The Company and each of its Subsidiaries is, and since January 1, 2014 has been, in compliance in all material respects with all Applicable Laws (whether civil, criminal, corporate or administrative), subordinate legislation, treaties, directives, decisions, bylaws, circulars, codes, orders, notices, demands, decrees, injunctions, guidance, judgments or resolutions of any Authority including, without limitation, all Applicable S&E Laws.