All Templates
Define MAC provisions
📜 Mac provisions
Provisions For A Loan Agreement In The Event Of A Change In Circumstance (Material Adverse Change)
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 provisionsThis legal template could outline the provisions specifically related to a loan agreement in the event of a change in circumstances, particularly emphasizing the concept of a Material Adverse Change (MAC) under UK law. A Material Adverse Change refers to a significant alteration or unforeseen event that directly impacts the financial stability, profitability, or operation of one or both parties involved in the loan agreement.
The 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.
The 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
PRODUCT HUNT
#1 Product of the Day
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
See Genie AI in action
Book your personalised demo now
Schedule a live, interactive demo with a Genie expert
Understand the most valuable features of Genie based on your workflow
Find out exactly how your business will benefit, from hours saved to faster revenue
Similar legal templates
Standard Sales Agency Agreement (Goods)
The Standard Sales Agency Agreement (Goods) is a legal template designed to formalize the relationship between a sales agency and a principal under UK law. This agreement outlines the terms and conditions governing the sale of goods by the sales agency on behalf of the principal.
The template covers essential aspects such as the appointment of the sales agency, their responsibilities, and the rights and obligations of both parties. It defines the scope of the agreement, specifying the territories or markets in which the sales agency is authorized to sell the goods.
The agreement addresses the terms of payment, including commission rates and any additional expenses that the sales agency may be entitled to. It also includes provisions to safeguard the principal's interests, such as intellectual property rights protection, non-disclosure agreements, and non-compete clauses.
Furthermore, the agreement may cover performance expectations and targets, sales reporting requirements, product warranties, and procedures for resolving disputes. It may also address termination clauses, providing guidelines on both parties' rights and obligations in case the agreement is terminated before its expiration date.
The Standard Sales Agency Agreement (Goods) aims to establish a clear and mutually beneficial business relationship between the sales agency and the principal. By defining the rights and responsibilities of each party, it provides a solid legal framework to promote successful sales and protect the interests of both parties involved under the laws of the United Kingdom.
The template covers essential aspects such as the appointment of the sales agency, their responsibilities, and the rights and obligations of both parties. It defines the scope of the agreement, specifying the territories or markets in which the sales agency is authorized to sell the goods.
The agreement addresses the terms of payment, including commission rates and any additional expenses that the sales agency may be entitled to. It also includes provisions to safeguard the principal's interests, such as intellectual property rights protection, non-disclosure agreements, and non-compete clauses.
Furthermore, the agreement may cover performance expectations and targets, sales reporting requirements, product warranties, and procedures for resolving disputes. It may also address termination clauses, providing guidelines on both parties' rights and obligations in case the agreement is terminated before its expiration date.
The Standard Sales Agency Agreement (Goods) aims to establish a clear and mutually beneficial business relationship between the sales agency and the principal. By defining the rights and responsibilities of each party, it provides a solid legal framework to promote successful sales and protect the interests of both parties involved under the laws of the United Kingdom.
Read More
Publisher
Genie AIJurisdiction
England and WalesTEMPLATE
USED BY
5
RATINGS
4
DISCUSSIONS
0
Standard Short Form Marketing Agency Agreement (For Sale Of Goods)
This legal template, the Standard Short Form Marketing Agency Agreement (For Sale of Goods) under UK law, is a contract designed to govern the relationship between a marketing agency and a client in the sale of goods. This agreement outlines the terms and conditions that both parties must adhere to, covering essential elements such as the scope of work, payment terms, obligations and responsibilities, intellectual property rights, confidentiality, and dispute resolution mechanisms.
The template ensures that both the marketing agency and the client have a clear understanding of their roles and obligations throughout the duration of the agreement. It outlines the specific services to be provided by the agency, such as market research, advertising campaigns, product promotion, and sales strategies, all tailored to facilitate the sale of goods on behalf of the client.
Important provisions related to payment terms, such as the agency's fees, invoicing procedures, and reimbursement for approved expenses, are carefully addressed to maintain transparency and fairness. The agreement may also include clauses related to additional fees, such as commissions or bonuses based on achieving specific sales targets or other agreed-upon performance indicators.
To safeguard the interests of both parties, the template will typically include provisions regarding the ownership and protection of intellectual property rights. This may cover issues such as the use of trademarks, copyrights, or any other proprietary materials related to the client's goods. Confidentiality clauses are also incorporated to ensure that all non-public information shared during the course of the agreement remains strictly confidential.
In the unfortunate event of a dispute arising between the parties, the template will outline a mechanism for resolution, promoting negotiation, mediation, or arbitration over litigation, in order to minimize costs and potential disruptions to the business relationship.
Overall, this legal template serves as a comprehensive framework for marketing agencies and clients to establish a solid foundation for their collaboration in promoting and selling goods under UK law. It provides a clear understanding of each party's rights, obligations, and expectations, helping to foster a mutually beneficial and successful business relationship.
The template ensures that both the marketing agency and the client have a clear understanding of their roles and obligations throughout the duration of the agreement. It outlines the specific services to be provided by the agency, such as market research, advertising campaigns, product promotion, and sales strategies, all tailored to facilitate the sale of goods on behalf of the client.
Important provisions related to payment terms, such as the agency's fees, invoicing procedures, and reimbursement for approved expenses, are carefully addressed to maintain transparency and fairness. The agreement may also include clauses related to additional fees, such as commissions or bonuses based on achieving specific sales targets or other agreed-upon performance indicators.
To safeguard the interests of both parties, the template will typically include provisions regarding the ownership and protection of intellectual property rights. This may cover issues such as the use of trademarks, copyrights, or any other proprietary materials related to the client's goods. Confidentiality clauses are also incorporated to ensure that all non-public information shared during the course of the agreement remains strictly confidential.
In the unfortunate event of a dispute arising between the parties, the template will outline a mechanism for resolution, promoting negotiation, mediation, or arbitration over litigation, in order to minimize costs and potential disruptions to the business relationship.
Overall, this legal template serves as a comprehensive framework for marketing agencies and clients to establish a solid foundation for their collaboration in promoting and selling goods under UK law. It provides a clear understanding of each party's rights, obligations, and expectations, helping to foster a mutually beneficial and successful business relationship.
Read More
Publisher
Genie AIJurisdiction
England and WalesTEMPLATE
USED BY
10
RATINGS
2
DISCUSSIONS
1
Stylist Contract
This Stylist contract template is designed for a commercial styling organisation (or an individual stylist) to use when contracting out their skills and services in exchange for payment. This contract sets out the type of styling and styling-related services to be completed by the stylist 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 styling firm or individual stylist 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).
Read More
Publisher
Genie AIJurisdiction
England and WalesTEMPLATE
USED BY
1
RATINGS
2
DISCUSSIONS
0
