Common use of RESTRICTION ON INDEMNIFICATION Clause in Contracts

RESTRICTION ON INDEMNIFICATION. Except as provided in Section 8.5 of this Agreement, notwithstanding Section 14.1 of this Agreement, neither the General Partner nor any officer, Affiliate, director, employee, agent, subsidiary or assign of the General Partner or of the Partnership shall be indemnified against any liability, loss or damage incurred by the General Partner in connection with (i) any claim or settlement involving allegations that the Securities Act of 1933 was violated by the General Partner or by any such other person unless (a) the General Partner or other persons seeking indemnification are successful in defending such action, and (b) such indemnification is specifically approved by a court of competent jurisdiction which shall have been advised as to the current positions of, both, the Securities and Exchange Commission and the California Commissioner of Corporations regarding indemnification for violations of securities law or (ii) any liability imposed by law, including liability for fraud, bad faith or negligence, and the provisions of Paragraph 8.5.1 of this Agreement have been satisfied by the General Partner. IN THE OPINION OF THE SECURITIES AND EXCHANGE COMMISSION, INDEMNIFICATION FOR LIABILITIES OCCURRING PURSUANT TO THE SECURITIES ACT OF 1933 IS AGAINST PUBLIC POLICY AS EXPRESSED IN THAT ACT AND, THEREFORE, IS UNENFORCEABLE.

RESTRICTION ON INDEMNIFICATION. Except as provided in Section 8.5 of this Agreement, notwithstanding Section 14.1 of this Agreement, neither the General Partner nor any officer, Affiliate, director, employee, agent, subsidiary or assign of the General Partner or of the Partnership shall be indemnified against any liability, loss or damage incurred by the General Partner it in connection with (i) any claim or settlement involving allegations that the Securities Act of 1933 was violated by the General Partner or by any such other person unless (a) the General Partner or other persons seeking indemnification are successful in defending such action, and (b) such indemnification is specifically approved by a court of competent jurisdiction law which shall have been advised as to the current positions of, both, the Securities and Exchange Commission and the California Commissioner of Corporations regarding indemnification for violations of securities law or (ii) any liability imposed by law, including liability for fraud, bad faith or negligence, and the provisions of Paragraph 8.5.1 of this Agreement have been satisfied by the General Partner. IN THE OPINION OF THE SECURITIES AND EXCHANGE COMMISSION, INDEMNIFICATION FOR LIABILITIES OCCURRING PURSUANT TO THE SECURITIES ACT OF 1933 IS AGAINST PUBLIC POLICY AS EXPRESSED IN THAT ACT AND, THEREFORE, IS UNENFORCEABLE. 23 24 15.

RESTRICTION ON INDEMNIFICATION. Except as provided in In Section 8.5 of this Agreement, notwithstanding Section 14.1 of this Agreement, neither the General Partner nor any officer, Affiliate, director, employee, agent, subsidiary or assign of the General Partner or of the Partnership shall be indemnified against any liability, loss or damage incurred by the General Partner in connection with (i) any claim or settlement involving allegations that the Securities Act of 1933 was violated by the General Partner or by any such other person unless (a) the General Partner or other persons seeking indemnification are successful in defending such action, and (b) such indemnification is specifically approved by a court of competent jurisdiction law which shall have been advised as to the current positions of, both, the Securities and Exchange Commission and the California Commissioner of Corporations regarding indemnification for violations of securities law or (ii) any liability imposed by law, including liability for fraud, bad faith or negligence, and the provisions of Paragraph 8.5.1 of this Agreement have been satisfied by the General Partner. IN THE OPINION OF THE SECURITIES AND EXCHANGE COMMISSION, INDEMNIFICATION FOR LIABILITIES OCCURRING PURSUANT TO THE SECURITIES ACT OF 1933 IS AGAINST PUBLIC POLICY AS EXPRESSED IN THAT ACT AND, THEREFORE, IS UNENFORCEABLE.