Operational Activities. On this date, there is no event or circumstance that could cause a Material Adverse Change in the operations of Sinqia and/or its Subsidiaries (including due to the execution of this Agreement). Except as provided in Sinqia’s Reference Form, Sinqia and its Subsidiaries have on this date and until Closing Date all the licenses, permits, permissions and authorizations for the opening and operation that are materially necessary to conduct their businesses. There are no material challenges or disputes of any kind regarding the license, permit, permission or authorization for the operation of its establishments.
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