What is the 'Depository' referring to in the context of the Carbones Pizzeria franchise?
Carbones_Pizzeria Franchise · 2025 FDDAnswer from 2025 FDD Document
| The undersigned ("Franchisee") acknowledges that on or about, 202, Franchisee and M & T Pizza Incorporated ("Franchisor") entered into a Franchise Agreement ("Agreement") for the operation of a Carbone's Pizzeria franchise. |
|---|
| To enable the Franchisor to receive automatic payments pursuant to the Agreement, Franchisee authorizes ("Authorization") |
| Franchisor to withdraw funds from and otherwise initiate debit entries to Franchisee's bank account indicated below, and the |
| depository named below ("Depository"), to debit the same to such account. |
| Depository Name: |
| Branch: |
| City State and Zip: |
| Transit/ABA#: |
| Bank Account Name: |
| Bank Account Number: |
| Tax ID for Account: |
| This Authorization is to remain in full force and effect until the underlying obligations of the Agreement have been satisfied in |
| full or expressly released in writing by Franchisor. Franchisee expressly agrees that this Authorization will apply to any and all |
| depositories and bank accounts that Franchisee opens during the term of the Agreement and any renewal terms. Without limiting |
| the above, Franchisee acknowledges and agrees that if Franchisee closes any bank account, Franchisee will: |
| 1) |
| immediately notify Franchisor in writing; |
| 2) |
| open or otherwise establish another bank account; |
| 3) |
| execute and deliver to Franchisor all documents necessary for Franchisor to begin and continue making |
| withdrawals from such bank account/depository by ACH debiting or other electronic means. |
| Franchisee expressly acknowledges and agrees that this Authorization will be the only written authorization needed from |
| Franchisee in order to initiate debit entries/ACH debit originations to Franchisee's bank account(s) established with any |
| depository in the future. |
Source: Item 22 — CONTRACTS (FDD page 30)
What This Means (2025 FDD)
According to the 2025 Carbones Pizzeria Franchise Disclosure Document, the 'Depository' refers to the franchisee's bank where funds will be withdrawn from. As part of the franchise agreement, the franchisee authorizes Carbones Pizzeria to withdraw funds from their bank account for payments. This authorization allows the franchisor to initiate debit entries to the franchisee's account.
The franchisee is required to provide the name of the depository, its branch, city, state, zip code, transit/ABA number, bank account name, bank account number, and tax ID for the account. This authorization remains in effect until the obligations of the franchise agreement are satisfied or released in writing by Carbones Pizzeria.
Furthermore, the franchisee agrees that this authorization applies to any bank accounts opened during the term of the agreement and any renewal terms. If a franchisee closes a bank account, they must notify Carbones Pizzeria in writing, open another bank account, and provide all necessary documents for the franchisor to continue making withdrawals. This authorization serves as the only written authorization needed for Carbones Pizzeria to initiate debit entries to the franchisee's bank accounts in the future.