Common use of Notice of Legal Proceedings Clause in Contracts

Notice of Legal Proceedings. It is agreed that the Company and the Sales Agent will each advise the other party immediately and confirm in writing the receipt of any threat of or the initiation of any steps or procedures which would impair or prevent the right to offer the Shares or the issuance of any orders or other prohibitions, preventing or impairing the proposed offering, by the SEC or any other regulatory authority. In the case of the happening of any such event, neither the Company nor the Sales Agent will acquiesce in such steps, procedures or suspension orders and each party agrees to actively defend any such actions or orders unless both parties agree in writing to the acquiescence in such actions or orders.

Notice of Legal Proceedings. It is agreed that the Company and the Sales Agent will each advise the other party patty immediately and confirm in writing the receipt of any threat thxxxx of or the initiation of any steps or procedures which would impair or prevent the right to offer the Shares or the issuance of any orders or other prohibitions, preventing or impairing the proposed offering, by the SEC or any other regulatory authority. In the case of the happening of any such event, neither the Company nor the Sales Agent will acquiesce in such steps, procedures or suspension orders and each party agrees to actively defend any such actions or orders unless both parties agree in writing to the acquiescence in such actions or orders.