Common use of Conduct of Business; Regulatory Permits Clause in Contracts

Conduct of Business; Regulatory Permits. None of the Company or any Subsidiary is in violation of any term of or in default under its articles of association, certificate of incorporation, certificate of formation, any certificate of designations of any outstanding series of preferred stock of such company or Bylaws or their organizational charter or other constituent documents or bylaws, respectively except for such violations or defaults which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. None of the Company or any Subsidiary is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to such entity, and none of the Company or any Subsidiary will conduct its respective business in violation of any of the foregoing, except for such violations and/or possible violations which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and each Subsidiary possess all certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and none of the Company or any Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit except where such proceedings, revocation or modification would not have a Material Adverse Effect.

Conduct of Business; Regulatory Permits. None of Neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any term of or in default under its articles of association, certificate of incorporation, certificate of formation, any certificate of designations designations, preferences or rights of any outstanding series of preferred stock of such company or the Company (if any), its Certificate of Incorporation, its Bylaws or their organizational charter or other constituent documents memorandum of association or certificate of incorporation or articles of association or bylaws, respectively except for such violations or defaults which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effectrespectively. None of Neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to such entity, and none of the Company or any Subsidiary of its Subsidiaries, and neither the Company nor any of its Subsidiaries will conduct its respective business in violation of any of the foregoing, except in all cases for such violations and/or possible violations which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and each Subsidiary its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate foreign, federal or state regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and none of neither the Company or nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit except where such proceedings, revocation or modification would not have a Material Adverse Effectpermit.

Conduct of Business; Regulatory Permits. None of Neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any term of or in default under its articles of association, certificate of incorporation, certificate of formationCharter, any certificate of designations designation, preferences or rights of any other outstanding series of preferred stock of such company the Company or any of its Subsidiaries or Bylaws or their organizational charter charter, certificate of formation or other constituent documents certificate of incorporation or bylaws, respectively except for such violations or defaults which would not, individually or respectively. Except as disclosed in the aggregateSEC Reports, reasonably be expected to have a Material Adverse Effect. None of neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to such entity, and none of the Company or any Subsidiary of its Subsidiaries, and neither the Company nor any of its Subsidiaries will conduct its respective business in violation of any of the foregoing, except in all cases for such violations and/or possible violations which would could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and each Subsidiary of its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and none of neither the Company or nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit except where such proceedings, revocation or modification would not have a Material Adverse Effectpermit.

Conduct of Business; Regulatory Permits. None of the Company or any Subsidiary Neither Holdings nor its Subsidiaries is in violation of any term of or in default under its articles Certificate of association, certificate of incorporation, certificate of formation, any certificate of designations of any outstanding series of preferred stock of such company Incorporation or Bylaws or their organizational charter or other constituent documents certificate of incorporation or bylaws, respectively except for such violations or defaults which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effectrespectively. None Neither Holdings nor any of the Company or any Subsidiary its Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to such entityHoldings or its Subsidiaries, and none neither Holdings nor any of the Company or any Subsidiary its Subsidiaries will conduct its respective business in violation of any of the foregoing, except for such violations and/or possible violations which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company Holdings and each Subsidiary its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and none of the Company or neither Holdings nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit except where such proceedings, revocation or modification would not have a Material Adverse Effectpermit.

Conduct of Business; Regulatory Permits. None of (i) Neither the Company or any Subsidiary nor its Subsidiaries is in violation of any term of or in default under its articles Articles of association, certificate of incorporation, certificate of formation, any certificate of designations of any outstanding series of preferred stock of such company Association or Bylaws Memorandum or their organizational charter or other constituent documents memorandum of association or bylaws, respectively except for such violations or defaults which would notrespectively. To the best of its knowledge, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. None of neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to such entity, and none of the Company or its Subsidiaries, and neither the Company nor any Subsidiary of its Subsidiaries will conduct its respective business in violation of any of the foregoing, except for such violations and/or possible violations which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Since December 31, 2004, (i) the Ordinary Shares have been designated for quotation on the Principal Market, and (ii) trading in the Ordinary Shares has not been suspended by the SEC or the Principal Market. The Company and each Subsidiary its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and none of neither the Company or nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit except where such proceedings, revocation or modification would not have a Material Adverse Effectpermit.

