id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
cblr-2945	Cheng, David	Interpretation of Material Adverse Change Clauses in an Adverse Economy	2009	41	.pdf	application/pdf	15005	629	57	6 Seller plaintiffs in recent cases have contended that the real reason for assertion of MAC clauses by buyers is the increased difficulty in obtaining financing and enforcing commitments from lenders during these credit-scarce times.7 In the Sallie Mae litigation for instance, buyers that included J.C. Flowers, J.P.Morgan, and Bank of America tried to invoke a MAE clause to avoid paying a $900 million breakup fee for dropping the $25 billion deal. The recent crisis better fits under a carve-out exception, included in 75% of MAC clauses, 4 which excludes events resulting from changes in general economic or business conditions.	cache/cblr-2945.pdf	txt/cblr-2945.txt