What entities are collectively referred to as 'Guarantors' in relation to the Benjamin Franklin Plumbing franchise?

According to the 2025 Benjamin Franklin Plumbing Franchise Disclosure Document, the term "Guarantors" can refer to different entities depending on the context. In the context of a Promissory Note, the Guarantors are the individuals who personally and unconditionally guarantee that the Maker (the franchisee) will fulfill their payment and performance obligations under the note. These individuals agree to be personally liable if the Maker defaults.

In the context of a Renewal Addendum to the Franchise Agreement, the Guarantor refers to the individual(s) guaranteeing the franchisee's obligations under the Franchise Agreement. This is particularly relevant when a franchisee is renewing their agreement, ensuring that the obligations are continuously guaranteed.

In the broader organizational structure of Authority Brands, the parent company of Benjamin Franklin Plumbing, "Guarantor" refers to AB SPE Guarantor LLC and its subsidiaries. This entity plays a role in the financial securitization structure of Authority Brands, providing a guarantee within the larger corporate framework. Therefore, prospective franchisees should be aware that the term "Guarantor" can have different meanings depending on the specific document or agreement being referenced.