Common use of Absence of Litigation, etc Clause in Contracts

Absence of Litigation, etc. There shall not be pending or threatened any action, suit, proceeding or investigation by the BVI, Hong Kong, PRC or other foreign government, or the United States or state, municipal or local government, or any department, commission or agency of any of the foregoing, or any other party for any injunction, writ, preliminary restraining order or for any order of any court or governmental agency, domestic or foreign, of competent jurisdiction directly affecting or restraining, or in which it is sought to obtain damages or other relief in connection with, any of the transactions contemplated by this Agreement, and there shall not have been issued and remain in effect any such injunction, writ, preliminary restraining order or such other order. No decree or order shall have been entered by a court having jurisdiction in the premises for relief in respect of Buyer or adjudging Buyer, a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, adjustment or composition of or in respect of Buyer, under the federal bankruptcy law or any other applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of or for Buyer or any part of its property, or ordering the winding up or liquidation of its affairs. There shall not have been commenced by Buyer a voluntary case, or the institution by it of proceedings to be adjudicated a bankrupt or insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization, arrangement or relief under the federal bankruptcy law or any other applicable federal or state law, or the consent or acquiescence by it to the filing of any such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator (or other-similar official) of any part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of any action by Buyer in furtherance of any such action.

Absence of Litigation, etc. There shall not be pending or threatened any action, suit, proceeding or investigation by the BVI, Hong Kong, PRC or other foreign government, or the United States U.S. or any state, municipal or local government, or any department, commission or agency of any of the foregoing, or any other party for any injunction, writ, preliminary restraining order or for any order of any court or governmental agency, domestic or foreign, of competent jurisdiction directly affecting or restraining, or in which it is sought to obtain damages or other relief that reasonably could be expected to have a material adverse effect on the business, operations or condition (financial or otherwise) of Buyer or Valence and the Valence Subsidiaries, taken as a whole, in connection with, any of the transactions contemplated by this Agreement, and there shall not have been issued and remain in effect any such injunction, writ, preliminary restraining order or such other order. No decree or order shall have been entered by a court having jurisdiction in the premises for relief in respect of Buyer the Selling Shareholders, Valence and/or any of the Valence Subsidiaries or adjudging Buyerthe Selling Shareholders, Valence and/or any of the Valence Subsidiaries, a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, adjustment or composition of or in respect of Buyerthe Selling Shareholders, Valence and/or any of the Valence Subsidiaries, under the U.S. federal bankruptcy law or any other applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of or for Buyer the Selling Shareholders, Valence and/or any of the Valence Subsidiaries or any part of its their property, or ordering the winding up or liquidation of its their affairs. There shall not have been commenced by Buyer the Selling Shareholders, Valence and/or any of the Valence Subsidiaries a voluntary case, or the institution by it any of them of proceedings to be adjudicated a bankrupt or insolvent, or the consent by it any of them to the institution of bankruptcy or insolvency proceedings against it, or the filing by it any of them of a petition or answer or consent seeking reorganization, arrangement or relief under the U.S. federal bankruptcy law or any other applicable federal or state law, or the consent or acquiescence by it any of them to the filing of any such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator (or other-other similar official) of any part of its property, or the making by it any of them of an assignment for the benefit of creditors, or the admission by it any of them in writing of its inability to pay its debts generally as they become due, or the taking of any corporate action by Buyer the Selling Shareholders, Valence and/or any of the Valence Subsidiaries in furtherance of any such action.

Absence of Litigation, etc. There shall not be pending or threatened any action, suit, proceeding or investigation by the BVI, Hong Kong, PRC or other foreign government, or the United States or any state, municipal or local government, or any department, commission or agency of any of the foregoing, or any other party for any injunction, writ, preliminary restraining order or for any order of any court or governmental agency, domestic or foreign, of competent jurisdiction directly affecting or restraining, or in which it is sought to obtain damages or other relief in connection with, any of the transactions contemplated by this Agreement, and there shall not have been issued and remain in effect any such injunction, writ, preliminary restraining order or such other order. No decree or order shall have been entered by a court having jurisdiction in the premises for relief in respect of Buyer Seller, Valence and/or any of the Valence Subsidiaries or adjudging BuyerSeller, Valence and/or any of the Valence Subsidiaries, a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, adjustment or composition of or in respect of BuyerSeller, Valence and/or any of the Valence Subsidiaries, under the federal bankruptcy law or any other applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of or for Buyer Seller, Valence and/or any of the Valence Subsidiaries or any part of its their property, or ordering the winding up or liquidation of its affairs. There shall not have been commenced by Buyer a voluntary case, or the institution by it of proceedings to be adjudicated a bankrupt or insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization, arrangement or relief under the federal bankruptcy law or any other applicable federal or state law, or the consent or acquiescence by it to the filing of any such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator (or other-similar official) of any part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of any action by Buyer in furtherance of any such action.their

Absence of Litigation, etc. There shall not be pending or threatened any action, suit, proceeding or investigation by the BVI, Hong Kong, PRC or other foreign government, or the United States U.S. or any state, municipal or local government, or any department, commission or agency of any of the foregoing, or any other party for any injunction, writ, preliminary restraining order or for any order of any court or governmental agency, domestic or foreign, of competent jurisdiction directly affecting or restraining, or in which it is sought to obtain damages or other relief in connection with, any of the transactions contemplated by this Agreement, and there shall not have been issued and remain in effect any such injunction, writ, preliminary restraining order or such other order. No decree or order shall have been entered by a court having jurisdiction in the premises for relief in respect of Buyer or adjudging Buyer, a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, adjustment or composition of or in respect of Buyer, under the U.S. federal bankruptcy law or any other applicable U.S. federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of or for Buyer or any part of its property, or ordering the winding up or liquidation of its affairs. There shall not have been commenced by Buyer a voluntary case, or the institution by it of proceedings to be adjudicated a bankrupt or insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization, arrangement or relief under the U.S. federal bankruptcy law or any other applicable U.S. federal or state law, or the consent or acquiescence by it to the filing of any such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator (or other-similar official) of any part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of any action by Buyer in furtherance of any such action.