Financing Disclosure Terms

At Done Right Hood & Fire Safety, we believe in full transparency when it comes to financing your kitchen equipment and safety system investments. The financing terms provided through our partnership with Ascentium Capital are structured to be straightforward and business-friendly. The following disclosure outlines all key terms, conditions, responsibilities, and protections related to your finance agreement. Please review carefully to understand your obligations, payment structure, equipment usage rules, and other essential details tied to your financing. This ensures you’re fully informed before finalizing your agreement.

EQUIPMENT FINANCE AGREEMENT (EFA) TERMS

Lender: Regions Bank d/b/a Ascentium Capital
Borrower (Debtor): As named in the agreement
Collateral: Equipment, inventory, and related personal property as described by supplier

1. Loan & Payment Terms

• The loan covers equipment, shipping, installation, training, taxes, and approved fees (“Soft Costs”).

• The borrower irrevocably authorizes payment to the supplier by the lender.

• If final costs differ from estimates, the lender may adjust the financed amount.

• Payments include monthly installments and an initial prorated payment based on funding date.

• Late payments may incur a charge of 10% or the maximum allowed by law.

2. Security Interest

• The lender holds a security interest in the financed equipment and all proceeds.

• Borrower agrees to all necessary Uniform Commercial Code filings.

3. Absolute Obligations

• Payment obligations remain regardless of equipment performance, delivery, or defects.

• The borrower waives any setoffs or defenses related to supplier performance.

4. Equipment Use & Maintenance

• Equipment must be used for commercial purposes only and remain at the specified location.

• Borrower is responsible for maintenance, repair, and all risk of damage or loss.

5. Taxes, Fees & Insurance

• Borrower must pay all applicable taxes, fees, and provide proof of required insurance.

• If insurance is not provided, lender may secure its own at borrower’s cost.

6. Default & Remedies

• Default occurs upon missed payments, bankruptcy, business changes, or contractual breaches.

• Upon default, the lender may accelerate payments, repossess equipment, and pursue legal remedies.

• Borrower bears costs of enforcement, including legal and recovery expenses.

7. Governing Law & Jurisdiction

• Agreement governed by federal law and the laws of Alabama.

• Jurisdiction lies in Jefferson County, Alabama.

• Borrower waives the right to a jury trial and improper venue objections.

8. Prepayment Terms (As Defined in Prepayment Addendum)

• Prepayment of the full balance is allowed under specific conditions and may incur a fee:

  • 5% if prepaid within 12 months

  • 4% between 12–24 months

  • 3% between 24–36 months

  • 2% between 36–48 months

  • 1% after 48 months

• Partial prepayments are not permitted.

9. Guaranty

• Personal guaranty may be required for obligations under the EFA.

• The guarantor remains liable regardless of changes in borrower status.

10. Commencement of Obligations

• Borrower’s payment obligations begin immediately upon execution of the Commencement Agreement.

• Obligations remain even if all equipment has not been delivered.

11. Notices & Communication

• Borrower consents to electronic communications and notices via provided contact details.

• All legal notices shall be sent via mail or electronic communication.

12. Entire Agreement

• The EFA and any addenda constitute the full understanding between borrower and lender.

• Amendments must be made in writing.

• Electronic copies are legally binding.

For any questions regarding your finance terms, contact Done Right Hood & Fire Safety at info@donerighthfs.com or call (212) 660-3232

This disclosure is for informational purposes only. Please refer to your specific finance documents for binding terms and conditions.