Common use of ACTIONS OR PROCEEDINGS; COURT ORDERS Clause in Contracts

ACTIONS OR PROCEEDINGS; COURT ORDERS. No action, suit or other proceeding before a court, tribunal or other governmental agency or body shall have been instituted or threatened to restrain or prohibit the consummation of the transactions contemplated by this Agreement, or seeking to obtain substantial damages in respect thereof, or involving a claim that consummation thereof would result in the violation of any law, decree or regulation of governmental authority having appropriate jurisdiction, or in connection with any material claim against Buyer not disclosed on the Schedules hereto, and no preliminary or permanent injunction or other order, decree or ruling issued by a court of competent jurisdiction or by a government, regulatory or administrative agency or commission nor any statute, rule, regulation or executive order promulgated or enacted by any governmental authority shall be in effect which would (a) make the acquisition or holding by Buyer of the Purchased Assets illegal or (b) otherwise prevent the consummation of the transaction contemplated hereby.

ACTIONS OR PROCEEDINGS; COURT ORDERS. No action, suit or other proceeding before a court, tribunal or other governmental agency or body shall have been instituted or threatened to restrain or prohibit the consummation of the transactions contemplated by this Agreement, or seeking to obtain substantial damages in respect thereof, or involving a claim that consummation thereof would result in the violation of any law, decree or regulation of governmental authority having appropriate jurisdiction, or in connection with any material claim against Buyer Seller and the Sole Shareholder not disclosed on the Schedules hereto, and no preliminary or permanent injunction or other order, decree or ruling issued by a court of competent jurisdiction or by a government, regulatory or administrative agency or commission nor any statute, rule, regulation or executive order promulgated or enacted by any governmental authority shall be in effect which would (a) make the acquisition or holding by Buyer of the Purchased Assets illegal or impose material limitations on its ability to exercise full rights of ownership with respect to such Purchased Assets or (b) otherwise prevent the consummation of the transaction contemplated hereby.