This empirical analysis of merger agreements indicates an evolution in market practice since the COVID-19 pandemic toward providing additional flexibility to targets to respond to extraordinary events that may occur pending closing. This Essay argues that relying on the buyer’s providing consent for such responses is inadequate, and proposes a new framework for ordinary course covenants and MAE provisions.

中文翻译：

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合并协议中普通课程和 MAE 条款的拟议大流行后框架：审查最近的市场实践变化并解决倾斜的激励措施

这种对合并协议的实证分析表明，自 COVID-19 大流行以来，市场实践正在向目标提供额外的灵活性，以应对可能在关闭前发生的异常事件。本文认为，仅依靠买方对此类响应的同意是不够的，并为普通课程契约和 MAE 规定提出了一个新框架。