Common use of No Legal Impediment to Issuance and Sale Clause in Contracts

No Legal Impediment to Issuance and Sale. No action, suit or proceeding shall have been taken, or to the knowledge of the Company been threatened against or affecting, the Company, or any of its directors or officers in their capacity as such, before or by any federal, state or local court, commission, regulatory body, administrative agency or other governmental body, domestic or foreign. No statute, rule, regulation or order shall have been enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date or any Option Closing Date, as the case may be, prevent the issuance, sale or delivery of the Shares; and no injunction or order of any federal, state or foreign court shall have been issued that would, as of the Closing Date or any Option Closing Date, as the case may be, prevent the issuance, sale or delivery of the Shares.