Who is required to sign this disbursement authorization for an Aunt Millies Bakeries distributorship?
Aunt_Millies_Bakeries Franchise · 2025 FDDAnswer from 2025 FDD Document
dditions to or of the foregoing; and c) all cash or non-cash proceeds (including insurance proceeds) of the foregoing.
CONSIGNEE/CONSIGNOR NON- UCC FILING This FINANCING STATEMENT is to be filed (for record)(or recorded in the REAL 7. Check to REQUEST REPORTS(S) on Debtor(s) All Debtors Debtor 1 Debtor 2 ESTATE RECORDS Attach addendum (if applicable) (ADDITIONAL FEE) 8. OPTIONAL FILER REFERENCE DATA
Exhibit J(4) Financing Documents with Distribution Services of America, Inc. Loan Proceeds Disbursement Authorization
LOAN PROCEEDS DISBURSEMENT AUTHORIZATION
| I, DISTRIBUTOR'S CORPORATE NAME, | hereby authorize and acknowledge the | |--------------------------------------------------------------------
Source: Item 23 — RECEIPT (FDD pages 44–196)
What This Means (2025 FDD)
According to the 2025 Aunt Millies Bakeries FDD, the disbursement authorization related to a Promissory Note must be signed by the President of the Distributor's Corporation. The document outlines a disbursement of loan proceeds concerning a Promissory Note executed by the Distributor in favor of Distribution Services of America, Inc. (DSA). This authorization acknowledges the disbursement to Perfection Bakeries, Inc., trading as Aunt Millie's, for a down payment, and to Distribution Services of America, Inc. for a loan administration fee.
The disbursement authorization includes specific allocations: an amount of $X,XXX.00 is designated for the down payment to Perfection Bakeries, Inc. for the route purchase price, and $400.00 is allocated to Distribution Services of America, Inc. for the loan administration fee. The total loan amount is specified as $X,XXX.00. The authorization is signed by the President of the Distributor's Corporation, with a space for the effective date to be filled in.
This requirement ensures that the Distributor's Corporation, through its President, formally acknowledges and approves the disbursement of loan funds for the specified purposes. This process likely serves as a control measure to ensure transparency and accountability in the financial transactions related to the distributorship. A prospective franchisee should note the importance of corporate governance and the President's role in authorizing financial transactions.