When will the security interests granted under the Beverly Anns Cookie loan be released?
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 delivered. You acknowledge and agree that the Certification of Beneficial Owners (if applicable) is a Loan document. You agree that from the date of execution of this Loan Agreement until all of the obligations have been paid in full and all of our commitments have been terminated, you will provide (i) confirmation of the accuracy of the information set forth in the most recent Certification of Beneficial Owners provided to us (if applicable), as and when requested by us, (ii) if applicable, a new Certification of Beneficial Owners in form and substance acceptable to us when the individual(s) identified as a controlling party and/or a direct or indirect individual owner on the most recent Certification of Beneficial Owners provided to us have changed, and (iii) such other information and documentation as may reasonably be required by us from time to time for purposes of compliance by us with applicable laws (including without limitation the USA PATRIOT Act and other "know your customer" and anti-money laundering rules and regulations), and any policy or procedure implemented by us to comply therewith.
Source: Item 22 — CONTRACTS (FDD page 57)
What This Means (2025 FDD)
Based on the 2025 Franchise Disclosure Document, the security interest granted to Beverly Anns Cookie is valid until all obligations are paid in full and all commitments have been terminated.
According to Exhibit H-6, if a franchisee is obtaining a loan from Eagle Financial Services, Inc., the franchisee agrees that each use of their E-Signature in obtaining Eagle Financial Services, Inc's online service(s) constitutes agreement to be bound by the terms and conditions thereof.
According to Exhibit H-7, the Loan & Security Agreement with Auxilior Capital Partners states that the terms of the loan should be read carefully because only those terms in writing are enforceable. The franchisee agrees to comply with the terms and conditions of the loan, and the loan is not cancelable. According to Exhibit H-8, another sample contract is the Promissory Note and Security Agreement with Osgood Bank.
According to section 26 of the Loan Agreement, the franchisee agrees to deliver certification(s) of beneficial owners in the form requested by the lender. The franchisee represents and warrants that the information in the Certification of Beneficial Owners is true, complete, and correct. The franchisee agrees to provide confirmation of the accuracy of the information set forth in the most recent Certification of Beneficial Owners provided to the lender, and a new Certification of Beneficial Owners if the individual(s) identified as a controlling party and/or a direct or indirect individual owner have changed.