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 provisionsA mac provision is a type of legal agreement that sets out the responsibilities of each party involved in a project or business venture. It typically covers aspects such as how the work will be carried out, who is responsible for what, and what happens if something goes wrong. This type of agreement can help to avoid disputes and ensure that everyone is clear on their roles and obligations.
This 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
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
Simple Declaration By Tenant (Exclude Security Of Tenure)
This legal template, titled "Simple Declaration By Tenant (Exclude Security Of Tenure) under UK law," is a document designed for use in the United Kingdom pertaining to tenancy agreements. Specifically, it addresses the tenant's wish to voluntarily waive or exclude their legal entitlement to security of tenure under relevant UK legislation.
Security of tenure refers to the legal protection provided to tenants, ensuring they have certain rights and safeguards against eviction, including the right to remain in the property and to request a new tenancy renewal. However, in specific circumstances and by mutual agreement, tenants may choose to relinquish these rights, granting landlords more flexibility and control over the tenancy agreement.
This template allows tenants to formally declare their understanding and consent to forgo their statutory protection of security of tenure. It outlines the tenant's personal details, the address of the leased property, and the specific clauses or sections of the UK legislation they wish to exclude or waive.
The document is intended to assist both tenants and landlords in establishing a clear and legally binding agreement that acknowledges the tenant's informed decision to forgo their rights to security of tenure. It is crucial for both parties to fully comprehend the implications and consequences of excluding security of tenure before signing this declaration.
As with any legal template, it is advisable to consult with a qualified legal professional to ensure accuracy and compliance with the specific requirements of UK law and to address any unique circumstances or considerations associated with the tenancy agreement.
Security of tenure refers to the legal protection provided to tenants, ensuring they have certain rights and safeguards against eviction, including the right to remain in the property and to request a new tenancy renewal. However, in specific circumstances and by mutual agreement, tenants may choose to relinquish these rights, granting landlords more flexibility and control over the tenancy agreement.
This template allows tenants to formally declare their understanding and consent to forgo their statutory protection of security of tenure. It outlines the tenant's personal details, the address of the leased property, and the specific clauses or sections of the UK legislation they wish to exclude or waive.
The document is intended to assist both tenants and landlords in establishing a clear and legally binding agreement that acknowledges the tenant's informed decision to forgo their rights to security of tenure. It is crucial for both parties to fully comprehend the implications and consequences of excluding security of tenure before signing this declaration.
As with any legal template, it is advisable to consult with a qualified legal professional to ensure accuracy and compliance with the specific requirements of UK law and to address any unique circumstances or considerations associated with the tenancy agreement.
Read More
Publisher
Genie AIJurisdiction
England and WalesTEMPLATE
USED BY
11
RATINGS
2
DISCUSSIONS
0
In Due Course Surrender Agreement
The In Due Course Surrender Agreement template under UK law is a legal document that outlines the terms and conditions for surrendering a particular right, title, or interest in a property or asset. This agreement provides a standardized framework for parties involved in a surrender transaction to define their respective roles and responsibilities.
The template includes key provisions such as identifying the parties involved, describing the specific right or interest to be surrendered, and clearly stating the terms, conditions, and timelines for the surrender process.
Additionally, the agreement may address any financial considerations related to the surrender, including the potential payment or reimbursement of costs incurred during the surrender process. It may also outline any requirements for the transfer of relevant documentation or records related to the surrendered right or interest.
Furthermore, the template may include clauses related to representations and warranties, confidentiality, dispute resolution mechanisms, and any other relevant provisions to protect the parties involved and ensure a smooth surrender process.
This legal template serves as a valuable tool for individuals or entities seeking to legally surrender a right or interest under UK law, providing a standard framework and clarity to the surrender agreement. However, it is important to note that the template should be tailored to suit the specific circumstances and legal requirements of the surrender transaction at hand. Users are advised to consult with legal professionals to ensure compliance with applicable UK laws and regulations.
The template includes key provisions such as identifying the parties involved, describing the specific right or interest to be surrendered, and clearly stating the terms, conditions, and timelines for the surrender process.
Additionally, the agreement may address any financial considerations related to the surrender, including the potential payment or reimbursement of costs incurred during the surrender process. It may also outline any requirements for the transfer of relevant documentation or records related to the surrendered right or interest.
Furthermore, the template may include clauses related to representations and warranties, confidentiality, dispute resolution mechanisms, and any other relevant provisions to protect the parties involved and ensure a smooth surrender process.
This legal template serves as a valuable tool for individuals or entities seeking to legally surrender a right or interest under UK law, providing a standard framework and clarity to the surrender agreement. However, it is important to note that the template should be tailored to suit the specific circumstances and legal requirements of the surrender transaction at hand. Users are advised to consult with legal professionals to ensure compliance with applicable UK laws and regulations.
Read More
Publisher
Genie AIJurisdiction
England and WalesTEMPLATE
USED BY
5
RATINGS
4
DISCUSSIONS
2
Profit Share Agreement (Property)
The legal template for a Profit Share Agreement (Property) under UK law is a document that outlines how profits generated from a property investment or development project will be allocated among the stakeholders involved. This agreement is typically used when two or more parties collaborate financially or bring different resources into the project. It establishes the terms and conditions for the distribution of profits, ensuring transparency and accountability during the property's lifecycle.
The template highlights essential elements such as the names and details of the parties involved, the specific property or properties subject to the agreement, and the duration of the arrangement. It may also outline the financial contributions made by each party, whether in the form of capital, assets, or services, and any agreed-upon ratio or formula for distributing profits.
The agreement may define the types of profits to be shared, which could include rental income, capital gains, or proceeds from the eventual sale of the property. It may also cover unique circumstances, such as the treatment of expenses, tax considerations, or scenarios for early termination or extension of the agreement.
Furthermore, the template may include provisions on decision-making processes, dispute resolution mechanisms, confidentiality, and non-disclosure obligations. It is crucial for all parties involved to negotiate and agree upon these terms before signing the agreement, ensuring that everyone understands their rights, responsibilities, and expectations in relation to the property investment or development.
Ultimately, the Profit Share Agreement (Property) template provides a legally binding framework that safeguards the interests of all parties involved, ensuring fair and equitable distribution of profits in accordance with UK law.
The template highlights essential elements such as the names and details of the parties involved, the specific property or properties subject to the agreement, and the duration of the arrangement. It may also outline the financial contributions made by each party, whether in the form of capital, assets, or services, and any agreed-upon ratio or formula for distributing profits.
The agreement may define the types of profits to be shared, which could include rental income, capital gains, or proceeds from the eventual sale of the property. It may also cover unique circumstances, such as the treatment of expenses, tax considerations, or scenarios for early termination or extension of the agreement.
Furthermore, the template may include provisions on decision-making processes, dispute resolution mechanisms, confidentiality, and non-disclosure obligations. It is crucial for all parties involved to negotiate and agree upon these terms before signing the agreement, ensuring that everyone understands their rights, responsibilities, and expectations in relation to the property investment or development.
Ultimately, the Profit Share Agreement (Property) template provides a legally binding framework that safeguards the interests of all parties involved, ensuring fair and equitable distribution of profits in accordance with UK law.
Read More
Publisher
Genie AIJurisdiction
England and WalesTEMPLATE
USED BY
11
RATINGS
4
DISCUSSIONS
2
