RE:"Material Adverse Effect" Page 11 - Arrangement Agreement"but, in the case of (a) through to and including (e) above, only to the extent that any such change, event, occurrence, effect, state of facts or circumstances does not have a materially disproportionate effect on the Corporation and its Subsidiaries, taken as a whole, relative to other entities operating in the airline industry or the segments of the travel, hotel and tourism industries in which the Corporation and its Subsidiaries operate; and references in certain sections of the Arrangement Agreement to dollar amounts are not intended to be, and shall not be deemed to be, illustrative or interpretative for purposes of determining whether a Material Adverse Effect has occurred."
https://www.transat.com/getmedia/609a4798-bc18-4c74-a15b-9e9603bafdc9/2019-HRZ-Circular-English-FINAL.pdf.aspx Is Transat in a worse position than all the industry (West Jet, Sunwing, Air Canada) ?