What are the 'MICC Loan Documents' referenced in the Springhill Suites By Marriott agreement?
Springhill_Suites_By_Marriott Franchise · 2025 FDDAnswer from 2025 FDD Document
- "MICC Loan Documents" shall mean this Security Agreement, the Reimbursement Agreement, the Guaranty Agreement, the Hazardous Substances Indemnity Agreement, and any and all other documents and instruments executed in connection therewith.
Source: Item 17 — , "Renewal, Termination, Transfer, and Dispute Resolution," is amended by the addition of the following paragraph(s) at the conclusion of the Item: (FDD pages 285–553)
What This Means (2025 FDD)
According to the 2025 Springhill Suites By Marriott Franchise Disclosure Document, the 'MICC Loan Documents' are defined within the context of a security agreement. These documents consist of several agreements and instruments that outline the financial and legal obligations related to a loan.
Specifically, the MICC Loan Documents include the Security Agreement itself, the Reimbursement Agreement, the Guaranty Agreement, and the Hazardous Substances Indemnity Agreement. Additionally, any other documents and instruments executed in connection with these agreements are also considered part of the MICC Loan Documents.
These documents collectively establish the framework for securing and reimbursing any advances made by MICC (as defined in the Security Agreement) and outline the responsibilities and liabilities of the involved parties. A prospective franchisee should carefully review these documents to understand their obligations and the potential financial implications of the loan agreement.