Each Target Company has conducted its business in accordance with all applicable laws and binding regulations except where failure to do so would not materially impact the operations of the Business as a whole and no Management Warrantor has committed any crime (other than minor traffic offences). The Target Companies have not received notification that any investigation or inquiry is being or has been conducted by any governmental or other body (including any Competition Authority) in respect of the affairs of the Target Companies and no circumstances exist which would give rise to such investigation or inquiry.