Material adverse change and material adverse effect provisions: construction and application

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This article examines the rules and principles of English law surrounding the construction and operation of material adverse change and material adverse effect provisions, with a particular focus on financing transactions. Such clauses raise a number of interesting issues of contract law and contractual interpretation; one of the key issues being the meaning and scope of "material". It is argued that materiality ought to be interpreted in the context of the particular agreement and the transaction as a whole, without ignoring the remedial consequences that are to be triggered by the relevant provision. Numerous other issues that arise for consideration in relation to material adverse change and material adverse effect clauses are also critically examined.

Document Type: Research Article


Publication date: September 1, 2011

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  • Law and Financial Markets Review is a new, independent, English language journal devoted to providing high quality information, comment and analysis for lawyers specialising in banking and financial market issues and to others with interests in legal and regulatory developments affecting the financial markets. Published bi-monthly LFMR contains articles written by leading experts providing a forum for practical guidance on, as well as reflective and topical analysis of, all major jurisdictions, with a particular focus on the interaction between the law and market practice and behaviour.
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