Does the Angry Chickz Franchise Agreement's definition of 'Assets' include investment property?
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" within the Franchise Agreement does not explicitly mention investment property. Instead, it broadly covers personal property and assets owned by the franchisee or in which the franchisee has rights, specifically those located at or used in connection with the franchised business.
The definition includes items such as accounts, licenses, permits, contract rights (including the Franchise Agreement itself), leasehold interests, telephone numbers, directory listings, websites, email addresses, social media accounts, intellectual property derived from the business, general intangibles, receivables, and claims of the franchisee. It also encompasses chattel paper, including electronic and tangible forms.
For a prospective Angry Chickz franchisee, this means that the definition of "Assets" is focused on the operational components and rights associated with running the franchise, rather than broader investment properties. If investment property is intended to be included or excluded, it would be prudent for a potential franchisee to seek clarification from Angry Chickz during their due diligence process. Understanding the precise scope of "Assets" is crucial for assessing the financial obligations and rights tied to the franchise.