TPR Business definition

TPR Business means the set of business activities that Franchisor authorizes its franchisees to conduct under the TPR Method, as that term is defined in the Franchise Agreements and further defined in the Addendum to Franchise Agreement dated May 31, 1995. The Sellers and Buyer agree that "TPR Business" shall not include any interactive teaching system not requiring the attendance of students at any fixed premises ("Distance Learning"). If any entity that becomes a guarantor under this Section (a "Guarantor") reorganizes its corporate structure, transfers or sells the assets associated with the TPR Business, or creates or acquires wholly-owned subsidiaries to operate all or a portion of the TPR Business, Buyer and the Guarantor shall cause the successor to the Guarantor's interest in the TPR Business to execute the Guaranty or to assume the Note.
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TPR Business means the provision of the TPR Services as heretofore carried on by TPR and as the same may evolve and change as contemplated in the License and Service Provider Agreement but excluding the activities to be carried on by the Province identified in Sections 7.2(5) to 7.2(8) inclusive of the License and Service Provider Agreement.
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Examples of TPR Business in a sentence

  • For purposes of this Section, "TPR Business" means the set of business activities that Franchisor authorizes its franchisees to conduct under the TPR Method, as that term is defined in the Franchise Agreements and further defined in the Addendum to Franchise Agreement dated May 31, 1995.

  • If the entity that will assume Seller's obligations under the Leases is not Buyer or a successor owner of the TPR Business (as defined in Section 4.2.1 below), and if necessary to obtain the lessor's consent to the assignment of a Lease or the release of a Stockholder's obligations under a guarantee of a Lease, Buyer (or the affiliate of Buyer that then owns the TPR Business) shall offer a guaranty of the lessee's financial obligations under the Lease.

  • If the entity that will assume the Sellers' obligations under the Leases is not Buyer or a successor owner of the TPR Business (as defined in Section 4.2.1 below), and if necessary to obtain the lessor's consent to the assignment of a Lease or the release of a Stockholder's obligations under a guarantee of a Lease, Buyer (or the affiliate of Buyer that then owns the TPR Business) shall offer a guaranty of the lessee's financial obligations under the Lease.

  • The Sellers and Buyer agree that "TPR Business" shall not include any interactive teaching system not requiring the attendance of students at any fixed premises ("Distance Learning").

  • If the TPR Business is divided among multiple entities, each of them shall be deemed a successor for purposes of this provision and shall execute the Guaranty (or assume the Note).

  • If any entity that becomes a guarantor under this Section (a "Guarantor") reorganizes its corporate structure, transfers or sells the assets associated with the TPR Business, or creates or acquires wholly-owned subsidiaries to operate all or a portion of the TPR Business, Buyer and the Guarantor shall cause the successor to the Guarantor's interest in the TPR Business to execute the Guaranty or to assume each Note.

  • If any entity that becomes a guarantor under this Section (a "Guarantor") reorganizes its corporate structure, transfers or sells the assets associated with the TPR Business, or creates or acquires wholly-owned subsidiaries to operate all or a portion of the TPR Business, Buyer and the Guarantor shall cause the successor to the Guarantor's interest in the TPR Business to execute the Guaranty or to assume the Note.

  • If the TPR Business is divided among multiple entities, each of them shall be deemed a successor for purposes of this provision and shall execute the Guaranty (or assume each Note).