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 WCH of such assignment, transfer or bequest, the transferee Franchisee will pay WCH a training program deposit which will be refunded to the transferee Franchisee in its entirety upon the transferee Franchisee's successful completion of WCH'S training program. The amount of the training program deposit to be paid to WCH is Two Thousand Dollars ($2,000) if the Franchised Location is located within ninety (90) miles of WCH'S training facility located in Minneapolis, Minnesota. If the Franchised Location is located more than ninety (90) miles from WCH'S training facility, then the amount of the training program deposit to be paid to WCH is Three Thousand Dollars ($3,000).