Common use of Obtaining Permits and Licenses Clause in Contracts

Obtaining Permits and Licenses. Seller will assign, transfer or convey to Buyer at the Closing those governmental permits and licenses described in the Disclosure Schedule which are held or used by Seller in connection with the Business and with respect to which any necessary third party consents to assignment have been obtained or which can be assigned without having to obtain the consent of any third party. Subsequent to the Closing, to the extent permitted by law, Seller will have the right to cancel any permits or licenses and any bonds, guarantees or undertakings by Seller now applicable to the Assets or the Business to the extent such is not so assigned or transferred to Buyer pursuant to this Section 1.3 and is not subject to Seller's continuing obligations under Section 1.6 hereof.