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Fifth, analyze the text of the agreement, as both doctrines are subsidiary remedies. They only apply if there is no risk-sharing clause that poses the risk of an event to one of the parties. It should be noted that ESSENTIAL DETRIMENTAL MODIFICATION CLAUSES (MACs) are regularly included in financing contracts and M&A agreements. Their formulation must be carefully analyzed. The working capital of companies active in a large number of sectors has collapsed and market conditions have changed significantly in some sectors (e.g. B a rise in the prices of certain goods, restrictions on movement and the closure of hotels and restaurants), which weighs heavily on many companies. This blatant disruption has resulted in many companies not being able to meet their contractual obligations under their trade agreements as soon as they expire. An appropriate analysis of the remedies available to companies facing the current situation should be guided by examining the terms of their respective agreements and the circumstances of the alleged non-compliance (e.g. B of the specific sector or the appropriate time for the provision). Force majeure and rebus sic stantibus doctrines do not necessarily apply to all agreements affected by COVID-19, with the same consequences. In that context, it is necessary to examine whether the parties have the right to require an amendment to the terms of their commercial agreements and to adapt them to the current circumstances, or even to temporarily or permanently suspend the performance of their contractual obligations. The main legal doctrines available in Spain on this subject are force majeure and rebus sic stantibus. This last point is not explicitly defined by law, but is applied by Spanish case law.
Even if Spain has not adopted specific legislation applicable to commercial agreements concluded in the COVID 19 environment, it is worth mentioning that a legal provision has been exceptionally adopted (Royal Decree-Law 15/2020 of 21 April) allowing, since 23 April, certain tenants of establishment to request the deferral of rent under certain conditions. . . .