Common use of No Material Adverse Change or Material Adverse Effect Clause in Contracts

No Material Adverse Change or Material Adverse Effect. Since December 31, 2001 (but after giving effect to the consummation of the Transaction) there has been no material adverse change (or occurrence which is reasonably likely to result in a material adverse change) in the assets, business, operations, properties, liabilities, profits or condition (financial or otherwise) of Holdings and its Subsidiaries taken as a whole or of the Borrower and its Subsidiaries taken as a whole. Furthermore, since December 31, 2001 (but after giving effect to the Transaction) no Material Adverse Effect has occurred.

No Material Adverse Change or Material Adverse Effect. Since December 31, 2001 1996 (but after giving effect to the consummation of the Transaction) there has been no material adverse change (or occurrence which is reasonably likely to result in a material adverse change) in the assets, business, operations, properties, liabilities, profits or condition (financial or otherwise) of Holdings and its Subsidiaries taken as a whole or of the Borrower and its Subsidiaries taken as a whole. Furthermore, since December 31, 2001 1996 (but after giving effect to the Transaction) no Material Adverse Effect has occurred.

No Material Adverse Change or Material Adverse Effect. (a) Since December 31, 2001 2003 (but after giving effect to the consummation of the Transaction) there has been no material adverse change (or occurrence which is reasonably likely to result in a material adverse change) in the assets, business, operations, properties, liabilities, profits or condition (financial or otherwise) of Holdings and its Subsidiaries taken as a whole or of the Borrower and its Subsidiaries taken as a whole. Furthermore, since December 31, 2001 2003 (but after giving effect to the Transaction) no Material Adverse Effect has occurred.