Compliance with Laws and Agreements; No Default. (a) Each of the Borrower and each Restricted Subsidiary is in compliance with each Requirement of Law applicable to it or its property and all agreements and other instruments binding upon it or its property, and possesses 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. (b) No Default, Event of Default or Borrowing Base Deficiency has occurred and is continuing.
Appears in 3 contracts
Samples: Credit Agreement (Mach Natural Resources Lp), Credit Agreement (California Resources Corp), Credit Agreement (California Resources Corp)
Compliance with Laws and Agreements; No Default. (a) Each of the Borrower and each Restricted Subsidiary is in compliance with each Requirement of Law applicable to it or its property and all agreements and other instruments binding upon it or its property, and possesses 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.
(b) No Default, Event of Default or Borrowing Base Loan Limit Deficiency has occurred and is continuing.
Appears in 1 contract
Samples: Credit Agreement (Infinity Natural Resources, Inc.)