Who is the Attorney-in-Fact authorized to execute surety obligations on behalf of Alloy?
Alloy Franchise · 2025 FDDAnswer from 2025 FDD Document
On behalf of: | Alloy Personal Training, LLC | | | | | In favor of: | State of Illinois Attorney General | | | |
Provided, however, that this Continuation Certificate does not create a new obligation and is executed upon the express condition and provision that the Surety's liability under said bond and this and all Continuation Certificates issued in connection therewith shall not be cumulative and that said Surety's aggregate liability under said bond and this and all such Continuation Certificates on account of all defaults committed during the period (regardless of the number of years) said bond has been and shall be in force, shall not in any event exceed the amount of said bond as hereinbefore set forth.
Dated this 8th day of April, 2024
ARCH INSURANCE COMPANY
Anthony Basciano
, Attorney-in-Fact
This Power of Attorney limits the acts of those named herein, and they have no authority to bind the Company except in the manner and to the extent herein stated. Not valid for Note, Loan, Letter of Credit, Currency Rate, Interest Rate or Residential Value Guarantees.
POWER OF ATTORNEY
Know All Persons By These Presents:
That the Arch Insurance Company, a corporation organized and existing under the laws of the State of Missouri, having its principal administrative office in Jersey City, New Jersey (hereinafter referred to as the "Company") does hereby appoint:
Anthony Basciano of Cortland, NY
its true and lawful Attorney(s)in-Fact, to make, execute, seal, and deliver from the date of issuance of this power for and on its behalf as sure
Source: Item 23 — RECEIPTS (FDD pages 69–245)
What This Means (2025 FDD)
According to Alloy's 2025 Franchise Disclosure Document, Anthony Basciano of Cortland, NY, is appointed as the Attorney-in-Fact for Arch Insurance Company. This appointment grants Basciano the authority to execute, seal, and deliver bonds, undertakings, recognizances, and other surety obligations on behalf of Arch Insurance Company, acting as a surety for Alloy. This power is effective from the date the power of attorney was issued.
The power granted to Anthony Basciano is limited to a penal sum not exceeding $150,000,000.00. This means that Basciano can only execute bonds and surety obligations up to this amount. The FDD specifies that this authority does not permit splitting the same obligation into multiple bonds to remain within the dollar limit.
This arrangement ensures that Alloy has a designated representative through whom surety obligations can be executed. For a prospective franchisee, this indicates that financial assurances, such as surety bonds required by certain states like Maryland due to the franchisor's financial condition, are managed through this Attorney-in-Fact. Franchisees should be aware of the limitations and scope of this power of attorney, particularly the maximum penal sum that Basciano is authorized to handle.