Common use of No Material Adverse Change in Business Clause in Contracts

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and the Prospectus, except as otherwise stated therein, there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs, business prospects or regulatory status of the Adviser or the Administrator, whether or not arising in the ordinary course of business, that would reasonably be expected to result in a Material Adverse Effect.

No Material Adverse Change in Business. Since the respective dates as of which information is given provided in the Registration Statement, the General Disclosure Package Statement and the ProspectusProspectus or any amendments or supplements thereto, except as otherwise stated therein, (a) there has been no material adverse change in the condition, financial or otherwise, or in the earnings, earnings or business affairs, business prospects or regulatory status affairs of the Adviser Company or the AdministratorOperating Partnership, whether or not arising in the ordinary course of business, that would and (b) there have been no transactions entered into by the Company or the Operating Partnership which could reasonably be expected to result in a Material Adverse Effect.

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and or the Prospectus, except as otherwise stated therein, there has not been no any material adverse change change, or any development involving a prospective material adverse change, in the condition, financial or otherwise, or in the earnings, results of operations or business affairs, business prospects or regulatory status affairs of the Adviser or the AdministratorCompany and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, that would reasonably be expected to result in business (a “Material Adverse Effect”).

No Material Adverse Change in Business. Since the respective dates as of which information is given provided in the Registration Statement, the General Disclosure Package Statement and the ProspectusProspectus or any amendments or supplements thereto, except as otherwise stated therein, there has been no material adverse change in the condition, financial or otherwise, or in the earnings, earnings or business affairs, business prospects or regulatory status affairs of the Adviser Company or the AdministratorOperating Partnership, whether or not arising in the ordinary course of business, that would reasonably be expected to result in a Material Adverse Effect.

No Material Adverse Change in Business. Since the respective dates as of which information is given provided in the Registration Statement, the General Disclosure Package Statement and the ProspectusProspectus or any amendments or supplements thereto, except as otherwise stated therein, (a) there has been no material adverse change in the condition, financial or otherwise, or in the earnings, earnings or business affairs, business prospects or regulatory status affairs of the Adviser or the AdministratorCompany, whether or not arising in the ordinary course of business, and (b) there have been no transactions entered into by the Company that would could reasonably be expected to result in a Material Adverse Effect.

No Material Adverse Change in Business. Since Except as otherwise stated therein, since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and or the Prospectus, except as otherwise stated therein, there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs, business prospects or regulatory status of the Adviser or the AdministratorAdviser, whether or not arising in the ordinary course of business, that would reasonably be expected or on the ability of the Adviser to result in a carry out its obligations under this Agreement or the Investment Management Agreement (collectively, an “Adviser Material Adverse Effect”).

No Material Adverse Change in Business. Since Except as otherwise disclosed in the Prospectus, since the respective dates as of which information is given provided in the Registration Statement, the General Disclosure Package Statement and the Prospectus, except as otherwise stated therein, Prospectus or any amendments or supplements thereto there has been no material adverse change in the conditionbusiness, properties, management, financial position, results of operations or otherwise, or in the earnings, business affairs, business prospects or regulatory status cash flows of the Adviser Company or the AdministratorOperating Partnership, whether or not arising in the ordinary course of business, that would reasonably be expected to result in a Material Adverse Effect.

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package Statement and the Prospectus, except as otherwise stated therein, there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs, business prospects or regulatory status of the Adviser or the Administrator, whether or not arising in the ordinary course of business, that would reasonably be expected to result in a Material Adverse Effect.

No Material Adverse Change in Business. Since the respective dates as of which information is given provided in the Registration Statement, the General Disclosure Package Statement and the ProspectusProspectus or any amendments or supplements thereto, except as otherwise stated therein, (a) there has been no material adverse change in the condition, financial or otherwise, or in the earnings, or business affairs, business prospects or regulatory status affairs of the Adviser Company or the AdministratorOperating Partnership, whether or not arising in the ordinary course of business, that would and (b) there have been no transactions entered into by the Company or the Operating Partnership which could reasonably be expected to result in seen as having a Material Adverse Effect.

No Material Adverse Change in Business. Since Except as otherwise stated therein, since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and or the Prospectus, except as otherwise stated therein, (A) there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs, affairs or business prospects or regulatory status of the Adviser or the Administrator, whether or not arising in the ordinary course of business, that would reasonably be expected to result in a business (an “Administrator Material Adverse Effect”), and (B) there have been no transactions entered into by the Administrator, other than those in the ordinary course of business, which are material with respect to the Administrator.

