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
In-depth Parental Leave Policy (Large Organisation/Corporation Friendly)
This legal template is designed to outline an extensive Parental Leave Policy suitable for large organizations or corporations operating within the legal framework of the United Kingdom. Parental leave refers to the time off from work that employees can take for various reasons related to childbirth, adoption, or the care of a child.
The comprehensive Parental Leave Policy offered in this template ensures compliance with UK laws and regulations governing leave entitlements, employee benefits, and rights. The primary objective is to provide a detailed, user-friendly guide to both employers and employees, fostering a positive and supportive work environment for families.
This template covers a broad range of topics, including eligibility criteria, duration and types of parental leave available (such as maternity leave, paternity leave, and adoption leave), the notification process, and rights and obligations for both employers and employees. It also provides guidance on pay entitlements during parental leave, taking into account statutory requirements and any additional benefits the corporation may offer.
Furthermore, the template addresses the rights of employees to request flexible work arrangements upon returning from parental leave, as employers are increasingly recognizing the importance of work-life balance and accommodating the needs of working parents.
By utilizing this in-depth Parental Leave Policy template, large organizations or corporations can establish clear guidelines that comply with UK legal requirements, promote equality and inclusivity, and create a supportive environment for employees entering parenthood or caring for their children.
The comprehensive Parental Leave Policy offered in this template ensures compliance with UK laws and regulations governing leave entitlements, employee benefits, and rights. The primary objective is to provide a detailed, user-friendly guide to both employers and employees, fostering a positive and supportive work environment for families.
This template covers a broad range of topics, including eligibility criteria, duration and types of parental leave available (such as maternity leave, paternity leave, and adoption leave), the notification process, and rights and obligations for both employers and employees. It also provides guidance on pay entitlements during parental leave, taking into account statutory requirements and any additional benefits the corporation may offer.
Furthermore, the template addresses the rights of employees to request flexible work arrangements upon returning from parental leave, as employers are increasingly recognizing the importance of work-life balance and accommodating the needs of working parents.
By utilizing this in-depth Parental Leave Policy template, large organizations or corporations can establish clear guidelines that comply with UK legal requirements, promote equality and inclusivity, and create a supportive environment for employees entering parenthood or caring for their children.
Read More
Publisher
Genie AIJurisdiction
England and WalesTEMPLATE
USED BY
12
RATINGS
5
DISCUSSIONS
0
Intention To Take Shared Parental Leave Notice (Adoption)
The "Intention To Take Shared Parental Leave Notice (Adoption) under UK law" is a legal template that outlines the formal notice provided by an employee who intends to take shared parental leave after adopting a child in the United Kingdom.
This template serves as a framework for the expecting parents to formally communicate their intention to their employer regarding their desire to share the parental responsibilities following the adoption. The document implements the requirements specified in the UK Shared Parental Leave Regulations and ensures compliance with the applicable laws and regulations.
The template typically includes key details such as the employee's name, contact information, adoption information (e.g., date of placement or expected placement of the child), and the start and end dates of the intended shared parental leave. It also provides a section for employees to specify any statutory entitlements they wish to take, such as maternity or paternity leave.
By utilizing this template, the adopting parents ensure that they comply with legal requirements, provide their employer with sufficient notice, and establish a formal record of their intention to take shared parental leave. It helps create a transparent and documented process that protects the employee's rights and ensures their entitlement to take a period of leave to bond with and care for their newly adopted child.
This template serves as a framework for the expecting parents to formally communicate their intention to their employer regarding their desire to share the parental responsibilities following the adoption. The document implements the requirements specified in the UK Shared Parental Leave Regulations and ensures compliance with the applicable laws and regulations.
The template typically includes key details such as the employee's name, contact information, adoption information (e.g., date of placement or expected placement of the child), and the start and end dates of the intended shared parental leave. It also provides a section for employees to specify any statutory entitlements they wish to take, such as maternity or paternity leave.
By utilizing this template, the adopting parents ensure that they comply with legal requirements, provide their employer with sufficient notice, and establish a formal record of their intention to take shared parental leave. It helps create a transparent and documented process that protects the employee's rights and ensures their entitlement to take a period of leave to bond with and care for their newly adopted child.
Read More
Publisher
Genie AIJurisdiction
England and WalesTEMPLATE
USED BY
7
RATINGS
2
DISCUSSIONS
0
Intention To Take Shared Parental Leave And Shared Parental Pay Notice(Birth)
This legal template is specifically designed for individuals residing in the United Kingdom who wish to formally declare their intention to take shared parental leave and shared parental pay following the birth of a child. The template serves as a notice that is submitted to the relevant authorities, typically the employer, in accordance with UK law.
In the UK, shared parental leave (SPL) allows eligible parents to share the responsibilities of caring for their child during the first year of their birth. This legal document encapsulates the voluntary agreement between both parents, outlining their intentions to divide the leave and pay entitlement between them.
The template may include various sections, such as personal details of the parents, details of the child, and the intended start and end dates of the shared parental leave. It might also require additional information, such as the allocation of shared parental pay, any specific leave dates, and the desired flexibility in the arrangement. The template will specify that the notice should be submitted within a certain timeframe before the intended start date of the leave.
The purpose of this legal template is to provide a clear and formal communication to the employer, informing them of the parents' intention to take shared parental leave and shared parental pay, ensuring compliance with the necessary legal requirements. This document is an essential tool that helps parents exercise their rights, achieve work-life balance, and contribute towards creating a more equitable and supportive work environment for families in the UK.
In the UK, shared parental leave (SPL) allows eligible parents to share the responsibilities of caring for their child during the first year of their birth. This legal document encapsulates the voluntary agreement between both parents, outlining their intentions to divide the leave and pay entitlement between them.
The template may include various sections, such as personal details of the parents, details of the child, and the intended start and end dates of the shared parental leave. It might also require additional information, such as the allocation of shared parental pay, any specific leave dates, and the desired flexibility in the arrangement. The template will specify that the notice should be submitted within a certain timeframe before the intended start date of the leave.
The purpose of this legal template is to provide a clear and formal communication to the employer, informing them of the parents' intention to take shared parental leave and shared parental pay, ensuring compliance with the necessary legal requirements. This document is an essential tool that helps parents exercise their rights, achieve work-life balance, and contribute towards creating a more equitable and supportive work environment for families in the UK.
Read More
Publisher
Genie AIJurisdiction
England and WalesTEMPLATE
USED BY
8
RATINGS
3
DISCUSSIONS
0
