MATERIAL FUNCTION Clause Samples
MATERIAL FUNCTION. A. In the event PROVIDER removes a material function ("Function") found in any Software licensed by PROVIDER to TAMUS hereunder ("Initial Software") from a subsequent version or release of such Software, whether such removal occurs via Support Services purchased by TAMUS for the Initial Software or otherwise, and that Function appears in another product ("Additional Software") PROVIDER makes commercially available, then TAMUS, at TAMUS's sole discretion and without forfeiting rights to Initial Software, shall be entitled to receive an equal quantity of licenses for the Additional Software as TAMUS had rights to the Initial Software at no additional license or Support Services charge provided that has purchased Support Services continuously from the date of license acquisition of the particular unit of Initial Software, until the time Additional Software is offered to TAMUS hereunder.
MATERIAL FUNCTION. 4.4.1 A material function includes any function that has the potential if disrupted, to have a significant impact on the insurance business operations to manage risk effectively, including risk to the fair treatment of customers.
4.4.2 For the purpose of this policy, the following business functions will be regarded as material functions:
4.4.2.1 Information Technology;
4.4.2.2 Human Resources;
4.4.2.3 Treasury;
4.4.2.4 Finance (includes investments);
4.4.2.5 Complaints;
4.4.2.6 Claims.
4.4.2.7 Sales and marketing
4.4.3 Intermediary Services and Binder Functions that are provided by authorised financial services providers which are deemed to be material will also be subject to the provisions of this policy.