What is the purpose of Exhibit H in relation to the Petro Stopping Center franchise?
Petro_Stopping_Center Franchise · 2025 FDDAnswer from 2025 FDD Document
ent and of all other f the State of Notary Public of My commiss ion expires: Record and r eturn to:#### EXHIBIT A EXHIBIT A
[Description of property] [Description of property]
{H0199883.1} {H0199883.1} 99
PETRO FRANCHISE SYSTEMS LLC GUARANTY OF PERFORMANCE PETRO FRANCHISE SYSTEMS LLC GUARANTY OF PERFORMANCE
EXHIBIT H TO THE DISCLOSURE DOCUMENT EXHIBIT H TO THE DISCLOSURE DOCUMENT
GUARANTY OF PERFORMANCE
For value received BP Corporation North America Inc., an Indiana corporation located at 501 Westlake Park Boulevard, Houston, TX 77079, absolutely and unconditionally guarantees to assume the duties and obligations of Petro Franchise Systems LLC, a Delaware limited liability company located at 24601 Center Ridge Road, Westlake, Ohio 44145-5634 (the "Franchisor"), under its franchise registration in each state where the franchise is registered, and under its Franchise Agreement identified in its 2025 "Petro Stopping Centers" Franchise Disclosure Document, as it may be amended, and as that Franchise Agreement may be entered into with franchisees and amended, modified, or extended from time to time. This guarantee continues until all such obligations of the Franchisor under its franchise registrations and the Franchise Agreement are satisfied or until the liability of the Franchisor to its franchisees under the Franchise Agreement has been completely discharged, whichever first occurs. The Guarantor is not discharged from liability if a claim by a franchisee against the Franchisor remains outstanding. Notice of acceptance is waived. The Guarantor does not waive receipt of notice of default on the part of Franchisor. This guarantee is binding on the Guarantor and its successors and assigns.
The Guarantor signs this guarantee at Houston, Texas on the _25th __ day of ____February___, 2025.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 87)
What This Means (2025 FDD)
According to the 2025 Petro Stopping Center Franchise Disclosure Document, Exhibit H contains the Guaranty of Performance. This is a guarantee from BP Corporation North America Inc., the guarantor, to assume the duties and obligations of Petro Franchise Systems LLC, the franchisor, under its franchise registration in each state where the franchise is registered and under its Franchise Agreement. BP Corporation North America Inc. is located in Houston, TX, while Petro Franchise Systems LLC is located in Westlake, Ohio.
This guarantee remains in effect until all obligations of Petro Franchise Systems LLC under its franchise registrations and the Franchise Agreement are satisfied, or until the liability of the franchisor to its franchisees under the Franchise Agreement has been completely discharged. The guarantor is not discharged from liability if a claim by a franchisee against the franchisor remains outstanding. Notice of acceptance is waived, but the guarantor does not waive receipt of notice of default on the part of the franchisor.
In simpler terms, the Guaranty of Performance ensures that if Petro Franchise Systems LLC fails to meet its obligations as a franchisor, BP Corporation North America Inc. will step in to fulfill those responsibilities. This provides an additional layer of security for franchisees, as it demonstrates that a larger, more established company is backing the franchisor's commitments. This type of guarantee is not uncommon in franchising, especially when the franchisor is a subsidiary of a larger corporation.