A material adverse change (MAC) clause that refers to a material adverse change in the business of the borrower. Business MAC clauses are typically conditions precedent to lending contained in commitment letters for bank loan financings. A business MAC is distinguishable from a market MAC (which is a material adverse change that affects the loan syndication or capital markets). It is also distinguishable from a company MAC (which is, in the context of an acquisition financing, the MAC definition taken from the acquisition agreement for a target company).