Frequency/market practice: Not standard, and would be unusual in competitive auction processes, but seen - whether expressed as a condition or as a right to terminate - where there is a long delay between execution and completion.

Frequency/market practice: General MAEs are seen, although MAEs are increasingly likely to be specific.

Frequency/market practice: Fairly common; there is a tendency to encourage clients to be more specific and use quantitative or qualitative thresholds or both. MAEs may be drafted in reference to a quantum or drafted in financial metrics, in particular any decrease in gross profit of the target company. It is more common for Singapore deals to have the MAE quantified (e.g., a 20% decline in revenue as compared to previous period quantified as an MAE). Quantum of threshold will depend on the industry involved, and the “lumpiness” of the target business.