Except as set forth in Schedule 5.10 or where the failure to be in such compliance or to so procure and possess could not reasonably be expected to have a Material Adverse Effect, each Borrower and each Guarantor (a) is in compliance with and (b)  has procured and is now in possession of, all licenses or permits required by any Applicable Law for the operation of its business in each jurisdiction wherein it is now conducting or proposes to conduct business.
permits