Brexit and Material Adverse Change clauses

Table of contents

• Does the result in the EU referendum mean that MACs will be triggered in credit agreements and mandate letters?
• What is the difference between a 'business MAC' and a 'market MAC'?
• What do 'business MACs' drive at?
• I have a business MAC in my loan agreement or underwrite—is it triggered?

Article summary

Banking & Finance analysis: David Campbell, a partner in Allen & Overy’s banking department, considers whether the result in the EU referendum means that Material Adverse Change clauses (MACs) are triggered in credit agreements and mandate letters.