In the context of the Addendum to Merchant Processing Application and Agreement for New Properties, what is the 'Addendum Effective Date' for Even Hotels?
Even_Hotels Franchise · 2025 FDDAnswer from 2025 FDD Document
This Addendum to Merchant Processing Application and Agreement for New Properties ("Addendum") is entered into between FDS Holdings, Inc. ("First Data" or "Processor"), Bank of America, N.A. ("Bank") (collectively with First Data, "Servicers", "us", "our" or "we"), and the undersigned client ("Client", "you", or "your") as of the date signed by First Data and Client ("Addendum Effective Date"). Capitalized terms used but not defined in this Addendum are defined in the Terms and Conditions or elsewhere in the Agreement.
Source: Item 23 — RECEIPTS (FDD pages 99–438)
What This Means (2025 FDD)
According to Even Hotels' 2025 Franchise Disclosure Document, the Addendum Effective Date in the Addendum to Merchant Processing Application and Agreement for New Properties is defined as the date when both First Data and the client (the franchisee) sign the addendum. This addendum is an agreement between FDS Holdings, Inc. (First Data or Processor), Bank of America, N.A. (Bank), and the client.
For a prospective Even Hotels franchisee, this means that the terms and conditions outlined in the addendum become legally binding on the date that both the franchisee and First Data have signed the document. This date is crucial because it marks the point from which the franchisee is subject to the specific obligations and benefits detailed within the addendum, which supplements the broader Merchant Processing Application and Agreement.
It is important for the Even Hotels franchisee to carefully review and understand all aspects of the addendum before signing, as the Addendum Effective Date triggers the enforcement of its provisions. Franchisees should ensure they are fully aware of their responsibilities and rights from this date forward, particularly concerning payment card processing services and other related services provided by First Data and Bank of America.