What is the 'Effective Date' for the Beverly Anns Cookie loan agreement?
Beverly_Anns_Cookie Franchise · 2025 FDDAnswer from 2025 FDD Document
26. BENEFICIAL OWNERS. If applicable, you agree to deliver certification(s) of beneficial owners in the form requested by us (as executed and delivered to us on or prior to the date of this Loan Agreement and updated from time to time, the "Certification of Beneficial Owners"). You represent and warrant (which shall be continuing in nature and remain in full force and effect until all of the obligations are paid in full) that the information in the Certification of Beneficial Owners executed and delivered to us on or prior to the date of this Loan Agreement (if applicable), as updated form time to time in accordance with this Loan Agreement, is true, complete and correct as of the date hereof and as of the date any such update is deliver
Source: Item 22 — CONTRACTS (FDD page 57)
What This Means (2025 FDD)
Based on the 2025 Beverly Anns Cookie Franchise Disclosure Document, the 'Effective Date' for the loan agreement is determined by the date the certification of beneficial owners is executed and delivered to Mobile Cookie Company, LLC. According to the document, the franchisee agrees to deliver certification(s) of beneficial owners in the form requested by the franchisor. This certification, as executed and delivered on or prior to the date of the Loan Agreement and updated from time to time, is referred to as the "Certification of Beneficial Owners."
The franchisee represents and warrants that the information provided in the Certification of Beneficial Owners is true, complete, and correct as of the date of the loan agreement and as of the date any update is delivered. This representation remains in full force and effect until all obligations are paid in full.
In practical terms, this means the loan agreement's effective date is closely tied to the accuracy and timeliness of the franchisee's beneficial ownership disclosures. A prospective franchisee should ensure all information is accurate and up-to-date to avoid any issues with the loan agreement.