Provisions For A Loan Agreement In The Event Of A Change In Circumstance (Material Adverse Change)
Publisher one
Genie AIJurisdiction
England and WalesCost
Free to useType of legal document
📜 Mac provisionsBusiness activity
Define MAC provisionsThe template might begin by defining what constitutes a Material Adverse Change, providing examples such as a substantial decrease in the borrower's creditworthiness, a significant decline in the value of collateral securing the loan, or changes in the regulatory landscape. It may also specify that a MAC clause is typical in loan agreements to protect the lender's interests and provide them with certain rights or remedies in case such an event occurs.
The template might then outline the obligations and responsibilities of both the lender and the borrower in the event of a Material Adverse Change. It could provide steps that need to be taken, such as immediate notification to the lender by the borrower, followed by a comprehensive assessment of the impact of the change, and potentially an evaluation of alternate repayment plans or collateral adjustments.
Additionally, the template could address the potential consequences triggered by a Material Adverse Change, such as the lender's right to demand early repayment, impose additional fees or penalties, or modify the terms of the agreement to safeguard their position. Conversely, it may cover the borrower's obligations to provide timely and accurate information regarding the change, cooperate in examining alternative options, and maintain compliance with any revised terms or repayment plans.
Furthermore, the template may highlight the dispute resolution mechanisms available under UK law, such as negotiation, mediation, or potentially legal recourse through the courts if disagreements arise due to the interpretation or implementation of the provisions following a Material Adverse Change.
Overall, this legal template aims to address the unique considerations and protective measures required when a Material Adverse Change occurs, ensuring that both the lender and the borrower are aware of their rights, obligations, and potential remedies under UK law.
How it works
Create doc / use template
Chat to our AI Legal Assistant
Edit, collaborate & share
Export to .docx
Try using Genie's Free AI Legal Assistant
Generate quality, formatted contracts with AI
Can’t find the right template? Create the bespoke agreement in minutes by conversing with our AI and tailoring to your needs
Let our Legal AI make edits for you
Ask Genie to edit your document in the same way you’d ask a paralegal. Genie makes track changes, and explains its thinking just like a junior lawyer would.
AI review
Can’t find the right template? Create the bespoke agreement in minutes by conversing with our AI and tailoring to your needs
Book your personalised demo now
Similar legal templates
Standard Trust Deed And Rules For Pension Scheme (Private Sector)
The template outlines the specific legal provisions, regulatory requirements, and guidelines for establishing and managing a pension scheme for employees in the private sector according to UK law. It covers various essential aspects, such as eligibility criteria for scheme membership, contribution levels, investment strategies, benefits payable, and retirement age.
The trust deed and rules aim to ensure compliance with current legislation, industry best practices, and regulatory guidelines such as those set by the UK Pensions Regulator. They establish the fiduciary responsibilities and obligations of the scheme trustees, administrators, employers, and members involved in the pension scheme.
Overall, this legal template serves as a comprehensive framework for establishing and managing a compliant and well-structured pension scheme for private sector employees in the UK, providing clarity and legal certainty to all parties involved.
Publisher
Genie AIJurisdiction
England and WalesSupport Engineer Contract
This Support Engineer contract template is designed for a commercial support engineering organisation (or an individual support engineer) to use when contracting out their skills and services in exchange for payment. This contract sets out the type of support engineering and support-engineering-related services to be completed by the support engineer on behalf of the client, with consideration for expectations around quality and delivery timescales, as well as any mitigating circumstances. This contract allows for payment to be made by the client to the support engineering firm or individual support engineer on a weekly or monthly basis but can easily be edited to account for other payment schedules and could be altered to include bonuses conditional on performance. It can also be fully customised with the details of the two parties and the duration of the contract and can be printed, downloaded and edited freely as part of our mission to open source business legals. This is a template for contractors who fit outside of the UK's off-payroll working rules (IR35).
Publisher
Genie AIJurisdiction
England and WalesSystems Analyst Contract
This Systems Analyst contract template is designed for a commercial systems analysis organisation (or an individual systems analyst) to use when contracting out their skills and services in exchange for payment. This contract sets out the type of systems analysis and systems-analysis-related services to be completed by the systems analyst on behalf of the client, with consideration for expectations around quality and delivery timescales, as well as any mitigating circumstances. This contract allows for payment to be made by the client to the systems analysis firm or individual systems analyst on a weekly or monthly basis but can easily be edited to account for other payment schedules and could be altered to include bonuses conditional on performance. It can also be fully customised with the details of the two parties and the duration of the contract and can be printed, downloaded and edited freely as part of our mission to open source business legals. This is a template for contractors who fit outside of the UK's off-payroll working rules (IR35).