Since ​ except as stated in any Exchange Act Report filed since such date or as disclosed herein pursuant to [Section 3.7]: # there has been no event, circumstance or condition relating to or affecting the business, assets, liabilities, results of operations or condition (financial or otherwise) of the Company and the Subsidiaries taken as a whole, or the ability of the Company to continue to conduct business in the usual and ordinary course of the Company and the Subsidiaries taken as a whole, whether or not arising in the ordinary course of business, which would have a Material Adverse Effect; and # except for the transactions contemplated by this Agreement, as set forth on [Schedule 3.7], or as set forth in the Exchange Act Reports, there has been no material transaction entered into by the Company or any of the Subsidiaries other than # transactions in the ordinary course of business or # transactions which would not have a Material Adverse Effect; and # there have not been any changes in the capital stock of the Company. On the date hereof, no dividend or other distribution with respect to the Company’s Common Stock has been declared but not yet paid or distributed which has a record date prior to the date hereof, except as disclosed on [Schedule 3.7].

No Material Adverse Changes. There shall have been no event or circumstance relating to the business, operations, properties, prospects or financial condition of ​ that is material and adverse to ​, taken as a whole, including without limitation, any material increase in the liabilities of ​ or any material decrease in the assets of ​, in each case between the date hereof and the Closing Date.

No Material Adverse Changes. There shall have been no event or circumstance relating to the business, operations, properties, prospects or financial condition of EXAD that is material and adverse to EXAD, taken as a whole, including without limitation, any material increase in the liabilities of EXAD between the date hereof and the Closing Date.

Material Adverse Changes. Except as disclosed in the Prospectus and the Time of Sale Information, # in the reasonable judgment of the Agent there shall not have occurred any Material Adverse Change; and # there shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading or of any review for a possible change that does not indicate the direction of the possible change, in the rating accorded any securities of the Company or any of its subsidiaries by any “nationally recognized statistical rating organization” as such term is defined for purposes of Section 3(a)(62) of the Exchange Act.

From the date of this Agreement to the Closing Date, there shall not have been any material adverse change in # the business, operations, assets, liabilities, earnings, condition (financial or otherwise) or prospects of the Company or # with respect to the Shareholders and the Shares, and no material adverse change shall have occurred (or be threatened) in any domestic or foreign laws affecting the Company or in any third party contractual or other business relationships of the Company.

No Adverse Changes. Except as set forth on [Schedule 4.17], since ​, ​ has not suffered or incurred any loss, damage, destruction, or other event that has caused or given rise to any Material Adverse Effect.

No Changes or Material Adverse Effects. (a) Between ​ and the Execution Date, the business of the Contributed Entities, taken as a whole, has been conducted in the ordinary course of business, # subsequent to ​, there has not been any change, event or occurrence that has had or would reasonably be expected to have a Contributed Entity Material Adverse Effect or, with respect to the Second Closing, a Crestwood Pipeline East Material Adverse Effect and # between ​ and the Execution Date, the Contributed Entities have not taken any action which, if taken after the date hereof, would require the consent of CEGPS pursuant to [Section 5.1].

No Material Adverse Change. Since ​, there has not been any Material Adverse Effect.

No Material Adverse Effect. There shall not have occurred a Material Adverse Effect or any event or circumstance that could reasonably be expected to result in a Material Adverse Effect and the Administrative Agent shall have received a certificate of a Financial Officer of the Borrowers to the foregoing effect.

No Material Adverse Effect. Since the date of the most recent financial statements of the Company included or incorporated by reference in the Registration Statement and Prospectus, there has not been # any Material Adverse Effect, or any development that would result in a Material Adverse Effect, # any transaction which is material to the Company and the Subsidiaries taken as a whole, # any obligation or liability, direct or contingent (including any off-balance sheet obligations), incurred by the Company or the Subsidiaries, which is material to the Company and the Subsidiaries taken as a whole, # any material change in the capital stock (other than # the grant of additional options under the Company’s existing stock option plans, # changes in the number of outstanding Common Stock of the Company due to the issuance of shares upon the exercise or conversion of securities exercisable for, or convertible into, Common Stock outstanding on the date hereof, # as a result of the issuance of Placement Shares, # any repurchases of capital stock of the Company, # as described in a proxy statement filed on [Schedule 14A] or a Registration Statement on Form S-4, or # otherwise publicly announced) or outstanding long-term indebtedness of the Company or the Subsidiaries or # any dividend or distribution of any kind declared, paid or made on the capital stock of the Company or any Subsidiary, other than in each case above in the ordinary course of business or as otherwise disclosed in the Registration Statement or Prospectus (including any document incorporated by reference therein).