What is the purchaser's obligation regarding equipment and trade fixtures necessary to fulfill their obligations under the Circle K agreement?

According to Circle K's 2025 Franchise Disclosure Document, the purchaser is responsible for providing all necessary buildings, improvements, equipment, tools, and like appliances to fulfill their obligations under the agreement. This encompasses a broad range of items needed to operate the Circle K business effectively.

Furthermore, the purchaser is responsible for the installation and maintenance of all Circle K image components. However, the purchaser may be able to use a Conversion/Improvement Amount, which is a loan from the seller, to reimburse the costs of acquiring certain equipment, personal property, real property, and fixtures, as well as for construction at the premises. These funds can also be used for TMC (presumably, a third-party vendor) to pay related invoices on the purchaser's behalf, according to the Conversion/Improvements Schedule.

In addition, the purchaser must properly maintain all USTs (Underground Storage Tanks), hoses, connections, and associated equipment at the premises. Circle K may refuse to deliver products if it believes any UST, hose, connection, or associated equipment is not safely maintained or in compliance with applicable safety standards. This highlights the franchisee's critical role in ensuring safety and regulatory compliance in equipment maintenance.