The Administrative Agent shall have received and reviewed all material contracts of the Borrower and its Subsidiaries related to the Peak Properties and such material contracts shall be in form and substance reasonably satisfactory to the Administrative Agent.
During the periods presented, the King's Peak Properties were not accounted for or operated as a separate division by the owners.
The accompanying statements of revenues and direct operating expenses vary from an income statement in that they do not show certain expenses, which were incurred in connection with the ownership of the King's Peak Properties, such as general and administrative expenses, and income taxes.
Each lease and agreement granting rights to the Peak Properties is in full force and effect and constitutes a legal, valid and binding agreement of Peak and the Peak Subsidiaries and neither Peak nor the Peak Subsidiaries is in violation of, breach of or default under any such lease or agreement except such violations, breaches or defaults which, individually, or in the aggregate, would not reasonably be expected to have a Material Adverse Effect on Peak.
Accordingly, the statements of revenues and direct operating expenses and other information presented are not indicative of the financial condition and results of operations of the King's Peak Properties.