Common use of PERMITS AND FRANCHISES Clause in Contracts

PERMITS AND FRANCHISES. The Borrower or Guarantor, as applicable, now possesses, and will hereafter possess, all Licenses and Permits and Trademark Licenses, except where the failure to possess such Licenses and Permits and Trademark Licenses would not have a material adverse effect upon the financial condition or results of operations of the Borrower or any Guarantor.