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 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 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, 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 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 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 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 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 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 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 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 business (an “Adviser 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 EffectEffect on the Company.

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, the Investment Management Agreement or the Administration Agreement (collectively, an “Adviser 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 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 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 or incorporated by reference 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 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 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 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 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 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 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 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, 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 in the Registration Statement, the Preliminary Prospectus, the General Disclosure Package 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, 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 EffectChange.

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, (A) 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 Adviser Material Adverse Effect and (B) there have been no transactions entered into by the Adviser or which are material with respect to the Administrator, whether or not arising Adviser other than those in the ordinary course of businessits business as described in the Registration Statement, that would reasonably be expected to result in a Material Adverse Effectthe General Disclosure Package and the Prospectus.

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 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 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 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 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 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 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 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

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 not occurred any material adverse change in the condition, financial or otherwise, or in the earnings, business affairs, business prospects or regulatory status operations of the Adviser or the AdministratorCompany and its subsidiaries, whether or not arising taken as a whole, from that and except as set forth in the ordinary course of businessRegistration Statement, that would reasonably be expected to result in the General Disclosure Package and the Prospectus (a “Material Adverse EffectChange”).

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 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.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 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 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 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 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 AdministratorAdviser, whether or not arising in the ordinary course of business, or that would reasonably be expected to result in a otherwise prevent the Adviser from carrying out its obligations under the Investment Advisory Agreement (collectively, an "Advisers' 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.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 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 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, 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.”),