The MAC Clause in French M&A Deals

The global economic crisis has led practitioners to extend the use of mechanisms that allow either adjustment of the terms of M&A agreements to reflect the changed economic environment or even termination of the agreement under certain circumstances. Such mechanisms-originally considered as traditionally Anglo-American, especially with respect to termination - are now frequently used in French law-governed agreements and especially in M&A deals. One of the most notable mechanisms is the material adverse change (MAC) clause (also known as a material adverse effect clause).

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