Material Amount definition
Examples of Material Amount in a sentence
The Borrower has filed all tax returns and reports required of it, has paid all Taxes which are due and payable and before they have become delinquent, except for Taxes (a) whose amount is not individually or in the aggregate a Material Amount, or (b) whose amount, applicability or validity is currently being contested in good faith by appropriate proceedings where reserves or other appropriate provisions required by GAAP shall have established therefor.
With respect to each Plan (other than any Multiemployer Plan) of the Borrower and each member of its Controlled Group, all reports required under ERISA or any other Applicable Law to be filed with any governmental authority, the failure of which to file could reasonably result in liability of the Borrower or any member of its Controlled Group in excess of a Material Amount, have been duly filed.
However, MS may audit more than once a year if an audit finished during the preceding year revealed a Material Amount or an intentional breach of this Agreement.
Except as described on Schedule 4.14 (as such Schedule may be supplemented by the Loan Parties after the Closing Date), no Loan Party is party to or bound by any collective bargaining agreement, management agreement or consulting agreement (limited, in the case of any such consulting agreement, to each such agreement involving payment of consideration equal to or greater than the Material Amount per fiscal year).
Except as reflected on SCHEDULE 2 hereto, there is no action, suit or proceeding pending against, or, to the best of the Borrower's knowledge, threatened against the Borrower, or in any other manner relating directly and adversely to the Borrower or any of its Subsidiaries or Unincorporated Ventures, or any of their properties, in any court or before any arbitrator of any kind or before or by any governmental body in which the amount claimed (in excess of applicable insurance) exceeds a Material Amount.