Material Adverse Effect. Since ​, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.

Material Adverse Change. A Material Adverse Change occurs;

Material Adverse Conditions. No Material Adverse Effect shall have occurred, other than the Cases, since ​;

Material Adverse Effect. Any Material Adverse Effect occurs;

Material Adverse Effect. Any event or occurrence happens which results in or causes, or is reasonably likely to result in or cause, a Material Adverse Effect.

Material Adverse Effect. There shall not have occurred a Material Adverse Effect since the Effective Date and prior to the Closing.

Material Adverse Change. There shall have been no Material Adverse Change. The income and expenses of each Property, the occupancy thereof, and all other features of the transaction shall be as represented to the Agent without material adverse change. Neither the Borrowers nor any of their constituent Persons shall be the subject of any bankruptcy, reorganization, or insolvency proceeding.

No Material Adverse Event. Since ​, there shall not have occurred any event, condition or state of facts which could reasonably be expected to result in a Material Adverse Event.

No Material Adverse Change. Except as otherwise disclosed in the Public Filings (excluding forward-looking disclosures contained in “Risk Factors” and “Forward-Looking Statements” or other similar sections thereof that disclose forward-looking information), since ​, # there has been no Material Adverse Effect; # the Company Group, considered as one enterprise, have not # incurred any material liability or obligation, indirect, direct or contingent, or # entered into any material transaction or agreement, not in the ordinary course of business; # except for regular quarterly dividends on the Common Stock, in amounts per share that are consistent with past practice, there has been no cash dividend or distribution of any kind declared, paid or made by the Company Group on any class of capital stock or other equity interests; and # the Company Group have not issued or sold any shares of capital stock or other equity interests or any Convertible Securities, other than the Purchase Securities. Since ​, the business of the Company Group has been conducted in the ordinary course of business in all material respects.

No Material Adverse Change. No circumstance, event or condition shall have occurred or be existing which would reasonably be expected to have a Material Adverse Change.