No Material Adverse Effect. Since the later of December 31, 2016 and date of the most recently delivered audited financial statements of the Borrower and its Subsidiaries pursuant to Section 6.01(a), there shall have been no change which has had or could reasonably be expected to have a Material Adverse Effect.

Section # No Material Adverse Change. Since December 31, 2016, there has been no change in the financial condition, business or operations of the Borrower and its Subsidiaries taken as a whole, except for changes none of which, individually or in the aggregate, has had or could reasonably be expected to have, a Material Adverse Effect.

No Material Adverse Effect. All historical financial statements relating to the Loan Parties and their Subsidiaries that have been delivered by Borrowers to Agent have been prepared in accordance with GAAP (except, in the case of unaudited financial statements, for the lack of footnotes, appropriate format, and being subject to year-end audit adjustments) and present fairly in all material respects, the Loan Parties’ and their Subsidiaries’ consolidated financial condition as of the date thereof and results of operations for the period then ended, in conformity with GAAP. Since December 31, 2015, no event, circumstance, or change has occurred that has or could reasonably be expected to result in a Material Adverse Effect with respect to the Loan Parties and their Subsidiaries.

Material Adverse Change. Since October 2, 2016, there has been no change in the business, condition (financial or otherwise), operations, performance or Properties of ​ and its Subsidiaries, as reflected in the audited annual consolidated financial statements of ​ and its Subsidiaries for the fiscal year ended on such date described in Section 6.4, which has had or could reasonably be expected to have a Material Adverse Effect.