Common use of Effect of Federal Law Clause in Contracts

Effect of Federal Law. Both the Corporation and the Indemnitee acknowledge that in certain instances, federal law will override Nevada law and prohibit the Corporation from indemnifying its officers and directors. For example, the Corporation and Indemnitee acknowledge that the Securities and Exchange Commission has taken the position that indemnification is not permissible for liabilities arising under certain federal securities law, and federal law prohibits indemnification for certain violations of the Employee Retirement Income Security Act of 1974, as amended.

Effect of Federal Law. Both the Corporation and the Indemnitee indemnitee acknowledge that in certain instances, federal law will override Nevada law and prohibit the Corporation from indemnifying its officers and directors. For example, the Corporation and Indemnitee acknowledge that the Securities and Exchange Commission has taken the position that indemnification is not permissible for liabilities arising under certain federal securities lawlaws, and federal law prohibits indemnification for certain violations of the Employee Retirement Income Security Act of 1974, as amendedAct.

Effect of Federal Law. Both the Corporation and the Indemnitee acknowledge that in certain instances, federal law will override Nevada law and prohibit the Corporation from indemnifying its officers and directors. For example, the The Corporation and Indemnitee specifically acknowledge that the Securities and Exchange Commission has taken the position that indemnification is not permissible for liabilities arising under certain federal securities lawlaws, and federal law prohibits indemnification for certain violations of the Employee Retirement Income Security Act of 1974, as amendedAct.