MAC Clauses
Material adverse change or ‘MAC’ clauses provide lenders with a potentially powerful means of protecting their interests in the current environment, where the financial condition of a borrower group can change quickly, and not always for reasons within its direct control.
It is generally accepted by both lenders and borrowers that a loan agreement will contain a ‘material adverse change’ or MAC warranty, undertaking and event of default. More…
On 20 June 2012 the Western Australian Registrar and Commissioner of Titles issued a practice statement titled ‘Verification of Identity’. This practice commenced transitionally starting on 1 July 2012 with full compliance expected on documents lodged on and after 2 January 2013. The procedures can be accessed at http://www.landgate.wa.gov.au/docvault.nsf/web/PS_CIB/$FILE/VOI_Practice_WA-20June2012.pdf More…
There has now been a second reported case dealing with applications to extend the time to register a PPSA security interest.
In Cardinia Nominees Pty Ltd [2013] NSWSC 32 the court again agreed to an extension of time for the registration of a security interest under the PPSA, but the extension was given on conditions which leave this security interest open to challenge in the future. More…