What is the currency for payments under the Creative World School promissory note?
Creative_World_School Franchise · 2025 FDDAnswer from 2025 FDD Document
| from the date of this Note at the rate and time later provided, on the balance from time to time | |
|---|---|
| remaining unpaid. The Loan represented by this Note is subject to the terms and conditions of a | |
| CREATIVE WORLD SCHOOL® Franchise Agreement dated | , 201 |
Source: Item 23 — RECEIPTS (FDD pages 80–247)
What This Means (2025 FDD)
Based on the 2025 Creative World School Franchise Disclosure Document, the currency for payments under the promissory note is not explicitly stated. However, the document does mention that Creative World School maintains cash balances with First Foundation Bank, and these balances are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. Also, the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.
Given that Creative World School is based in Florida and its financial statements adhere to US accounting principles, it is highly probable that the currency used for all financial transactions, including promissory notes, is the United States dollar (USD). This is a standard practice for businesses operating within the United States.
To confirm the currency used for the promissory note, a prospective Creative World School franchisee should seek clarification from the franchisor during their due diligence process. Specifically asking about the currency specified in the franchise agreement and any related financial documents will provide a definitive answer and avoid potential misunderstandings.