Controlling Principal definition

Controlling Principal means ▇▇▇ ▇▇▇▇▇▇▇ and/or ▇▇▇▇ ▇. ▇▇▇▇▇▇ III, or any trusts established by such Persons for the benefit of their immediate family members if such Person is a trustee of such trusts and able to effectively control the property and business of the trusts.

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Controlling Principal means Jay Shidler and/or Clay W. Hamlin III, or any trusts established by s▇▇▇ ▇▇▇▇▇▇▇ for the ▇▇▇▇▇▇▇ ▇▇ ▇▇eir immediate family members if such Person is a trustee of such trusts and able to effectively control the property and business of the trusts.

Controlling Principal. – means and includes, collectively and individually, any Franchisee’s Principals who has been designated by Franchisor as a Controlling Principal.

Examples of Controlling Principal in a sentence

• Licensor hereby expressly disclaims any representations and warranties regarding the performance of any employee or former employee of Licensor or its Affiliates, or any developer or operator operating under the System, who is designated or employed by Developer or any Controlling Principal in any capacity, and Licensor shall not be liable for any losses, of any nature or kind, incurred by Developer or any Controlling Principal in connection therewith.

• The employing Developer or Controlling Principal shall pay to the former employer an amount equal to the salary of such Covered Individual for the six (6) month period prior to the termination of his employment with such former employer (or if the Covered Individual was employed less than six (6) months, that Covered Individual's projected salary had the Covered Individual been employed for the full six (6) months) for any restaurant level managerial personnel.

• Developer and each Controlling Principal will cooperate with Licensor in any efforts made by Licensor to verify compliance with such representations, warranties, covenants and agreements.

• Such amount shall be paid by Developer, or the applicable Controlling Principal, as the case may be, within thirty (30) days after written notice, unless otherwise agreed with such former employer.

• Such financial statements present fairly the financial position of Developer and each Controlling Principal, as applicable, at the dates indicated therein and with respect to Developer, the results of its operations, cash flow and owners' equity for the years then ended.

• The expiration, earlier termination or exercise of Licensor's rights pursuant to Article VII of this Agreement shall not discharge or release Developer or any Controlling Principal from any liability or obligation then accrued, or any liability or obligation continuing beyond, or arising out of, the expiration, the earlier termination or the exercise of such rights under this Agreement.

• The covenants in this Section shall survive the expiration, termination or transfer of this Agreement or any interest herein and shall be perpetually binding upon Developer and each Controlling Principal; provided, however, if the jurisdiction in which this covenant is sought to be enforced does not allow perpetual binding, then the maximum amount of time allowed under the applicable law.

• Acceptance by Licensor of any payments due to it hereunder subsequent to the time at which such payments are due shall not be deemed to be a waiver by Licensor of any preceding breach by Developer or any Controlling Principal of any terms, provisions, covenants or conditions of this Agreement.

• Developer understands and agrees that nothing in this Agreement authorizes Developer or any Controlling Principal to make any contract, agreement, warranty or representation on Licensor's behalf, or to incur any debt or other obligation in Licensor's name and that Licensor shall in no event assume liability for, or be deemed liable under this Agreement as a result of any such action or for any act or omission of Developer or any Controlling Principal, or any claim or judgment arising therefrom.

• Each of the financial statements mentioned above shall be certified as true, complete and correct by Developer's treasurer or chief financial officer (or by the applicable Controlling Principal, as appropriate) and shall have been prepared in conformity with accounting principles generally accepted in the United States of America and consistently applied to all applicable periods involved.

More Definitions of Controlling Principal

Controlling Principal s Designee” shall mean the individual designated by Franchisee and Franchisee’s then-current Controlling Principal in writing to Franchisor to succeed to the interest of such then-current Controlling Principal upon his or her death or Permanent Disability, provided that such individual is acceptable to Franchisor and completes to Franchisor’s sole satisfaction Franchisor’s Basic Operational Training Course not later than ninety (90) days following the date of death or determination of Permanent Disability of the former Controlling Principal.

Controlling Principal. – means the individual who has control or a controlling interest (control or controlling interest shall mean the power to influence the management decisions of the specified person and shall in any case be deemed to exist where such person holds twenty percent (20%) or more of the total ownership interest in the Franchisee), serves on any board of directors or comparable body of the Franchisee, or acts as an officer, general partner or manager thereof.

Controlling Principal means any Principal who has been designated by Franchisee and approved by Franchisor as Franchisee’s Controlling Principal.

Controlling Principal. , in respect of a builder, means a person or combination of persons that either alone or together have a direct or indirect controlling interest in the builder. (“commettant contrôlant”) O. Reg. 321/03, s. 1; O. Reg. 33/05, s. 1 (1).

Controlling Principal as described in Section XIV(E) of the Development Agreement;