No Material Adverse Change in Business. Since the respective dates as of which information is given provided in the Registration Statement, the General Disclosure Package and the ProspectusStatement or any amendments thereto, except as otherwise stated therein, there has been no material adverse change in the condition, financial or otherwise, or in the earnings, earnings or business affairs, business prospects or regulatory status affairs of the Adviser or the AdministratorFund, whether or not arising in the ordinary course of business, that which would reasonably be expected to result in have a Material Adverse Effect.

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and or the Prospectus, except as otherwise stated thereintherein or contemplated thereby, there has been no material adverse change in the condition, financial or otherwise, of the Company and its subsidiaries considered as one enterprise, or in the earnings, business affairs, affairs or business prospects or regulatory status of the Adviser or the AdministratorCompany and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, that would reasonably be expected business (such a material adverse change hereinafter referred to result in as a “Material Adverse Effect”).

No Material Adverse Change in Business. Since Except as otherwise stated therein, since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and or the Prospectus, except as otherwise stated therein, (A) there has been no material adverse change in Material Adverse Effect and (B) there have been no transactions entered into by the conditionCompany or any of its Subsidiaries, financial or otherwise, or in the earnings, business affairs, business prospects or regulatory status of the Adviser or the Administrator, whether or not arising other than those in the ordinary course of business, that would reasonably be expected which are material with respect to result in a Material Adverse Effectthe Company and its Subsidiaries considered as one enterprise.

No Material Adverse Change in Business. Since Except as otherwise stated therein, since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and Statutory Prospectus or the Prospectus, except as otherwise stated therein, (A) there has been no material adverse change in Material Adverse Effect, (B) there have been no transactions entered into by the conditionCompany, financial or otherwise, or in the earnings, business affairs, business prospects or regulatory status of the Adviser or the Administrator, whether or not arising other than those in the ordinary course of business, that would reasonably be expected which are material with respect to result in a Material Adverse Effectthe Company, and (C) there has been no dividend or distribution of any kind declared, paid or made by the Company on any class of its shares.

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package Statement and the Prospectus, except as otherwise stated thereintherein or in documents incorporated therein by reference, there has been no material adverse change in the condition, financial or otherwise, results of operations or in the earnings, business affairs, business prospects or regulatory status of the Adviser or Company and the Administrator, whether or not arising in the ordinary course of business, that would reasonably be expected to result in Subsidiaries (as hereinafter defined) taken as a whole (a "Material Adverse Effect").

No Material Adverse Change in Business. Since Except as otherwise stated therein, since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and or the Prospectus, except as otherwise stated therein, there has been no material adverse change in the financial condition, financial or otherwise, or in the earnings, business affairs, properties or business prospects or regulatory status of the Adviser or the AdministratorManager, whether or not arising in the ordinary course of business, that would reasonably be expected to result in business (a “Manager Material Adverse Effect”).

No Material Adverse Change in Business. Since the respective dates as of which information is given provided in the Registration Statement, the General Disclosure Package Statement and the ProspectusProspectus or any amendments or supplements thereto, except as otherwise stated therein, (a) there has been no material adverse change in the condition, financial or otherwise, or in the earnings, earnings or business affairs, business prospects or regulatory status affairs of the Adviser or the AdministratorCompany, whether or not arising in the ordinary course of business, that would and (b) there have been no transactions entered into by the Company which could reasonably be expected to result in a Material Adverse Effect.

No Material Adverse Change in Business. Since Except as otherwise disclosed in the Registration Statement and Prospectus, since the respective dates as of which information is given provided in the Registration Statement, the General Disclosure Package Statement and the Prospectus, except as otherwise stated thereinProspectus or any amendments or supplements thereto, there has been no material adverse change in the conditionbusiness, properties, management, financial position, results of operations or otherwise, or in the earnings, business affairs, business prospects or regulatory status cash flows of the Adviser or the AdministratorCompany and its subsidiaries, whether or not arising in the ordinary course of business, that would reasonably be expected to result in a Material Adverse Effect.

