leases, subleases, licenses or sublicenses of any real or personal property, other than any Intellectual Property, in the ordinary course of business;

terminations of leases, subleases, licenses and sublicenses by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business;

#non-exclusive licenses and sublicenses of Intellectual Property granted by any Company in the ordinary course of business that, individually or in the aggregate, do not # interfere in any material respect with the ordinary conduct of the business of any Company or # materially impair the use (for its intended purposes) or the value of the Intellectual Property subject thereto, and # non-exclusive licenses and sublicenses granted to any Company in the ordinary course of business under any third party Intellectual Property, where such licenses and sublicenses individually or in the aggregate, do not interfere in any material respect with the ordinary conduct of the business of any Company when the Company operates within the scope of such licenses;

Licenses. Seller and its Producers possess all insurance and other material licenses and sublicenses, permits and other authorizations and approvals issued by regulatory and other governmental agencies and instrumentalities that are necessary for Seller to conduct Seller Business as presently conducted. [Schedule 4.2(t)] sets forth all such licenses and sublicenses held by Seller and its Producers. Such licenses and sublicenses of Seller and its Producers are in good standing, and, to Seller’s Knowledge, there are no disciplinary proceedings or investigations pending or threatened against any of Seller’s employees or Producers. To the Knowledge of Seller, there has been no occurrence or set of circumstances that may give rise to any such disciplinary proceeding or investigation.

The rights granted to BBTR to sublicense the BBTR System shall immediately terminate and BBTR shall discontinue all promotion, marketing, sublicensing, sales or other activities hereunder, except that BBTR shall continue to provide licensing with respect to BBTR System that have been ordered, and/or have been purchased by BBTR Sublicensees pursuant to the BBTR Sublicenses prior to the effective date of termination until such time as such BBTR Sublicenses terminate.

Liens arising from grants of non-exclusive licenses or sublicenses of Intellectual Property made in the ordinary course of business; 885707.04-LACSR02A - MSW

Guarantees incurred in the ordinary course of business in respect of obligations of or to suppliers, customers, franchisees, lessors, licensees and sublicenses; and

customary restrictions on leases, subleases, licenses or sublicenses or sales otherwise permitted hereby so long as such restrictions relate to the assets subject thereto;

the sale or lease of inventory, or the granting of licenses, sublicenses, leases or subleases, in each case in the ordinary course of business;

assignments, licenses, sublicenses, leases and subleases of intellectual property in the ordinary course of business, which do not interfere in any material respect with the business of any Borrower or any of its Restricted Subsidiaries;