Express Material Adverse Event (MAE) closing condition?
Frequency/market practice: Becoming increasingly common, particularly where there is a long period between execution and completion. It is also more common where a foreign seller or buyer is involved.
Is the MAE quantified?
Frequency/market practice: Increasingly includes specific triggers (which are typically business related (e.g. EBITDA) and not market related (e.g. index fall)). Business triggers generally include carve-outs for specific events or circumstances. It is often combined with a general MAE.