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package Statement and the Prospectus, except as otherwise stated therein, (A) there has been no material adverse change in the financial condition, financial or otherwise, or in the earnings, business affairs, affairs or business prospects or regulatory status of the Adviser or the AdministratorCompany (a "Material Adverse Effect"), whether or not arising in the ordinary course of business and (B) there have been no transactions entered into by the Company, other than those in the ordinary course of business, that would reasonably be expected which are material with respect to result in a Material Adverse Effectthe Company.

No Material Adverse Change in Business. Since the respective dates as of which information is given provided in the Registration Statement, the General Disclosure Package Statement and the ProspectusProspectus or any amendments or supplements thereto, except as otherwise stated therein, (a) there has been no material adverse change in the condition, financial or otherwise, or in the earnings, earnings or business affairs, business prospects or regulatory status affairs of the Adviser or the AdministratorCompany, whether or not arising in the ordinary course of business, and (b) there have been no transactions entered into by the Company that would could reasonably be expected to result in a Material Adverse EffectEffect on the Company.

No Material Adverse Change in Business. Since the respective dates as of which information is given provided in the Registration Statement, the General Disclosure Package Statement and the ProspectusProspectus or any amendments or supplements thereto, except as otherwise stated therein, (a) there has been no material adverse change in the condition, financial or otherwise, or in the earnings, earnings or business affairs, business prospects or regulatory status affairs of the Adviser or the AdministratorFund, whether or not arising in the ordinary course of business, that would and (b) there have been no transactions entered into by the Fund which could reasonably be expected to result in a Material Adverse Effect.

No Material Adverse Change in Business. Since Except as otherwise stated therein, since the respective dates as of which information is given in each of the Registration Statement, the General Disclosure Package and or the Prospectus, except as otherwise stated therein, there has been no material adverse change in the condition, condition (financial or otherwise, or in the earnings), business affairs, business prospects or regulatory status results of operations of the Adviser or the Administrator, whether or not arising in the ordinary course of business, that would reasonably be expected to result in Company and its subsidiaries taken as a Material Adverse Effectwhole.

No Material Adverse Change in Business. Since Except as otherwise stated therein, since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and or the Final Prospectus, except as otherwise stated therein, there has been no material adverse change in the financial condition, financial or otherwise, or in the earnings, business affairs, properties or business prospects or regulatory status of the Adviser or the AdministratorManager, whether or not arising in the ordinary course of business, that would reasonably be expected to result in business (a “Manager Material Adverse Effect”).

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package Prospectus and the Pre-pricing Prospectus, except as otherwise stated therein, there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs, business prospects or regulatory status of the Investment Adviser or the Administrator, whether or not arising in the ordinary course of business, that would reasonably be expected to result in a Material Adverse Effect.

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package Statement and the Prospectus, except as otherwise stated therein, (A) there has been no material adverse change in the financial condition, financial results of operations or otherwise, or in the earnings, business affairs, business prospects or regulatory status affairs of the Adviser or the AdministratorCompany and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, that would reasonably be expected to result in business (a "Material Adverse Effect"), and (B) there have been no material transactions entered into by the Company other than transactions contemplated by the Registration Statement and Prospectus or transactions arising in the ordinary course of business.

No Material Adverse Change in Business. Since the respective dates as of which information is given provided in the Registration Statement, the General Disclosure Package Statement and the ProspectusProspectus or any amendments or supplements thereto, except as otherwise stated therein, (a) there has been no material adverse change in the condition, financial or otherwise, or in the earnings, earnings or business affairs, business prospects or regulatory status affairs of the Adviser Company or the AdministratorOperating Partnership, whether or not arising in the ordinary course of business, that would and (b) there have been no transactions entered into by the Company or the Operating Partnership which could reasonably be expected to result in a Material Adverse Effect.

No Material Adverse Change in Business. Since Except as otherwise disclosed in the Registration Statement and Prospectus, since the respective dates as of which information is given provided in the Registration Statement, the General Disclosure Package Statement and the Prospectus, except as otherwise stated therein, Prospectus or any amendments or supplements thereto there has been no material adverse change in the conditionbusiness, properties, management, financial position, results of operations or otherwise, or in the earnings, business affairs, business prospects or regulatory status cash flows of the Adviser or the AdministratorCompany and its subsidiaries, whether or not arising in the ordinary course of business, that would reasonably be expected to result in a Material Adverse Effect.

