Common use of Compliance with Laws; Approvals Clause in Contracts

Compliance with Laws; Approvals. (i) Except as described on Schedule 6.03(v), Laredo is in compliance in all material respects with all Laws to which Laredo or its business, operations, agents, employees, assets or properties are subject (including, all record keeping and reporting requirements thereof). Laredo has not received any written claim or notice that Laredo is not in compliance in any material respect with any such Laws. Laredo has not engaged in any transaction, maintained any bank account or used any corporate funds except for transactions, bank accounts and funds which have been and are reflected in the normally maintained books and records of Laredo. To the Knowledge of Laredo, neither Laredo nor any of its directors, officers, agents or employees, has violated any applicable export control, money laundering or anti-terrorism Law, nor have any of them otherwise taken any action which would cause Laredo to be in violation of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable Law of similar effect. (ii) Laredo has all Approvals from Governmental Authorities necessary to operate its businesses in all material respects as currently conducted. All Approvals are valid and in full force and effect, except where the failure to be in full force and effect would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on Laredo. The execution of this Agreement by Laredo and the consummation of the transactions contemplated hereby, and the compliance by Laredo with the terms hereof, will not cause or permit the imposition of any restrictions of such a nature as would limit any operations of Laredo as historically conducted. No event has occurred which permits, or after the giving of notice or lapse of time or both would permit, the revocation or termination of any Approval or the imposition of any restrictions of such a nature as may limit any of the operations Laredo as historically conducted.

Compliance with Laws; Approvals. (i) Except as described on Schedule 6.03(v6.02(u), Laredo the Company is in compliance in all material respects with all Laws to which Laredo the Company or its business, operations, agents, employees, assets or properties are subject (including, all record keeping and reporting requirements thereof). Laredo The Company has not received any written claim or notice that Laredo the Company is not in compliance in any material respect with any such Laws. Laredo The Company has not engaged in any transaction, maintained any bank account or used any corporate funds except for transactions, bank accounts and funds which have been and are reflected in the normally maintained books and records of Laredothe Company. To the Knowledge of Laredothe Company, neither Laredo the Company nor any of its directors, officers, agents or employees, has violated any applicable export control, money laundering or anti-terrorism Law, nor have any of them otherwise taken any action which would cause Laredo the Company to be in violation of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable Law of similar effect. (ii) Laredo The Company has all Approvals from Governmental Authorities necessary to operate its businesses in all material respects as currently conducted. All Approvals are valid and in full force and effect, except where the failure to be in full force and effect would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on Laredothe Company. The execution of this Agreement by Laredo the Company, Contributors and the consummation of the transactions contemplated hereby, and the compliance by Laredo Contributors and the Company with the terms hereof, will not cause or permit the imposition of any restrictions of such a nature as would limit any operations of Laredo the Company as historically conducted. No event has occurred which permits, or after the giving of notice or lapse of time or both would permit, the revocation or termination of any Approval or the imposition of any restrictions of such a nature as may limit any of the operations Laredo of the Company as historically conducted.