Material Obligation Sample Clauses
A Material Obligation clause defines the essential duties or responsibilities that are fundamental to the performance of a contract. It typically identifies which obligations are so significant that their breach would be considered a serious violation, potentially justifying remedies such as termination or damages. For example, timely payment or delivery of goods might be specified as material obligations. The core function of this clause is to distinguish between minor and major breaches, ensuring that only significant failures trigger substantial legal consequences and thereby providing clarity and risk allocation for both parties.
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Material Obligation. Any obligation of any Facility Lessee or any Guarantor (other than any obligations owing to Lessor or any of its Affiliates) which exceeds the lesser of (a) Five Million Dollars ($5,000,000), or (b) as of any date of determination, the enterprise value of Ten Percent (10%) of the Equity Interest in Guarantor (as reflected on Guarantor's most recent monthly balance sheet delivered to Lessor as required under Article XXIII(b)(iii)).
Material Obligation. Failure of Borrower or any Affiliate to pay when due or the default beyond any applicable notice and cure period with respect to any indebtedness or other liability of Borrower or any Asset aggregating in excess of $100,000.00 ("Material Indebtedness"); the default by Borrower or any Affiliate in the performance (beyond the applicable grace period with respect thereto, if any) of any term, provision or condition contained in any agreement under which any Material Indebtedness was created or is governed; the occurrence of any other event or condition, the effect of which event or condition is to cause, or to permit the holder or holders of any Material Indebtedness to cause, such Material Indebtedness to become due prior to its stated maturity; or any Material Indebtedness of Borrower or an Affiliate shall be declared to be due and payable or required to be prepaid or repurchased (other than by a regularly scheduled payment) prior to the stated maturity thereof; provided however, Borrower or such Affiliate shall have the right to contest in good faith any of the matters set forth in this subparagraph (r), so long as Borrower or such Affiliate does so diligently, by appropriate proceedings and without prejudice to Lender and provided that neither the Property, the Asset nor any interest therein would be in any danger of sale, loss or forfeiture as a result of such proceeding or contest. In the event Borrower or any Affiliate shall contest any such claim or demand, Borrower shall promptly notify Lender of such contest and thereafter shall, upon Lender's request, promptly provide a bond, cash deposit or other security satisfactory to Lender to protect Lender's interest and security should the contest be unsuccessful; or
Material Obligation. Any obligation of any of the Guarantors or any Facility Lessee (other than any obligations owing to Lessor or any of its Affiliates) which (i) is in excess of Fifteen Million and No/100 Dollars ($15,000,000.00) and (ii) is not an obligation owed to a lender or creditor that is a party to an Intercreditor Agreement. Medicaid: The medical assistance program established by Title XIX of the Social Security Act (42 U.S.C. Sections 1396 et seq.) and any statute succeeding thereto.
Material Obligation. Any obligation of the Guarantor or any Facility Borrower (other than any obligations owing to Lender or any of its Affiliates) which is in excess of Fifty Million and No/100 Dollars ($50,000,000.00).
Material Obligation. The definition of "Material Obligation" appearing in Article 1.3 of each Sterling Lease shall be deleted in its entirety and the following substituted in lieu thereof:
Material Obligation. As to any Person, an Obligation which if not fully and timely paid or performed reasonably could have a Material Adverse Effect on such Person.
Material Obligation. Any obligation of any of the Guarantors or any Facility Borrower which is in excess of and No/100 Dollars ($ ).
Material Obligation. Any obligation of any of the Guarantors or any Facility Lessee (other than any obligations owing to Lessor or any of its Affiliates) which is in excess of Five Hundred Thousand Dollars ($500,000).