Apr. 02, 2020 - Businesses, regardless of size, charities and non-profit organizations whose revenues have decreased by at least 30% because of the COVID-19 pandemic are now eligible to apply for the Canada Emergency Wage Subsidy. The subsidy is retroactive to March 15, 2020 and covers up to 75% of wages (up to...
Material Adverse Changes: Decoding a Legal Enigma
When negotiating a financing commitment, a prospective borrower is often asked to agree that the lender may refuse to advance funds or may terminate the credit facility if there is a “material adverse change” or if an event occurs that has had or may have a “material adverse effect”.
Borrowers tend to view this limitation, commonly referred to as a MAC clause, as reflecting a lack of confidence on the part of the lender in the borrower’s business or managerial abilities, or an unwillingness by the leader to commit. Lenders tend to view the inclusion of MAC clauses as a necessary protection, functioning as a failsafe to protect them against gaps in diligence and unforeseen events.
This article discusses the impact and utility of MAC clauses, from the perspective of both the borrower and the lender.
Mar. 23, 2020 - The Act mainly to establish the Centre d'acquisitions gouvernementales and Infrastructures technologiques Québec (Act) was assented to on February 21, 2020, by the National Assembly of Québec. The Act incorporates new provisions in the government procurement rules to combat abusive tax...