Under the Jersey Mikes Promissory Note, what is the definition of 'Holder'?
Jersey_Mikes Franchise · 2025 FDDAnswer from 2025 FDD Document
| $[] | Date: [] |
|---|---|
| 1. | DEFINED TERMS. As used in this Promissory Note (this "Note"), the following terms shall have the following meanings: |
| a. | Maker: [] |
| b. | Holder: Jersey Mike's Franchise Systems, LLC |
Source: Item 22 — CONTRACTS (FDD page 77)
What This Means (2025 FDD)
According to Jersey Mikes's 2025 Franchise Disclosure Document, the 'Holder' in the context of the Promissory Note is defined as Jersey Mike's Franchise Systems, LLC. This definition is important because the 'Holder' is the entity to whom the Maker (the franchisee) owes the obligations outlined in the Promissory Note.
As the Holder, Jersey Mike's Franchise Systems, LLC, has specific rights and responsibilities related to the Promissory Note. These rights typically include the right to receive payments, enforce the terms of the note in case of default, and potentially transfer or assign the note to another party. The franchisee, as the Maker, is obligated to make payments and adhere to all other conditions specified in the note.
Understanding the role of the Holder is crucial for a prospective Jersey Mikes franchisee, as it clarifies who they are financially obligated to under the Promissory Note. The franchisee should carefully review the Promissory Note and related agreements to fully understand their obligations and the Holder's rights. This includes understanding the conditions under which Jersey Mike's Franchise Systems, LLC, can enforce the note and what remedies are available to them in case of default.