Common use of Business; Compliance with Laws Clause in Contracts

Business; Compliance with Laws. Each Borrower (i) is in compliance with, in all respects all legal requirements applicable to it and its business and (ii) has all material federal, state, local and foreign governmental licenses and permits (collectively, "Permits") used or necessary in the conduct of its business. Such Permits are in full force and effect, no violations with respect to any thereof are recorded, no legal proceeding is pending or, to the best knowledge of each Borrower, threatened to revoke or limit any thereof.