Under the Browns Chicken Security Agreement, what is the Debtor's principal place of business?
Browns_Chicken Franchise · 2025 FDDAnswer from 2025 FDD Document
| This Security Agreement dated is by and between | |
|---|---|
| Brown's Chicken, LLC, an Illinois corporation, of 55 E. Park Boulevard, Villa Park, Illinois 60181 | |
| ("Secured | |
| Party") | |
| and | |
| , whose principal place of business is | |
| ("Debtor"). | |
| RECITALS | |
| A. | |
| Debtor is a franchisee under a Franchise Agreement dated | |
| ("Franchise Agreement") with Secured Party as Franchisor, pursuant to which Franchise Agreement | |
| Debtor has ongoing monetary and non-monetary obligations to Secured Party. | |
| B. | |
| Debtor operates business as "Brown's Chicken & Pasta" pursuant to the Franchise | |
| Agreement, | |
| at | |
| the | |
| following | |
| location: | |
| ("Premises"). | |
| C. | |
| Debtor is giving Secured Party a security interest in the collateral described in this | |
| Agreement. | |
| NOW THEREFORE, in consideration of the several and mutual covenants set forth herein, and | |
| for other good and valuable consideration, the receipt and sufficiency of which are hereby | |
| acknowledged, the parties hereto agree as follows: | |
| 1. | |
| The Recitals set forth above shall be incorporated into this part of the Agreement as though | |
| they were fully set forth herein. | |
| 2. | |
| Description of Collateral: the following property located at or relating to the Brown's | |
| Chicken & Pasta Store at the Premises identified in Paragraph B of the Recitals. | |
| all equipment, furniture, fixtures, inventory, personal property, supplies, general intangibles, | |
| accounts receivable, accounts, contract rights, chattel paper and instruments, now owned or | |
| hereafter acquired by the Debtor, and all additions and accessions to, and all proceeds and | |
| products of the foregoing ("Collateral"). |
Source: Item 22 — Contracts (FDD page 43)
What This Means (2025 FDD)
According to the 2025 Browns Chicken Franchise Disclosure Document, the Security Agreement involves Brown's Chicken, LLC, as the Secured Party, and the franchisee, referred to as the "Debtor." The agreement pertains to a franchisee who has ongoing monetary and non-monetary obligations to Browns Chicken as the franchisor. The Debtor's principal place of business is not explicitly defined in the provided excerpt but is indicated as a key element in identifying the involved parties. The agreement also mentions that the Debtor operates a Brown's Chicken & Pasta business at a specific location referred to as the "Premises."
The Security Agreement grants Browns Chicken a security interest in the Debtor's collateral, which includes property located at or related to the Brown's Chicken & Pasta store at the specified Premises. This collateral encompasses a wide range of assets, such as equipment, furniture, fixtures, inventory, personal property, supplies, general intangibles, accounts receivable, contract rights, chattel paper, and instruments, whether currently owned or acquired in the future. It also covers any additions, accessions, proceeds, and products derived from these assets.
For a prospective Browns Chicken franchisee, understanding the Security Agreement is crucial as it outlines the financial obligations and the assets that are subject to a security interest. While the excerpt does not specify the Debtor's principal place of business, it is an important detail that would be included in the full agreement. A potential franchisee should carefully review the entire Security Agreement to fully understand their obligations and the extent of the security interest granted to Browns Chicken.