Conditions precedent
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Express Material Adverse Event (MAE) closing condition?

Frequency/market practice: Fairly uncommon although this very much depends on the circumstances of the transaction and leverage of the seller(s).

Is the MAE general or specific?

Frequency/market practice: Both are seen.

Is the MAE quantified?

Frequency/market practice: Fairly common; sometimes seen as a reference to sales or earnings before interest, taxes, depreciation, and amortization.