Operation of Business. Borrower possess all licenses, permits, franchises, patents, copyrights, trademarks, and tradenames, or rights thereto, necessary to conduct their respective businesses substantially as now conducted and as presently proposed to be conducted except those that the failure to so possess would not reasonably be expected to have a Material Adverse Effect and Borrower is not in violation of any valid rights of others with respect to any of the foregoing except violations that could not reasonably be expected to have such a Material Adverse Effect.

OperationSection #4Operation of Business. Each of Borrower possessand its Subsidiaries possesses all licenses, permits, consents, authorizations, franchises, patents, copyrights, trademarks, and tradenames,trade names, or rights thereto, necessary to conduct theirits respective businesses substantially as now conducted and as presently proposed to be conducted except those that the failure to so possess would not reasonably be expected to have a Material Adverse Effectconducted, and neither Borrower nor any of its Subsidiaries is not in violation of any valid rights of others with respect to any of the foregoing except violations thatwhich could not reasonably be expected to have suchresult in a Material Adverse Effect.Event.

Operation. Each of Business. Borrower possessand its Subsidiaries possesses all licenses, permits, consents, authorizations, franchises, patents, copyrights, trademarks, and tradenames,trade names, or rights thereto, necessary to conduct theirits respective businesses substantially as now conducted and as presently proposed to be conducted except those that the failure to so possess would not reasonably be expected to have a Material Adverse Effectconducted, and neither Borrower nor any of its Subsidiaries is not in violation of any valid rights of others with respect to any of the foregoing except violations thatwhich could not reasonably be expected to have suchresult in a Material Adverse Effect.Event.