Common use of PENDING MATERIAL PROCEEDINGS Clause in Contracts

PENDING MATERIAL PROCEEDINGS. There shall be no pending proceedings as covered by clauses (i) or (ii) of the definition of Material Proceedings; there shall be no pending proceedings as covered by clauses (iii) and (iv) of the definition of Material Proceedings with respect to which there is a reasonable likelihood that the outcome of such litigation, investigation or other proceeding would be adverse to a Covered Person and there is a reasonable likelihood that any relief or penalty expected to be awarded or imposed as a result of such adverse outcome would have a Material Adverse Effect.