Common use of No Pending Proceedings Clause in Contracts

No Pending Proceedings. There are no proceedings pending, or, to the best of OLS’s knowledge, threatened, wherein any governmental agency has (A) alleged that any Receivable sold by OLS is illegal or unenforceable, (B) asserted the invalidity of any Receivable sold by OLS or (C) sought any determination or ruling that might adversely affect the payment or enforceability of any Receivable sold by OLS.

No Pending Proceedings. There are no proceedings pending, or, to the best of OLS’s knowledge, threatened, wherein any governmental agency has (A) alleged that any OLS Receivable sold by OLS is illegal or unenforceable, (B) asserted the invalidity of any OLS Receivable sold by OLS or (C) sought any determination or ruling that might would reasonably be expected to materially and adversely affect the payment enforceability, value or enforceability collectability of any Receivable sold by OLSOLS Receivable.