Under the Benjamin Franklin Plumbing agreement, what is the Secured Party appointed as for the Debtor?

According to the 2025 Benjamin Franklin Plumbing Franchise Disclosure Document, the Debtor appoints the Secured Party as its agent and attorney-in-fact. This appointment empowers the Secured Party to execute and deliver documents and undertake actions on the Debtor's behalf. These actions are those that the Secured Party deems necessary or advisable to establish, maintain, perfect, assure the priority of, or foreclose its security interest in and lien on the Collateral. This appointment is coupled with an interest and remains irrevocable as long as any debt remains unpaid.

For a prospective Benjamin Franklin Plumbing franchisee, this means that if they enter into a security agreement with Benjamin Franklin Franchising SPE LLC, they grant the company the power to act on their behalf in matters related to the security interest. This includes executing documents and taking actions to protect the company's interest in the collateral, which typically includes business assets.

This arrangement is designed to protect Benjamin Franklin Plumbing's investment and ensure they have the legal means to recover their funds if the franchisee defaults on their obligations. The franchisee should understand the full scope of this appointment and how it could impact their business operations in the event of financial difficulties. It is advisable to seek legal counsel to fully understand the implications of granting such broad powers to the franchisor.