Conduct of Business; Regulatory Permits. None of Neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any term of or in default under its articles Certificate of association, certificate of incorporation, certificate of formationIncorporation, any certificate of designations designation, preferences or rights of any other outstanding series of preferred stock of such company the Company or any of its Subsidiaries or Bylaws or their organizational charter charter, certificate of formation or other constituent documents certificate of incorporation or bylaws, respectively except for such violations or defaults which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effectrespectively. None of Neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to such entity, and none of the Company or any Subsidiary of its Subsidiaries, and neither the Company nor any of its Subsidiaries will conduct its respective business in violation of any of the foregoing, except in all cases for such violations and/or possible violations which would could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and each Subsidiary of its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and none of neither the Company or nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit except where such proceedings, revocation or modification would not have a Material Adverse Effectpermit.

Conduct of Business; Regulatory Permits. None of Neither the Company or any Subsidiary nor its Subsidiaries is in violation of any term of or in default under its articles of association, certificate of incorporation, certificate as amended and as in effect on the date hereof (the “Certificate of formation, any certificate of designations of any outstanding series of preferred stock of such company Incorporation”) or Bylaws as amended and as in effect on the date hereof (“Bylaws”) or their organizational charter or other constituent documents certificate of incorporation or bylaws, respectively except for such violations or defaults which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effectrespectively. None of Neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to such entity, and none of the Company or its Subsidiaries, and neither the Company nor any Subsidiary of its Subsidiaries will conduct its respective business in violation of any of the foregoing, except for such violations and/or possible violations which would could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and each Subsidiary its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and none of neither the Company or nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit except where such proceedings, revocation or modification would not have a Material Adverse Effectpermit.

Conduct of Business; Regulatory Permits. None of Neither the Company or any Subsidiary nor its Subsidiaries is in violation of any term of or in default under its articles Certificate of association, certificate of incorporation, certificate of formationIncorporation, any certificate of designations designation, preferences or rights of any other outstanding series of preferred stock of such company the Company or Bylaws or their organizational charter or certificate of incorporation or bylaws or other constituent documents or bylawsconstitutive documents, respectively except for such violations or defaults which would notrespectively. Except as set forth on Schedule 3(n), individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. None of neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to such entity, and none of the Company or its Subsidiaries, and the Company covenants that neither the Company nor any Subsidiary of its Subsidiaries will conduct its respective business in violation of any of the foregoing, except in all cases for such violations and/or possible violations which would could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. During the two (2) years prior to the date hereof, (i) the Common Stock has been designated for quotation on the Principal Market and (ii) trading in the Common Stock has not been suspended by the SEC or the Principal Market. The Company and each Subsidiary its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and none of neither the Company or nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit except where such proceedings, revocation or modification would not have a Material Adverse Effectpermit.

Conduct of Business; Regulatory Permits. None Neither the Company nor any of the Company or any Subsidiary Guarantors is in violation of any term of or in default under its articles of association, certificate of incorporation, certificate of formation, any certificate of designations of any outstanding series of preferred stock of such company or Bylaws the Company (if any), or their organizational charter or other constituent documents memorandum of association or certificate of incorporation or articles of association or bylaws, respectively except for such violations or defaults which would not, individually or in respectively. Neither the aggregate, reasonably be expected to have a Material Adverse Effect. None Company nor any of the Company or any Subsidiary Guarantors is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to such entity, and none of the Company or any Subsidiary of the Guarantors, and neither the Company nor any of the Guarantors conducts or will conduct its respective business in violation of any of the foregoing, except for for: (i) the Company’s failure to have filed any required periodic and other reports with the SEC; and (ii) any such violations and/or possible other violations which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and each Subsidiary the Guarantors possess all certificates, authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and none of neither the Company or nor any Subsidiary such Guarantor has received any currently pending notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit except where such proceedings, revocation or modification would not have a Material Adverse Effectpermit.

Conduct of Business; Regulatory Permits. None of Neither the Company or nor any Subsidiary of its Subsidiaries is in material violation of any term of or in material default under its articles Certificate of association, certificate of incorporation, certificate of formationIncorporation, any certificate of designations designation, preferences or rights of any other outstanding series of preferred stock of such company the Company or any of its Subsidiaries or Bylaws or their organizational charter charter, certificate of formation or other constituent documents certificate of incorporation or bylaws, respectively except for such violations or defaults which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effectrespectively. None of Neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to such entity, and none of the Company or any Subsidiary of its Subsidiaries, and neither the Company nor any of its Subsidiaries will conduct its respective business in violation of any of the foregoing, except in all cases for such violations and/or possible violations which would could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and each Subsidiary of its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate regulatory authorities authorities(including, without limitation, FINRA) necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and none of neither the Company or nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit except where such proceedingspermit, revocation or modification which if so initiated and adjudicated against the Company would not be reasonably expected to have a Material Adverse Effect.

