Each of Holdings and the Parent Borrower will, and will cause each of its Material Subsidiaries to, (a)  do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and (b)  except as would not reasonably be expected to have a Material Adverse Effect, take all reasonable action to preserve, renew and keep in full force and effect its rights, licenses, permits, privileges and franchises; provided that the foregoing shall not prohibit any merger, consolidation, liquidation, transfer of assets or dissolution permitted under Section  6.03 and, in the case of an asset transfer, Section 6.05.