Common use of Operating Rights Clause in Contracts

Operating Rights. Fundex has all governmental licenses, franchises, permits, approvals, certificates, consents, authorizations, rights and privileges (except that no covenant, representation or warranty is made pursuant to this Section with respect to the Intellectual Property rights that are the subject of Section 4.8 hereof) (collectively "Licenses") that are necessary to the operation of the Business, the lack of which would constitute a Material Adverse Event. Such Licenses are in full force and effect, Fundex has not received or given any notice of a violation (nor is it aware of any basis therefor) in respect of any such Licenses, and no proceeding is pending or threatened seeking the revocation or limitation of any of such Licenses.