Conduct of Business; Regulatory Permits. None of Neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any term of or in default under its articles Certificate of associationIncorporation, the Certificate of Designations, any other certificate of incorporationdesignation, certificate of formation, any certificate of designations preferences or rights of any other outstanding series of preferred stock of such company the Company or Bylaws or their organizational charter or other constituent documents Articles of Incorporation or bylaws, respectively except for such violations or defaults which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effectrespectively. None of Neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any judgment, decree or order or any law, statute, ordinance, rule or regulation applicable to such entity, and none of the Company or any Subsidiary of its Subsidiaries, and neither the Company nor any of its Subsidiaries will conduct its respective business in violation of any of the foregoing, except in all cases for such violations and/or possible violations which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and each Subsidiary its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and none of neither the Company or nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit except where such proceedings, revocation or modification would not have a Material Adverse Effectpermit.

Conduct of Business; Regulatory Permits. None of Neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any term of or in default under its articles Articles of association, certificate of incorporation, certificate of formationIncorporation, any certificate of designations designation, preferences or rights of any other outstanding series of preferred stock of such company the Company or any of its Subsidiaries or Bylaws or their organizational charter charter, certificate of formation or other constituent documents Articles of Incorporation or bylaws, respectively except for such violations or defaults which would not, individually or respectively. Except as disclosed in the aggregateSEC Documents, reasonably be expected to have a Material Adverse Effect. None of neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to such entity, and none of the Company or any Subsidiary of its Subsidiaries, and neither the Company nor any of its Subsidiaries will conduct its respective business in violation of any of the foregoing, except in all cases for such violations and/or possible violations which would could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and each Subsidiary of its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and none of neither the Company or nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit except where such proceedings, revocation or modification would not have a Material Adverse Effectpermit.

Conduct of Business; Regulatory Permits. None of the Company or Borrowers nor any Subsidiary of their Subsidiaries is in violation of any term of or in default under its articles their Certificate of association, certificate of incorporation, certificate of formationIncorporation, any certificate of designations of any outstanding series of preferred stock of such company their Preferred Stock or Bylaws or their organizational charter or other constituent documents charters or bylaws, respectively except for such violations or defaults which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effectrespectively. None of the Company or Borrowers nor any Subsidiary of their Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to such entitythe Borrowers or their Subsidiaries, and none neither the Borrowers nor any of the Company or any Subsidiary their Subsidiaries will conduct its respective business their Business in violation of any of the foregoing, except for such violations and/or possible violations which would could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company Borrowers and each Subsidiary their Subsidiaries possess all certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct their respective businessesBusinesses, except where the failure to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and none of neither the Company or Borrowers nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit except where such proceedings, revocation or modification would not have a Material Adverse Effectpermit.

Conduct of Business; Regulatory Permits. None of Neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any term of or in default under its articles of association, certificate of incorporation, certificate of formation, any certificate of designations of any outstanding series of preferred stock of such company the Company (if any), its Certificate of Incorporation or Bylaws or their organizational charter or other constituent documents memorandum of association or certificate of incorporation or articles of association or bylaws, respectively except for such violations or defaults which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effectrespectively. None of Neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to such entity, and none of the Company or any Subsidiary of its Subsidiaries, and neither the Company nor any of its Subsidiaries will conduct its respective business in violation of any of the foregoing, except for such violations and/or possible violations which would could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and each Subsidiary its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and none of neither the Company or nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit except where such proceedings, revocation or modification would not have a Material Adverse Effectpermit.

