What is the definition of 'Obligations' according to the Cinnabon Guaranty agreement?

According to Cinnabon's 2025 Franchise Disclosure Document, the Guaranty agreement specifies that the term 'Obligations' encompasses two primary categories. First, it includes the complete and timely fulfillment of all duties related to payments and overall performance expected from the franchisee, as well as their owners, officers, directors, agents, and employees, under the Franchise Agreement. This extends to any amendments or other agreements between the franchisee and Cinnabon.

The second category covers the full and prompt payment or reimbursement of all amounts, costs, expenses, claims, liabilities, or obligations that Cinnabon incurs under the Franchise Agreement. This means that the guarantor is responsible not only for the franchisee's direct obligations but also for any financial burdens Cinnabon assumes due to the franchisee's actions or inactions.

In essence, the guarantor is on the hook for ensuring that Cinnabon is fully protected financially and operationally concerning the franchisee's adherence to the Franchise Agreement. This arrangement is designed to provide Cinnabon with a security net, ensuring that all financial and performance-related obligations are met, even if the franchisee fails to meet them directly. This could have significant financial implications for the guarantor, who must be prepared to cover a wide range of potential costs and liabilities.