Franchises; Permits. Borrower and its Subsidiaries possesses all franchises, permits, licenses and other authority as are necessary to enable Borrower and its Subsidiaries to conduct their business as now being conducted. Borrower and its Subsidiaries are not in default under any such franchise, permit, license or authority such that it would have a material adverse change in the operations of business, property, assets, condition, financial or otherwise of the Borrower and its Subsidiaries, taken as a whole.
Appears in 3 contracts
Sources: Revolving Credit and Term Loan Agreement (Phoenix Footwear Group Inc), Revolving Credit and Term Loan Agreement (Phoenix Footwear Group Inc), Revolving Credit and Term Loan Agreement (Phoenix Footwear Group Inc)