No Material Adverse Change in Business. Since Except as otherwise stated therein, since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and or the Prospectus, except as otherwise stated therein, there has been no material adverse change in the financial condition, financial or otherwise, or in the earnings, business affairs, properties or business prospects or regulatory status of the Adviser or the AdministratorManager, whether or not arising in the ordinary course of business, that would reasonably be expected to result in business (a “Material Adverse Effect”).

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and or the Prospectus, except as otherwise stated thereintherein or contemplated thereby, there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs, affairs or business prospects or regulatory status of the Adviser or the AdministratorCompany and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, that would reasonably be expected to result in business (a “Material Adverse Effect”).

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package Statement and the Prospectus, except as otherwise stated therein, there has been no material adverse change in the financial condition, financial or otherwise, or in the earnings, business affairs, business prospects operations or regulatory status of the Adviser or the AdministratorAdministrator or any of their respective subsidiaries, whether or not arising in the ordinary course of business, that would reasonably be expected to result in a Material Adverse Effect., or would otherwise reasonably be

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package Time of Sale Prospectus and the Prospectus, except as otherwise stated thereintherein or in documents incorporated therein by reference, there has been no material adverse change in the condition, financial or otherwise, results of operations or in the earnings, business affairs, business prospects or regulatory status of the Adviser or the Administrator, whether or not arising in the ordinary course of business, that would reasonably be expected to result in Company and its Subsidiaries (as hereinafter defined) taken as a Material Adverse Effectwhole.

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package Statement and the Prospectus, except as otherwise stated therein, (A) there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs, affairs or business prospects or regulatory status of the Adviser or the Administrator, whether or not arising in the ordinary course of business, that would reasonably be expected to result in a Material Adverse Effect.the

No Material Adverse Change in Business. Since the respective dates as of which information is given provided in the Registration Statement, the General Disclosure Package Statement and the ProspectusProspectus or any amendments or supplements thereto, except as otherwise stated therein, (a) there has been no material adverse change in the condition, financial or otherwise, or in the earnings, earnings or business affairs, business prospects or regulatory status affairs of the Adviser or the AdministratorTrust, whether or not arising in the ordinary course of business, that would and (b) there have been no transactions entered into by the Trust which could reasonably be expected to result in a Material Adverse Effect.

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package Statement and the Prospectus, except as otherwise stated therein, there has been no material adverse change in the financial condition, financial or otherwise, or in the earnings, business affairs, business prospects operations or regulatory status of the Adviser or the AdministratorAdministrator or any of their respective subsidiaries, whether or not arising in the ordinary course of business, that would reasonably be expected to result in a Material Adverse Effect.Adverse

No Material Adverse Change in Business. Since Except as otherwise stated therein, since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and or the Prospectus, except as otherwise stated therein, there has been no material adverse change in the financial condition, financial or otherwise, or in the earnings, business affairs, properties or business prospects or regulatory status of the Adviser Manager, or the AdministratorAngelo, Gordon, as applicable, whether or not arising in the ordinary course of business, that would reasonably be expected to result in business (a “Material Adverse Effect”).

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and the Prospectus, except as otherwise stated therein, there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs, business prospects or regulatory status of the Adviser Manager or the Administrator, whether or not arising in the ordinary course of business, that would reasonably be expected to result in a Material Adverse Effect.

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package Statement and the Prospectus, except as otherwise stated thereintherein or contemplated thereby, there has been no material adverse change in the condition, financial or otherwise, of the Company and its subsidiaries considered as one enterprise, or in the earnings, business affairs, affairs or business prospects or regulatory status of the Adviser or the AdministratorCompany and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, that would reasonably be expected business (such a material adverse change hereinafter referred to result in as a “Material Adverse Effect”).

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package Statement and the Prospectus, except as otherwise stated thereintherein or contemplated thereby, there has been no material adverse change in the condition, financial or otherwise, of the Company and its subsidiaries considered as one enterprise, or in the earnings, business affairs, affairs or business prospects or regulatory status of the Adviser or the AdministratorCompany and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, that would reasonably be expected to result in a Material Adverse Effect.

