Comments on: Bof A’s MAC clause was as porous as swiss cheese http://www.creditwritedowns.com/2009/04/bof-as-mac-clause-was-as-porous-as-swiss-cheese.html Finance, Economics and Markets Fri, 10 Feb 2012 00:37:00 +0000 hourly 1 By: Edward Harrison http://www.creditwritedowns.com/2009/04/bof-as-mac-clause-was-as-porous-as-swiss-cheese.html#comment-56565 Edward Harrison Thu, 11 Jun 2009 16:23:00 +0000 http://www.creditwritedowns.com/?p=8200#comment-56565 material adverse change material adverse change

]]> By: Edward Harrison http://www.creditwritedowns.com/2009/04/bof-as-mac-clause-was-as-porous-as-swiss-cheese.html#comment-56564 Edward Harrison Thu, 11 Jun 2009 16:21:00 +0000 http://www.creditwritedowns.com/?p=8200#comment-56564 material adverse change material adverse change

]]> By: revaughan http://www.creditwritedowns.com/2009/04/bof-as-mac-clause-was-as-porous-as-swiss-cheese.html#comment-56562 revaughan Thu, 11 Jun 2009 16:17:00 +0000 http://www.creditwritedowns.com/?p=8200#comment-56562 What does "MAC" stand for? What does “MAC” stand for?

]]> By: revaughan http://www.creditwritedowns.com/2009/04/bof-as-mac-clause-was-as-porous-as-swiss-cheese.html#comment-56561 revaughan Thu, 11 Jun 2009 16:16:00 +0000 http://www.creditwritedowns.com/?p=8200#comment-56561 What does 'MAC" stand for? What does ‘MAC” stand for?

]]> By: Jim http://www.creditwritedowns.com/2009/04/bof-as-mac-clause-was-as-porous-as-swiss-cheese.html#comment-56299 Jim Tue, 28 Apr 2009 22:14:00 +0000 http://www.creditwritedowns.com/?p=8200#comment-56299 Wouldn't the last part of that paragraph given them a MAC, or at least open the door to a legal battle over it? (G) changes in the trading price of a party’s common stock, in and of itself, but not including any underlying causes, except, with respect to clauses (A), (B) and (D), to the extent that the effects of such change are disproportionately adverse to the financial condition, results of operations or business of such party and its Subsidiaries, taken as a whole, as compared to other companies in the industry in which such party and its Subsidiaries operate Since Merrill tanking was (arguably) disproportional to the rest of the market, seems like condition D wouldn't apply. Lots of double negatives... got to love legalese. Wouldn’t the last part of that paragraph given them a MAC, or at least open the door to a legal battle over it?

(G) changes in the trading price of a party’s common stock, in and of itself, but not including any underlying causes, except, with respect to clauses (A), (B) and (D), to the extent that the effects of such change are disproportionately adverse to the financial condition, results of operations or business of such party and its Subsidiaries, taken as a whole, as compared to other companies in the industry in which such party and its Subsidiaries operate

Since Merrill tanking was (arguably) disproportional to the rest of the market, seems like condition D wouldn’t apply. Lots of double negatives… got to love legalese.

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