In the context of the Equipment Finance Agreement (EFA) for Chesters, what do 'we', 'us', and 'our' refer to?

According to Chesters's 2025 Franchise Disclosure Document, in the context of the Equipment Finance Agreement (EFA), the terms 'we', 'us', and 'our' refer to the Secured Party, its successors, and assigns. In the specific EFA example provided, the Secured Party is Regions Bank, an Alabama banking corporation doing business as Ascentium Capital.

This means that Regions Bank (Ascentium Capital) is the lender in the EFA. They are providing the financing for the collateral, which in this case is a Flatbed Truck with sleigh clamps and a Snow Plow with a 20 ft blade. As the secured party, Regions Bank has certain rights and protections under the agreement, such as the right to receive payments, a security interest in the collateral, and the ability to terminate the agreement under certain conditions.

For a prospective Chesters franchisee, understanding this definition is crucial because it clarifies who they are dealing with when it comes to financing equipment. It's important to note that Chesters may assign the agreement to a third party without restriction. The franchisee should be aware of their obligations to the Secured Party, such as making payments, maintaining insurance, and keeping the collateral free from liens. The franchisee should also understand the Secured Party's rights, such as the right to inspect the collateral and terminate the agreement if the franchisee defaults.