Conduct of Business; Regulatory Permits. None of Neither the Company or nor any Subsidiary of its subsidiaries is in violation of any term of or in default under its articles of association, certificate of incorporation, certificate of formationCharter, any certificate of designations designation, preferences or rights of any other outstanding series of preferred stock of such company the Company or any of its subsidiaries or Bylaws or their organizational charter charter, certificate of formation or other constituent documents certificate of incorporation or bylaws, respectively except for such violations or defaults which would notrespectively. Except as previously disclosed, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. None of neither the Company or nor any Subsidiary of its subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to such entity, and none of the Company or any Subsidiary of its subsidiaries, and neither the Company nor any of its subsidiaries will conduct its respective business in violation of any of the foregoing, except in all cases for such violations and/or possible violations which would could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and each Subsidiary of its subsidiaries possess all certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and none of neither the Company or nor any Subsidiary such subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit except where such proceedings, revocation or modification would not have a Material Adverse Effectpermit.

Conduct of Business; Regulatory Permits. None of Neither the Company or any Subsidiary nor its Subsidiaries is in violation of any term of or in default under its articles of association, certificate of incorporation, certificate of formation, any certificate of designations of any outstanding series of preferred stock of such company the Company, its Articles of Incorporation or Bylaws or their organizational charter or other constituent documents certificate of incorporation or bylaws, respectively except for such violations or defaults which would notrespectively. Other than as set forth on SCHEDULE 3(n), individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. None of neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to such entity, and none of the Company or its Subsidiaries, and neither the Company nor any Subsidiary of its Subsidiaries will conduct its respective business in violation of any of the foregoing, except for such violations and/or possible violations which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Except as set forth on SCHEDULE 3(n), the Company and each Subsidiary its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and none of neither the Company or nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit except where such proceedings, revocation or modification would not have a Material Adverse Effectpermit.

Conduct of Business; Regulatory Permits. None of Neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any term of or in default under its articles Articles of associationIncorporation, certificate of incorporation, certificate of formationBylaws, any certificate of designations designation, preferences or rights of any outstanding series of preferred stock of such company the Company or any of its Subsidiaries or Bylaws or their organizational charter charter, certificate of formation or other constituent documents certificate of incorporation or bylaws, respectively except for such violations or defaults which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effectrespectively. None of Neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to such entity, and none of the Company or any Subsidiary of its Subsidiaries, and neither the Company nor any of its Subsidiaries will conduct its respective business in violation of any of the foregoing, except in all cases for such violations and/or possible violations which would could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and each Subsidiary of its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and none of neither the Company or nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit except where such proceedings, revocation or modification would not have a Material Adverse Effectpermit.

Conduct of Business; Regulatory Permits. None of Neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any term of or in default under its articles of association, certificate of incorporation, certificate of formation, any certificate of designations designations, preferences or rights of any outstanding series of preferred stock of such company the Company (if any), its Certificate of Incorporation or Bylaws or their organizational charter or other constituent documents memorandum of association or certificate of incorporation or articles of association or bylaws, respectively except for such violations or defaults which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effectrespectively. None of Neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to such entity, and none of the Company or any Subsidiary of its Subsidiaries, and neither the Company nor any of its Subsidiaries will conduct its respective business in violation of any of the foregoing, except in all cases for such violations and/or possible violations which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and each Subsidiary its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate foreign, federal or state regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and none of neither the Company or nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit except where such proceedings, revocation or modification would not have a Material Adverse Effectpermit.

Conduct of Business; Regulatory Permits. None of Neither the Company or any Subsidiary nor its Subsidiaries is in violation of any term of or in default under its articles of association, certificate of incorporation, certificate of formation, any certificate of designations of any outstanding series of preferred stock of such company the Company, its Articles of Incorporation or Bylaws or their organizational charter or other constituent documents certificate of incorporation or bylaws, respectively except for such violations or defaults which would notrespectively. Other than as set forth on Schedule 3(n), individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. None of neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to such entity, and none of the Company or its Subsidiaries, and neither the Company nor any Subsidiary of its Subsidiaries will conduct its respective business in violation of any of the foregoing, except for such violations and/or possible violations which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Except as set forth on Schedule 3(n), the Company and each Subsidiary its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and none of neither the Company or nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit except where such proceedings, revocation or modification would not have a Material Adverse Effectpermit.

