Common use of TRAINING PROGRAM DEPOSIT Clause in Contracts

TRAINING PROGRAM DEPOSIT. If, pursuant to the terms of this Article 20, the rights granted in this Agreement are assigned, transferred or bequeathed to another person or entity, or if the FRANCHISEE'S shareholders transfer over fifty percent (50%) of their capital stock to another person or entity, then, as a condition (in addition to the other conditions expressed in this Article 20) to the approval by COST CUTTERS of such assignment, transfer or bequest, the transferee Franchisee will pay COST CUTTERS a training program deposit which will be refunded to the transferee Franchisee in its entirety upon the transferee Franchisee's successful completion of COST CUTTERS' training program. The amount of the training program deposit to be paid to COST CUTTERS is Two Thousand Dollars ($2,000) if the Franchised Location is located within ninety (90) miles of COST CUTTERS' training facility located in Minneapolis, Minnesota. If the Franchised Location is located more than ninety (90) miles from COST CUTTERS' training facility, then the amount of the training program deposit to be paid to COST CUTTERS is Three Thousand Dollars ($3,000).