Common use of NON-VIOLATION OF LAW ETC Clause in Contracts

NON-VIOLATION OF LAW ETC. The execution of this Agreement and performance of its obligations under this Agreement shall not violate or conflict with, or exceed any limit imposed by (i) any Law to which it are subject or (ii) any of the Articles of the Company or other agreement, instrument or undertaking binding upon them. That it has not committed any economic and/or cognizable offense, that the Company does not have substantial financial interest in any unit/company which is in default of State/All India Financial Institutions or Banks, that they do not require to obtain any approval under the provisions of any Law, and that they have not received any notice or other communication from any Government Authority so as to require the referring of this Agreement to the Central Government or any other authority for clearance of approval. In the event the said representation is found to be incorrect or it being determined that the Company were required to obtain any approval under any Law before embarking upon the Project, the Investor shall have the non-exclusive and independent option to terminate this Agreement and the Investor shall be entitled to claim from the Company reimbursement of expenditure incurred by them and also damages suffered by them on account thereof, and the entire Financial Contribution invested by the Investor in the Company shall be paid by the Company and/or the Promoters to the Investor immediately but not later than 30 days from the date of receipt of notice from the Investor/s in this behalf.

NON-VIOLATION OF LAW ETC. The execution of this Agreement and performance of its obligations under this Agreement shall not violate or conflict with, or exceed any limit imposed by (i) any Law to which it are subject or (ii) any of the Articles of the Company or other agreement, instrument or undertaking binding upon them. That it has not committed any economic and/or cognizable offense, that the Company does not have substantial financial interest in any unit/company which is in default of State/All India Financial Institutions or Banks, that they do not require to obtain any approval under the provisions of any Law, and that they have not received any notice or other communication from any Government Authority so as to require the referring of this Agreement to the Central Government or any other authority for clearance of approval. In the event the said representation is found to be incorrect or it being determined that the Company were required to obtain any approval under any Law before embarking upon the Project, the Investor shall have the non-exclusive and independent option to terminate this Agreement and the Investor shall be entitled to claim from the Company reimbursement of expenditure incurred by them and also damages suffered by them on account thereof, and the entire Financial Contribution invested by the Investor in the Company shall be paid by the Company and/or the Promoters to the Investor immediately but not later than 30 days from the date of receipt of notice from the Investor/s in sin this behalf.