Common use of Material Proceedings Clause in Contracts

Material Proceedings. None of ONB, LSB, or either of their Subsidiaries, shall be subject to any statute, rule, regulation, injunction, order or decree, which shall have been enacted, entered, promulgated or enforced, which prohibits, prevents or makes illegal completion of the Merger, and no material claim, litigation or proceeding shall have been initiated or threatened relating to the Agreement or the Merger or seeking to prevent the completion of the Merger, which has not been resolved prior to the Effective Time.

Material Proceedings. None of ONB, LSB, or either any Subsidiary of their SubsidiariesONB or LSB, shall be subject to any statute, rule, regulation, injunction, order or decree, which shall have been enacted, entered, promulgated or enforced, which prohibits, prevents or makes illegal completion of the Merger, and no material claim, litigation or proceeding shall have been initiated or threatened relating to the Agreement or the Merger or seeking to prevent the completion of the Merger, which has not been resolved prior to the Effective Time.