Material Transaction. Each Loan Party shall provide at least twenty (20) days’ prior notice to the President’s Designee (or such shorter time as the President’s Designee shall agree) of any proposed sale of Property, investment, contract, commitment, or other transaction (other than a GMAC Trust Disposition) that (x) is not in the ordinary course of business, and (y) is proposed to be entered into with a value in excess of $100,000,000 (a “Material Transaction”). The President’s Designee shall have the right to review and prohibit any such Material Transaction if the President’s Designee determines that it would be inconsistent with or detrimental to the long-term viability of such Loan Party.
Appears in 2 contracts
Sources: Loan and Security Agreement (General Motors Corp), Loan and Security Agreement