Common use of Compliance with the Laws and Agreements; No Defaults Clause in Contracts

Compliance with the Laws and Agreements; No Defaults. (a) Each of the Borrower and each Restricted Subsidiary is in compliance with all Governmental Requirements applicable to it or its Property and all agreements and other instruments binding upon it or its Property, and possesses (or in the case of the Borrower, the General Partner possesses for the benefit and use of the Borrower and such use by the Borrower does not violate the terms thereof) all licenses, permits, franchises, exemptions, approvals and other governmental authorizations necessary for the ownership of its Property and the conduct of its business, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

Appears in 2 contracts

Samples: Credit Agreement (Plains Resources Inc), Credit Agreement (Plains Exploration & Production Co L P)

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Compliance with the Laws and Agreements; No Defaults. (a) Each of The Parent Guarantor, the Borrower Borrowers and each Restricted Subsidiary is in compliance with all Governmental Requirements applicable to it or its Property and all agreements and other instruments binding upon it or its Property, and possesses (except where the failure to do so, individually or in the case of the Borroweraggregate, the General Partner could not reasonably be expected to result in a Material Adverse Effect, and possesses for the benefit and use of the Borrower and such use by the Borrower does not violate the terms thereof) all licenses, permits, franchises, exemptions, approvals and other governmental authorizations necessary for the ownership of its Property and the conduct of its business, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

Appears in 2 contracts

Samples: Guaranty and Collateral Agreement (Hornbeck Offshore Services Inc /La), Credit Agreement (Hornbeck Offshore Services Inc /La)

Compliance with the Laws and Agreements; No Defaults. (a) Each of The Parent Guarantor, the Borrower and each Restricted Subsidiary is in compliance with all Governmental Requirements applicable to it or its Property and all agreements and other instruments binding upon it or its Property, and possesses (except where the failure to do so, individually or in the case of the Borroweraggregate, the General Partner could not reasonably be expected to result in a Material Adverse Effect, and possesses for the benefit and use of the Borrower and such use by the Borrower does not violate the terms thereof) all licenses, permits, franchises, exemptions, approvals and other governmental authorizations necessary for the ownership of its Property and the conduct of its business, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

Appears in 1 contract

Samples: Credit Agreement (Hornbeck Offshore Services Inc /La)

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Compliance with the Laws and Agreements; No Defaults. (a) Each of the Borrower and each Restricted Subsidiary is in compliance with all Governmental Requirements applicable to it or its Property and all agreements and other instruments binding upon it or its Property, and possesses (except where the failure to do so, individually or in the case of the Borroweraggregate, the General Partner could not reasonably be expected to result in a Material Adverse Effect, and possesses for the benefit and use of the Borrower and such use by the Borrower does not violate the terms thereof) all licenses, permits, franchises, exemptions, approvals and other governmental authorizations necessary for the ownership of its Property and the conduct of its business, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

Appears in 1 contract

Samples: Credit Agreement (Hercules Offshore, LLC)

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