Does the definition of 'Assets' in the Angry Chickz Franchise Agreement include licenses and permits?
Angry_Chickz Franchise · 2025 FDDAnswer from 2025 FDD Document
"Assets" means all of the following personal property and assets owned by Franchisee or in which Franchisee otherwise has any rights, and located at, or used in connection with the Franchised Business: (a) all accounts, licenses, permits, and contract rights, including this Agreement, leasehold interests, all telephone and telecopier numbers, telephone and other directory listings, websites, email addresses, social media and other electronic accounts, profiles and listings associated with the Franchised Business, intellectual property derived from and created in connection with the Franchised Business (to the extent not assigned to Company), general intangibles, receivables, claims of Franchisee, all guaranties and security therefor and all of Franchisee's right, title and interest in the goods purchased and represented by any of the foregoing; (b) all chattel paper including electronic chattel paper and tangible chattel paper; (c) all
Source: Item 23 — RECEIPTS (FDD pages 54–260)
What This Means (2025 FDD)
According to the 2025 Angry Chickz Franchise Disclosure Document, the definition of 'Assets' includes licenses and permits. Specifically, the Franchise Agreement defines 'Assets' as all personal property and assets owned by the franchisee or in which the franchisee has rights, located at or used in connection with the franchised business. This definition explicitly includes licenses and permits.
For a prospective Angry Chickz franchisee, this means that licenses and permits associated with the restaurant are considered assets of the business. This is important in the context of the Franchise Agreement because it clarifies ownership and rights related to these essential operational components.
The definition extends to other items such as accounts, contract rights (including the Franchise Agreement itself), leasehold interests, telephone numbers, directory listings, websites, email addresses, social media accounts, intellectual property, general intangibles, receivables, and claims. This comprehensive definition ensures that a wide range of assets are clearly identified and covered under the agreement.