Common use of Qualifications, Legal Investment Clause in Contracts

Qualifications, Legal Investment. All authorizations, approvals, or permits, if any, of any governmental authority or regulatory body of the United States or of any state that are required in connection with the lawful sale and issuance of the Additional Shares pursuant to this Agreement shall have been duly obtained and shall be effective on and as of the Additional Closing. No stop order or other order enjoining the sale of the Additional Shares shall have been issued and no proceedings for such purpose shall be pending of, to the knowledge of Aradigm, threatened by the SEC or any commissioner of corporations or similar officer of any other state having jurisdiction over this transaction. At the time of each Additional Closing, the sale and issuance of the Additional Shares shall be legally permitted by all laws and regulations to which Novo Nordisk and Aradigm are subject.

Qualifications, Legal Investment. All authorizations, approvals, or permits, if any, of any governmental authority or regulatory body of the United States or of any state that are required in connection with the lawful sale and issuance of the Additional Initial Shares pursuant to this Agreement shall have been duly obtained and shall be effective on and as of the Additional First Closing. No stop order or other order enjoining the sale of the Additional Initial Shares shall have been issued and no proceedings for such purpose shall be pending ofor, to the knowledge of Aradigm, threatened by the SEC or any commissioner of corporations or similar officer of any other state having jurisdiction over this transaction. At the time of each Additional the First Closing, the sale and issuance of the Additional Initial Shares shall be legally permitted by all laws and regulations to which Novo Nordisk and Aradigm are subject.

Qualifications, Legal Investment. All authorizations, approvals, or permits, if any, of any governmental authority or regulatory body of the United States or of any state that are required in connection with the lawful sale and issuance of the Additional Shares pursuant to this Agreement shall have been duly obtained and shall be effective on and as of the Additional Closing. No stop order or other order enjoining the sale of the Additional Shares shall have been issued and no proceedings for such purpose shall be pending ofor, to the knowledge of Aradigm, threatened by the SEC or any commissioner of corporations or any similar officer of any other state having jurisdiction over this transaction. At the time of each Additional Closing, the sale and issuance of the Additional Shares shall be legally permitted by all laws and regulations to which Novo Nordisk and Aradigm are subject.