Examples of Material Amendment in a sentence
For the avoidance of doubt, in the event a Permitted Material Amendment has occurred and the Borrower is in compliance with its obligations pursuant to Section 2.04(c)(v), no Event of Default or Default shall be deemed to have occurred pursuant to this Section 8.08(a).
In the event that the Administrative Agent determines that the Proposed Amendment is not a Material Amendment, such Loan Party may make such amendment without the consent of the Lenders.
In the event that the Administrative Agent determines that such Proposed Amendment is a Material Amendment, the approval of the Required Lenders shall be required and the Administrative Agent shall promptly (but in any event within ten (10) Business Days of such determination) notify the Lenders of such request for such approval, distributing, as appropriate, the Proposed Amendment and any other relevant information provided by the relevant Loan Party.
The Administrative Agent shall within ten (10) Business Days of such notification inform such Loan Party, whether or not such Proposed Amendment would constitute a Material Amendment.
The notice must be labeled as “Notice of Material Amendment to Healthcare Contract”.