Common use of Possession of Licenses, Certificates, Franchises and Permits Clause in Contracts

Possession of Licenses, Certificates, Franchises and Permits. As of the Closing Date with respect to the Seller and Bluegreen and as of each Transfer Date with respect to Bluegreen, each of Bluegreen and the Seller holds all material licenses, certificates, franchises and permits from all governmental authorities necessary for the conduct of its business, and has received no notice of proceedings relating to the revocation of any such license, certificate, franchise or permit, which singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would materially and adversely affect its ability to perform its obligations under this Agreement or any other Transaction Document to which it is a party or under the transactions contemplated hereunder or thereunder or the validity or enforceability of any Timeshare Loans.