Common use of Permits, Licenses, Authorizations; Compliance with Laws Clause in Contracts

Permits, Licenses, Authorizations; Compliance with Laws. Each of the Company and its subsidiaries has all licenses, franchises, permits and other governmental authorizations ("Permits") necessary to conduct its business, and neither the Company nor any subsidiary is in violation of or has violated or has any liability pursuant to any Permit, except where the failure to have any such Permits, or the existence or past occurrence of any such violation, has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on the Company. Except as disclosed on Schedule 2.12 hereto, each of the Company and its subsidiaries is, and has been at all times since January 1, 2001, in material compliance with each statute, law, ordinance, rule or regulation applicable to it or to the conduct or operation of its business or the ownership or use of any of its assets (each, a "Legal Requirement"). Except as disclosed on Schedule 2.12 hereto, no event has occurred or circumstances exist that (with or without the lapse of time) may constitute or result in a violation by the Company or any of its subsidiaries of, or a failure on the part the Company or any of its subsidiaries to comply with, any Legal Requirement, except where such non-compliance has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on the Company. Except as disclosed on Schedule 2.12 hereto, neither the Company nor any of its subsidiaries has received, at any time since January 1, 2001, any written notice regarding any actual, alleged, possible, or potential violation of, or failure to comply with, any Legal Requirement, except where such non-compliance has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on the Company. Neither Company nor any subsidiary has received any notice that any Permit will be suspended or revoked or will not be renewed.

Permits, Licenses, Authorizations; Compliance with Laws. Each of the Company Sovereign and its subsidiaries has all licenses, franchises, permits and other governmental authorizations ("Permits") Permits necessary to conduct its business, and neither the Company Sovereign nor any subsidiary is in violation of or has violated or has any liability pursuant to any Permit, except where the failure to have any such Permits, or the existence or past occurrence of any such violation, has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on the CompanySovereign. Except as disclosed on Schedule 2.12 4.15 hereto, each of the Company Sovereign and its subsidiaries is, and has been at all times since January 1, 2001, in material compliance with each statute, law, ordinance, rule or regulation applicable to it or to the conduct or operation of its business or the ownership or use of any of its assets (each, a "Legal Requirement"). Except as disclosed on Schedule 2.12 4.15 hereto, no event has occurred or circumstances exist that (with or without the lapse of time) may constitute or result in a violation by the Company Sovereign or any of its subsidiaries of, or a failure on the part the Company Sovereign or any of its subsidiaries to comply with, any Legal Requirement, except where such non-compliance Requirement that has not had and or would not reasonably be expected to have, individually or in the aggregate, have a Material Adverse Effect on the CompanySovereign. Except as disclosed on Schedule 2.12 4.15 hereto, neither the Company Sovereign nor any of its subsidiaries has received, at any time since January 1, 2001, any written notice regarding any actual, alleged, possible, or potential violation of, or failure to comply with, any Legal Requirement, except where such non-compliance Requirement that has not had and or would not reasonably be expected to have, individually or in the aggregate, have a Material Adverse Effect on the CompanySovereign. Neither Company Sovereign nor any subsidiary of its subsidiaries has received any notice that any Permit will be suspended or revoked or will not be renewedrenewed that has had or would reasonably be expected to have a Material Adverse Effect on Sovereign.