business MAC

business MAC
A material adverse change clause that refers to a material adverse change in the business of the borrower. Business MAC clauses are typically conditions precedent to lending contained in commitment letters for bank loan financings. A "business MAC" is distinguishable from a "market MAC" (which is a MAC that affects the loan syndication or capital markets (see market MAC). It is also distinguishable from a "company MAC" (which is, in the context of an acquisition financing, the MAC definition taken from the acquisition agreement for a target company (see company MAC)).

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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