Common use of Possession of Permits Clause in Contracts

Possession of Permits. Each of the Company and the Subsidiaries has all necessary authorizations, consents and approvals and has made all necessary filings required under any federal, state or foreign law, regulation or rule, and has obtained all necessary authorizations, consents and approvals from other persons, required in order to conduct their respective businesses as it is currently conducted as described in the Prospectus, except to the extent that any failure to have any such authorizations, consents or approvals, to make any such filings or to obtain any such authorizations, consents or approvals would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; neither the Company nor any of the Subsidiaries is in violation of, in default under, or has received any notice regarding a possible violation, default or revocation of any such authorization, consent or approval or any federal, state or foreign law, regulation or rule or any decree, order or judgment applicable to the Company or any of the Subsidiaries the effect of which would reasonably be expected to have a Material Adverse Effect.