Common use of Licenses, Certificates and Permits Clause in Contracts

Licenses, Certificates and Permits. Each of the Transaction Entities and the Subsidiaries holds all material licenses, certificates and permits from governmental authorities which are necessary to the conduct of its business and is in compliance with the terms and conditions of such licenses, certificates and permits, except where the failure to do so would not, singly or in the aggregate, result in a Material Adverse Effect; and none of the Transaction Entities or any of the Subsidiaries has received any notice of proceedings relating to the revocation or modification of any such permits, licenses or certificates that, if determined adversely to the Transaction Entities or any Subsidiary, would, individually or in the aggregate, have a Material Adverse Effect.