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package Statement and the Prospectus, except as otherwise stated therein, (A) there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs, affairs or business prospects or regulatory status of the Adviser or the Administrator, whether or not arising in the ordinary course of business, that would reasonably be expected to result in Company and its subsidiaries considered as one enterprise (a “Material Adverse Effect.”),

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and or the Prospectus, except as otherwise stated thereintherein or contemplated thereby, there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs, affairs or business prospects or regulatory status of the Adviser or the AdministratorCompany and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, that would reasonably be expected to result in business (a "Material Adverse Effect").

No Material Adverse Change in Business. Since Except as otherwise stated therein, since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and or the Prospectus, except as otherwise stated therein, (A) there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs, affairs or business prospects or regulatory status of the Adviser or the Administrator, whether or not arising in the ordinary course of business, that would reasonably be expected to result in Company and its Subsidiaries considered as one enterprise (a “Material Adverse Effect.”),

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package Statement and the Prospectus, except as otherwise stated therein, (A) there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs, affairs or business prospects or regulatory status of the Adviser or the AdministratorCompany and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, that would reasonably be expected to result in a Material Adverse Effect.course

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package Statement and the Prospectus, except as otherwise stated therein, there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs, affairs or business prospects or regulatory status of the Adviser or the AdministratorCompany and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, that would reasonably be expected to result in business (a "Material Adverse Effect").

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package Statement and the Prospectus, except as otherwise stated disclosed therein, there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs, affairs or business prospects of Bridge or regulatory status of the Adviser or the Administratorits subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, that would reasonably be expected to result in business (a "Bridge Material Adverse Effect").

No Material Adverse Change in Business. Since Subsequent to the respective dates as of which information is given in the Registration Statement, the General Disclosure Package Statement and the Prospectus, except as otherwise stated therein, there has not been no (i) any material adverse change in the business, operations, properties, financial condition, financial results of operations or otherwise, prospects of the Manager or (ii) in the earnings, business affairs, business prospects or regulatory status ability of the Adviser or Manager to perform its obligations under the AdministratorManagement Agreement (collectively, whether or not arising in the ordinary course of business, that would reasonably be expected to result in a “Manager Material Adverse Effect”).

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package Statement and the Prospectus, except as otherwise stated thereintherein or contemplated thereby, there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs, affairs or business prospects or regulatory status of the Adviser or the AdministratorCompany and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, that would reasonably be expected to result in business (a “Material Adverse Effect”).

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package Statement and the Prospectus, except as otherwise stated therein, (A) there has been no material adverse change in the financial condition, financial or otherwise, or in the earnings, business affairs, affairs or business prospects or regulatory status of the Adviser Seller or the AdministratorCompany (a "Material Adverse Effect"), whether or not arising in the ordinary course of business and (B) there have been no transactions entered into by the Seller or the Company, other than those in the ordinary course of business, that would reasonably be expected which are material with respect to result in a Material Adverse Effectthe Seller or the Company.

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and or the Prospectus, except as otherwise stated therein, (A) there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs, business prospects prospects, management, assets or regulatory status properties of the Adviser or Company, the AdministratorOperating Partnership and their subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, that would reasonably be expected to result in business (a “Material Adverse Effect.”),

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package Statement and the Prospectus, except as otherwise stated thereintherein or in documents incorporated therein by reference, there has been no material adverse change in the condition, financial or otherwise, results of operations or in the earnings, business affairs, business prospects or regulatory status of the Adviser or Company and the Administrator, whether or not arising in the ordinary course of business, that would reasonably be expected to result in Subsidiaries (as hereinafter defined) taken as a whole (a “Material Adverse Effect”).

No Material Adverse Change in Business. Since the respective dates as of which information is given in or incorporated by reference into the Registration Statement, the General Disclosure Package Statement and the Prospectus, except as otherwise stated therein, (A) there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs, affairs or business prospects or regulatory status of the Adviser or the AdministratorCompany and its subsidiaries considered as one enterprise (a "Material Adverse Effect"), whether or not arising in the ordinary course of business, that would reasonably be expected to result in a Material Adverse Effect.(B) there have been no transactions entered into by

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package Statement and the Prospectus, except as otherwise stated therein, (A) there has been no material adverse change in the condition, financial or otherwise, operations or in the earnings, business affairs, business prospects or regulatory status of the Adviser or the AdministratorCompany and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business (a "MATERIAL ADVERSE EFFECT") and (B) there have been no transactions entered into by the Company or any of its subsidiaries, other than those in the ordinary course of business, that would reasonably be expected to result in a Material Adverse Effect.,

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and or the Prospectus, except as otherwise stated therein, there has been no material adverse change in the condition, financial or otherwise, or in the earnings, results of operations or business affairs, business prospects or regulatory status affairs of the Adviser or the AdministratorCompany and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, that would reasonably be expected to result in business (a “Material Adverse Effect”).

