Common use of Litigation or Proceeding Clause in Contracts

Litigation or Proceeding. No litigation, investigation, inquiry or governmental proceeding is pending or, to the best knowledge of the Mesirow Entities, threatened against or affecting the Skyline Trust or the properties, assets or business of the Skyline Trust before any court, arbitrator or federal, state, local or foreign governmental or regulatory agency or authority or self-regulatory authority (including, but not limited to, the SEC, the Commodities Futures Trading Commission, the National Association of Securities Dealers and the Internal Revenue Service) that would be reasonably likely to have a Material Adverse Effect on any Skyline Fund or delay, hinder or prohibit the solicitation of proxies from shareholders of the Skyline Trust in the manner contemplated hereby, or the execution or delivery of the New Fund Contracts by the Skyline Trust.