Common use of Licenses and Registration Clause in Contracts

Licenses and Registration. The Texas Company and its ------------------------- Subsidiaries have all permits, governmental licenses, registrations, orders, exemptions and approvals necessary to own (or lease, as applicable) and operate their properties and to carry on their businesses substantially as presently conducted (and as presently proposed to be conducted) as required by Law or the rules and regulations of any Governmental Entity (the "Texas Company Material ---------------------- Permits") and all of such Texas Company Material Permits are valid and in full ------- force and effect, other than those permits, licenses, registrations, orders, exemptions and approvals, the absence of which would not result in a material adverse effect on the Texas Company.