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package Statement and the ProspectusProspectuses, except as otherwise stated therein, (A) there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs, affairs or business prospects or regulatory status of the Adviser or the AdministratorCompany and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, that would reasonably be expected to result in a Material Adverse Effect.the

No Material Adverse Change in Business. Since Except as otherwise stated therein, since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and or the Prospectus, except as otherwise stated therein, there has been no material adverse change in the condition, condition (financial or otherwise, or in the earnings), business affairs, business prospects or regulatory status results of operations of the Adviser or the Administrator, whether or not arising in the ordinary course of business, that would reasonably be expected to result in Company and its subsidiaries taken as a Material Adverse Effectwhole.

No Material Adverse Change in Business. Since Except as otherwise disclosed in the Registration Statement and the Prospectus (including filings incorporated by reference therein), subsequent to the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and Statement or the Prospectus, except as otherwise stated therein, : (A) there has been no material adverse change in the condition, financial or otherwise, or in the properties, earnings, business affairs, affairs or business prospects or regulatory status of the Adviser or Company and the AdministratorSubsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, that would reasonably be expected to result in business (a “Material Adverse Effect.”),

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package Statement and the Prospectus, except as otherwise stated therein, (A) there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs, affairs or business prospects or regulatory status of the Adviser or the AdministratorCompany and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, that would reasonably be expected to result in business (a "Material Adverse Effect."),

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Pricing Disclosure Package and the Prospectus, except as otherwise stated therein, there has been no material adverse change in the financial condition, financial or otherwise, or in the earnings, business affairs, business prospects operations or regulatory status of the Adviser or the AdministratorAdministrator or any of their respective subsidiaries, whether or not arising in the ordinary course of business, that would reasonably be expected to result in a Material Adverse Effect.ordinary

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, in the General Disclosure Package U.S. Prospectus and in the Canadian Prospectus, except as otherwise stated thereintherein (exclusive of amendments and supplements thereto), there has been no material adverse change in the conditionbusiness, financial affairs, results of operations, assets, liabilities (contingent or otherwise, ) or in the earnings, business affairs, business prospects or regulatory status capital of the Adviser or the AdministratorCompany and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, that would reasonably be expected to result in business (a "Material Adverse Effect").

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package Statement and the ProspectusProspectuses, except as otherwise stated therein, (A) there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs, affairs or business prospects or regulatory status of the Adviser or the AdministratorCompany and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, that would reasonably be expected to result in business (a "Material Adverse Effect."), (B) there have been no transactions entered into by the Company or any of its subsidiaries, other than those in the

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package Statement and the Prospectus, except as otherwise stated therein, (A) there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs, affairs or business prospects or regulatory status of the Adviser or the AdministratorCompany and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, that would reasonably be expected to result in a Material Adverse Effect.the

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and or the Prospectus, except as otherwise stated therein, there has been no not occurred any material adverse change change, or to the Company’s knowledge, any development involving a prospective material adverse change, in the condition, financial or otherwise, or in the earnings, business affairs, business prospects affairs or regulatory status operations of the Adviser or the AdministratorCompany and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, that would reasonably be expected to result in business (a “Material Adverse Effect”).

No Material Adverse Change in Business. Since Except as otherwise stated therein, since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and or the Prospectus, except as otherwise stated therein, (A) there has been no material adverse change in Material Adverse Effect and (B) there have been no transactions entered into by the conditionCompany or any of its Subsidiaries, financial or otherwise, or in the earnings, business affairs, business prospects or regulatory status of the Adviser or the Administratortaken as a whole, whether or not arising from transactions in the ordinary course of business, that would reasonably be expected which are material with respect to result in a Material Adverse Effectthe Company and its Subsidiaries considered as one enterprise.

No Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package Statement and the Prospectus, except as otherwise stated therein, (A) there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs, affairs or business prospects or regulatory status of the Adviser or the Administrator, whether or not arising in the ordinary course of business, that would reasonably be expected to result in a Material Adverse Effect.of