves as an official address for legal and business communications. This is a standard practice in secured transactions, ensuring clarity and accountability in the relationship between the secured party (All Team) and the debtor (franchisee). Franchisees should be diligent in maintaining accurate records and promptly informing All Team of any changes to their principal place of business to safeguard their interests and comply with the terms of the agreement.