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Bouncing Back January 28, 2021 | Issue No. 20 - English Courts Consider Material Adverse Effect Clause Invoked by the Effects of the COVID-19 Pandemic | Cadwalader, Wickersham & Taft LLP

In the recent case of
Travelport Ltd v Wex Inc [2020] EWHC 2670 (Comm) (the “Travelport Case”), the High Courts of England considered the construction of a material adverse effect clause (“MAE Clause”) in which a party sought to invoke the provision as a result of the effects of the COVID-19 pandemic. Given the prevalence and importance of MAE Clauses in many commercial contracts such as facility agreements and acquisition agreements, we explore in this article the issues that the UK Courts considered when determining the construction of this MAE Clause in the context of a global pandemic.
MAE Clauses
An MAE Clause aims to give parties to a contract a way out of their contractual obligations if an event that causes a material adverse change or effect occurs. A key part to a MAE Clause is the definition of what constitutes a material adverse change, as this will be the trigger in which a party then becomes entitled to exercise its rights under it. ....

United Kingdom , Nett International Jersey , Optal Limited , Wickersham Taft , Travelport Ltdv Wex Inc , World Health Organisation , Travelport Ltd , Wex Inc , High Courts , United Kingdom Courts , Travelport Case , Nett International , Material Adverse Effect , Adverse Effects , Pandemic Carve Out , Law Carve Out , Carve Out Exception , Political Conditions Is Just , ஒன்றுபட்டது கிஂக்டம் , நெட் சர்வதேச ஜெர்சி , ஒப்தல் வரையறுக்கப்பட்டவை , விக்கர்ஷாம் ட்யாஃப்ட் , உலகம் ஆரோக்கியம் ஆர்கநைஸேஶந் , பயணப்பணி லிமிடெட் , உயர் நீதிமன்றங்கள் , ஒன்றுபட்டது கிஂக்டம் நீதிமன்றங்கள் ,

The Interpretation Of The MAC Or MAE Clause In A COVID-19 Landscape - Corporate/Commercial Law

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COVID-19 has brought about far-reaching challenges in the
M&A space, one such being the construction, application and
interpretation of the material adverse change (MAC) clause, also
known as the material adverse effect (MAE) clause. The increased
uncertainty in the market spurred on by COVID-19 and further
intensified by Brexit, has brought with it an increased focus on
MAC / MAE clauses as risk-allocation mechanisms in M&A
transactions. MAC / MAE clauses are designed to address the
unexpected rather than the known risks. In M&A transactions ....

United States , David Fitzgibbon , Darren Quinn , Ursula Mcmahon , Nett International Jersey , English High Court , Department At Matheson , Travelport Limited Seller , Travelport Limited , Nett International , Optal Limited , The Interpretation Of Mac Or Mae Clause Ina Covid 19 Landscape , Coronavirus Covid 19 , Operational Impacts And Strategy , Corporate Commercial Law , Contracts And Commercial Law , Corporate And Company Law , M Ampa Private Equity , Real Estate And Construction , Construction Amp Planning , ஒன்றுபட்டது மாநிலங்களில் , டேவிட் ஃபிட்ஸ்‌ஜிப்பந் , டேரன் க்வின் , உர்சூல மக்மேயந் , நெட் சர்வதேச ஜெர்சி , ஆங்கிலம் உயர் நீதிமன்றம் ,