Permits. (i) The EnTrust Entities have in full force and effect all Permits of or with all Governmental Authorities necessary for them to own, lease or operate their properties and other assets and to carry on their business, # there are no Actions pending or, to the Knowledge of the EnTrust Contributor, threatened to terminate or otherwise limit rights under any such Permits (including as a result of the Transactions) other than expirations in accordance with the terms thereof, which terms do not expire as a result of the consummation of the Transactions and # in the past three (3) years, there has occurred no material default under, or violation of, any Permit held by any EnTrust Entity. All of such Permits are in full force and effect and will remain in full force and effect and will be available for use by the applicable EnTrust Entity immediately after the Closing. Except for any Permits relating solely to the use or occupancy of real property, Section 4.12(b) of the EnTrust Disclosure Schedule sets forth a true, complete and correct list of each material Permit held by the EnTrust Entities, indicating # the name of the Permit, # the holder thereof, # the Governmental Authority that is the issuer thereof and # the expiration date, if any, thereof. Copies of such Permits were made available to the Permal Contributor prior to the date hereof. Except as indicated on Section 4.12(b) of the EnTrust Disclosure Schedule, none of the EnTrust Entities is required to be authorized, registered or licensed under applicable Laws in any non-U.S. jurisdiction.

Permits. (i) The Permal Entities have in full force and effect all Permits of or with all Governmental Authorities necessary for them to own, lease or operate their properties and other assets and to carry on their business, # there are no Actions pending or, to the Knowledge of the Permal Contributor, threatened to terminate or otherwise limit rights under any such Permits (including as a result of the Transactions) other than expirations in accordance with the terms thereof, which terms do not expire as a result of the consummation of the Transactions and # in the past three (3) years, there has occurred no material default under, or violation of, any Permit held by any Permal Entity. All of such Permits are in full force and effect and will remain in full force and effect and will be available for use by the applicable Permal Entity immediately after the Closing. Except for any Permits relating solely to the use or occupancy of real property, Section 5.12(b) of the Permal Disclosure Schedule sets forth a true, complete and correct list of each material Permit held by the Permal Entities, indicating # the name of the Permit, # the holder thereof, # the Governmental Authority that is the issuer thereof and # the expiration date, if any, thereof. Copies of such Permits were made available to the EnTrust Contributor prior to the date hereof. Except as indicated on Section 5.12(b) of the Permal Disclosure Schedule, none of the Permal Entities is required to be authorized, registered or licensed under applicable Laws in any non-U.S. jurisdiction.