No Material Adverse Effect. Since the later of ​ 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 Effect.Change. Since the later of ​ and date of, there has been no change in the most recently delivered audited financial statementscondition, business or operations of the Borrower and its Subsidiaries pursuant to [Section 6.01(a)], there shall have been no change whichtaken as a whole, except for changes none of which, individually or in the aggregate, has had or could reasonably be expected to havehave, a Material Adverse Effect.

No Material Adverse Effect. SinceAll historical financial statements relating to the laterLoan 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 ​ 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 event, circumstance, or change which has hadoccurred that has or could reasonably be expected to haveresult in a Material Adverse Effect.Effect with respect to the Loan Parties and their Subsidiaries.

Material Adverse Effect.Change. Since the later of ​, there has been no change in the business, condition (financial or otherwise), operations, performance or Properties of ​ and date ofits Subsidiaries, as reflected in the most recently delivered audited annual consolidated financial statements of the Borrower​ and its Subsidiaries pursuant tofor the fiscal year ended on such date described in [Section 6.01(a)]4], there shall have been no change which has had or could reasonably be expected to have a Material Adverse Effect.