Fundamental Term definition
Examples of Fundamental Term in a sentence
An Additional Term cannot conflict with a Key Matter, a Fundamental Term or a Supplementary Term.
If a Fundamental Term or a Supplementary Term has been altered or removed then the Clause in question should be left in the main body of the Contract but a note made in Schedule 5.
If your Contract is a Converted Contract then the existing terms of your Contract are Additional Terms and will continue to apply unless they conflict with a Key Matter or a Fundamental Term.
However, Section 33 of the Act allows for minor editorial changes so long as the meaning of the Fundamental Term is unchanged.
A Fundamental Term may only be amended or waived by agreement between the Obligors which are a party to the Senior Finance Document which contains that Fundamental Term and each Lender (and, in the case of the provisions referred to in paragraphs (a), (b), (f), (g), (h), (i), (j), (k) and (l) of the definition of Fundamental Term, each Hedging Counterparty).
A Fundamental Term may only be amended or waived by agreement between the Obligors which are a party to the Senior Finance Document which contains that Fundamental Term and each Lender (and, in the case of the provisions referred to in paragraphs (a), (b), (f), (g), (h), (i) and (j) of the definition of Fundamental Term, each Hedging Counterparty).
Regarding an IRS Ruling Dispute stemming from a failure of the Parties to agree under Section 2.2(A)(3) hereof to revisions to this Agreement in response to IRS Objections, each Party shall submit to the Arbitrators its respective proposed resolution (which shall not contain any modification to a Fundamental Term) to address the specific IRS Objection in reasonable detail (being the last written proposal submitted by one Party to the other, each a “Final IRS Proposal”).
Any breach by the Tenant of a Fundamental Term constitutes a repudiation of this Lease.