To the best of its knowledge, Target has complied with all applicable statutes and regulations of any federal, state, or other governmental entity or agency thereof, except to the extent that noncompliance would not materially and adversely affect the business, operations, properties, assets, or condition of Target or except to the extent that noncompliance would not result in the occurrence of any material liability for Target. This compliance includes, but is not limited to, the filing of all reports to date with federal and state securities authorities.