|Towards more picturesque speech™
My secret Latin advisor tells me it means “with the things having been changed that need to be changed”.
When you are applying a concept from one agreement into another by reference, there remains that abject and unutterable fear that, rather like moving a train carriage to tracks of a different gauge, somehow the translation might not quite work. Throwing in a mutatis mutandis is a legal eagle’s Rosetta Stone. It works like so: “as amended so the provision makes sense in the context in which you’ve just applied it”.
My secret Latin advisor also tells me mutatis mutandis is an ablative absolute phrase: “mutatis” is a past participle and “mutandis” is a gerundive. Don’t you just love it when a smart fella like that talks dirty?
For example, say Bob and Joan have an agreement where a certain Event of Default applies to Bob only.
“It will be an Event of Default if Bob forgets to bring his lunch to school one day.”
And let’s say, for some reason (just go with me here) that Bob and Joan want the same event to apply to Joan too. But only if Joan forgets to bring in her lunch (not Bob’s).
“In circumstance X, the Event of Default will apply to Joan, mutatis mutandis.”
As ugly as this seems in isolation, it is rakishly gorgeous when compared with “In circumstance X, the Event of Default will apply to Joan, as amended so the provision applies to Joan and her lunch, and not Bob and his lunch.”