What notices does the Guarantor waive under the Cream Guaranty?

According to Cream's 2025 Franchise Disclosure Document, a Guarantor waives certain rights and notices to facilitate the enforcement of the guaranty. This waiver is part of the standard Guaranty and Assumption of Obligations agreement that Cream requires.

Specifically, the Guarantor waives acceptance and notice of acceptance by Cream of the Guarantor's obligations under the Guaranty. They also waive the right to receive notice of demand for payment of any debt or notice of non-performance of any obligations guaranteed. Furthermore, the Guarantor waives protest and notice of default to any party concerning the guaranteed debt or non-performance, and any other notices they might otherwise be entitled to receive.

In practical terms, this means that Cream does not have to formally notify the Guarantor that they are accepting the guaranty, demanding payment from the primary debtor (either the Franchise Owner or Area Developer), or informing the Guarantor of any defaults or non-performance by the primary debtor. The Guarantor is essentially agreeing to be immediately and directly liable without requiring Cream to go through a formal notification process. This streamlines the process for Cream to pursue the Guarantor in case of default, potentially expediting recovery of funds. Prospective franchisees should carefully consider the implications of these waivers before signing the Guaranty, as it significantly reduces their rights to receive information and potentially defend against claims.