Reset Material Editor (for pre-max8)
Resets all material Editor slots to a default standard material.
Note that this functionality is built into 3ds max 8 and higher. However - the built-in utility can reset the sources of environment maps instanced into the material editor - while this script will leave them unharmed. In exchange - you lose the restore slots functionality of the built-in script.
Installation: Run .mcr file from MAXScript Menu > Run...
Where to find: Customize UI > Utilities category