Does Hardees guarantee any of the franchisee's notes?

The 2025 Hardees Franchise Disclosure Document does not explicitly state that Hardees will guarantee a franchisee's notes. However, the document does include a section titled "GUARANTEE AND ASSUMPTION OF FRANCHISEE'S OBLIGATIONS" under Item 22, Contracts. This section suggests that there are circumstances where a franchisee's obligations might be guaranteed or assumed, although the specifics are not detailed within the provided excerpts.

Furthermore, Exhibit M, the Renewal Addendum to the Hardee's Restaurant Franchise Agreement, mentions "Guarantors" who may have guaranteed the Franchisee's obligations under the Franchise Agreement. This implies that while Hardees itself may not directly guarantee a franchisee's notes, another party (the Guarantor) might. The presence of guarantors is noted in the context of renewing a franchise agreement, indicating this may be more relevant to existing franchisees seeking renewal rather than new franchisees.

Prospective franchisees should carefully review the full franchise agreement and any related addenda to understand the conditions under which obligations might be guaranteed and who the guarantors would be. It is essential to seek clarification from Hardees regarding any specific requirements or expectations related to guarantees and to consult with legal and financial advisors to assess the implications of these obligations.