Does the Ledgers FDD include sample Promissory Notes?

Based on the 2025 Ledgers Franchise Disclosure Document, while it mentions promissory notes, it does not include a sample or example of the note itself. The FDD refers to promissory notes in the context of financed area representative and unit franchise agreements. These notes may bear interest up to 12%. As of December 31, there are amounts due under these notes receivable.

This suggests that Ledgers may offer financing options to franchisees or area representatives, and these arrangements are formalized through promissory notes. However, the FDD does not provide the specific terms and conditions of these notes, beyond the interest rate cap.

A prospective franchisee would need to request a copy of the actual promissory note document from Ledgers to fully understand their obligations and the terms of any financing offered. This is a crucial step in evaluating the financial commitments involved in becoming a Ledgers franchisee or area representative.