There is no legal or administrative proceeding pending, threatened or anticipated against Quant. Quant has no knowledge of any event that has occurred or circumstance that exists that would reasonably be expected to give rise to or serve as a basis for the commencement of any legal or administrative proceeding. Quant is not in violation of any applicable laws including, without limitation, labor, employment, and environmental laws, or in breach or default of any agreement, document, judgment, injunction, order or decree binding upon Quant which could reasonably be expected to result in a material adverse effect on Quant.