The audited consolidated financial statements of Borrower and its Subsidiaries for the fiscal year ended December 31, 2015, copies of each of which have been furnished to Administrative Agent and each Lender, and the consolidated results of operations of Borrower and its Subsidiaries for the periods ended on such dates, all in accordance with GAAP, fairly present in all material respects the consolidated financial condition of Borrower and its Subsidiaries as at such dates. Since such date there has been (i) except as set forth in Schedule 4.01(f) hereto, no material increase in the liabilities of Borrower and its Subsidiaries or any Guarantor and (ii) no Material Adverse Change in Borrower, any Subsidiary or any Guarantor.