Conduct of Business; Regulatory Permits. None of Neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any term of or in default under its articles of association, certificate of incorporation, certificate of formationbylaws, any certificate of designations designation, or preferences or rights of any other outstanding series of preferred stock of such company or Bylaws or their organizational charter or other constituent documents or bylaws, respectively except for such violations or defaults which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. None of the Company or any Subsidiary of its Subsidiaries, respectively. Neither the Company nor any of its Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to such entity, and none of the Company or any Subsidiary of its Subsidiaries, and neither the Company nor any of its Subsidiaries will conduct its respective business in violation of any of the foregoing, except in all cases for such violations and/or possible violations which would could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and each Subsidiary of its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate regulatory authorities (including, without limitation, FINRA) necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and none of neither the Company or nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit except where such proceedingspermit, revocation or modification which if so initiated and adjudicated against the Company would not be reasonably expected to have a Material Adverse Effect. None of the Subsidiaries has received any notice of termination from one of their respective clearing brokers regarding such Subsidiaries’ relationship with such clearing broker.

Conduct of Business; Regulatory Permits. None of Neither the Company or any Subsidiary nor its Subsidiaries is in violation of any term of or in default under its articles Articles of association, certificate of incorporation, certificate of formationIncorporation, any certificate Certificate of designations Designations, Preferences and Rights of any outstanding series of preferred stock of such company the Company or Bylaws or their organizational charter or other constituent documents or bylaws, respectively except for such violations or defaults which would notrespectively. Except as disclosed in Schedule 3(l), individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. None of neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to such entity, and none of the Company or its Subsidiaries, and neither the Company nor any Subsidiary of its Subsidiaries will conduct its respective business in violation of any of the foregoing, except for such violations and/or possible violations which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and each Subsidiary its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and none of neither the Company or nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit except where such proceedings, revocation or modification would not have a Material Adverse Effectpermit.

Conduct of Business; Regulatory Permits. None of Neither the Company or any Subsidiary nor its Subsidiaries is in violation of any term of or in default under its articles Articles of association, certificate of incorporation, certificate of formationIncorporation, any certificate Certificate of designations Designations, Preferences and Rights of any outstanding series of preferred stock of such company the Company or Bylaws or their organizational charter or other constituent documents or bylaws, respectively except for such violations or defaults which would notrespectively. Except as disclosed in Schedule 5.1(l), individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. None of neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to such entity, and none of the Company or its Subsidiaries, and neither the Company nor any Subsidiary of its Subsidiaries will conduct its respective business in violation of any of the foregoing, except for such violations and/or possible violations which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and each Subsidiary its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and none of neither the Company or nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit except where such proceedings, revocation or modification would not have a Material Adverse Effectpermit.

Conduct of Business; Regulatory Permits. None of the Company Company, any Target or any Subsidiary of their respective Subsidiaries is in violation of any term of or in default under its articles of association, certificate of incorporation, certificate of formation, any certificate of designations of any outstanding series of preferred stock of such company or Bylaws or their organizational charter or other constituent documents or bylaws, respectively except for such violations or defaults which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effectrespectively. None of the Company any Target or any Subsidiary of their respective Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to such entity, and none of the Company Company, any Target or any Subsidiary of their respective Subsidiaries will conduct its respective business in violation of any of the foregoing, except for such violations and/or possible violations which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company Each of the Company, each Target and each Subsidiary of their Subsidiaries possess all certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and none of the Company Company, any Target or any Subsidiary of their Subsidiaries has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit except where such proceedings, revocation or modification would not have a Material Adverse Effect.

Conduct of Business; Regulatory Permits. None of Neither the Company or nor any Subsidiary of its Subsidiaries is in violation of any term of or in default under its articles of association, certificate of incorporation, certificate of formationbylaws, any certificate of designations of any outstanding series of preferred stock of such company or Bylaws or their organizational charter or other constituent documents or bylawsorganizational documents, respectively except for such violations or defaults which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effectas applicable. None of Neither the Company or nor any Subsidiary of its Subsidiaries is in violation violation, in any material respect, of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to such entity, and none of the Company or any Subsidiary of its Subsidiaries, and neither the Company nor any of its Subsidiaries will conduct its respective business in violation violation, in any material respect, of any of the foregoing, except for such violations and/or possible violations which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and each Subsidiary possess of its Subsidiaries possesses all certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct their its respective businessesbusiness, except where the failure to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and none of neither the Company or nor any such Subsidiary has received any written notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit except where such proceedingspermit. None of the Company or any of its Subsidiaries has taken any steps to seek protection pursuant to any law or statute relating to bankruptcy, revocation insolvency, reorganization, receivership, liquidation or modification would winding up, and the Company does not have a Material Adverse Effectknowledge or reason to believe that any of its or any of its Subsidiaries’ respective creditors intends to initiate involuntary bankruptcy proceedings.