Common use of Mutual Acknowledgement Clause in Contracts

Mutual Acknowledgement. Both the Association and Indemnitee acknowledge that in certain instances, Federal law or public policy may override applicable law and prohibit the Association from indemnifying its directors and officers under this Agreement or otherwise. For example, the Association and Indemnitee acknowledge that the Securities and Exchange Commission (the "SEC") has taken the position that indemnification is not permissible for liabilities arising under certain federal securities laws, and federal legislation prohibits indemnification for certain ERISA violations. Indemnitee understands and acknowledges that the Association has undertaken or may be required in the future to undertake with the SEC to submit questions of indemnification to a court in certain circumstances for a determination of the Association's right under public policy to indemnify Indemnitee. Furthermore, Indemnitee and Association acknowledge that the extent of indemnification permissible under Section 204(a)(11) of the California Corporations Code has not been judicially determined; therefore, the enforceability of Indemnitee's rights under Subparagraph (1) is uncertain.

Mutual Acknowledgement. Both the Association Company and Indemnitee acknowledge that in certain instances, Federal law or public policy may override applicable law and prohibit the Association Company from indemnifying its directors and officers under this Agreement or otherwise. For example, the Association Company and Indemnitee acknowledge that the Securities and Exchange Commission (the "SEC") has taken the position that indemnification is not permissible for liabilities arising under certain federal securities laws, and federal legislation prohibits indemnification for certain ERISA violations. Indemnitee understands and acknowledges that the Association Company has undertaken or may be required in the future to undertake with the SEC to submit questions of indemnification to a court in certain circumstances for a determination of the AssociationCompany's right under public policy to indemnify Indemnitee. Furthermore, Indemnitee and Association Company acknowledge that the extent of indemnification permissible under Section 204(a)(11) of the California Corporations Code has not been judicially determined; therefore, the enforceability of Indemnitee's rights under Subparagraph (1) is uncertain.

Mutual Acknowledgement. Both the Association Company and the Indemnitee acknowledge that in certain instances, Federal federal law or public policy may override applicable law and prohibit the Association Company from indemnifying its its' directors and officers under this Agreement or otherwise. For example, the Association Company and the Indemnitee acknowledge that the Securities and Exchange Commission (the "SEC") has taken the position that indemnification is not permissible for liabilities arising under certain federal securities laws, and federal legislation prohibits indemnification for certain ERISA violations. The Indemnitee understands and acknowledges that the Association Company has undertaken or may be required in the future to undertake with the SEC to submit questions of indemnification to a court in certain circumstances for a determination of the AssociationCompany's right under public policy to indemnify the Indemnitee. Furthermore, the Indemnitee and Association acknowledge that the extent of indemnification permissible under Section 204(a)(11) of the California Corporations Code has not been judicially determined; therefore, the enforceability of the Indemnitee's rights under Subparagraph (1) is uncertain.

Mutual Acknowledgement. Both the Association Company and Indemnitee acknowledge that in certain instances, Federal law or public policy may override applicable state law and prohibit the Association Company from indemnifying its directors and officers under this Agreement or otherwise. For example, the Association Company and Indemnitee acknowledge that the Securities and Exchange Commission (the "SEC") has taken the position that indemnification is not permissible for liabilities arising under certain federal securities laws, and federal legislation prohibits indemnification for certain ERISA violations. Indemnitee understands and acknowledges that the Association Company has undertaken or may be required in the future to undertake with the SEC to submit questions of indemnification to a court in certain circumstances for a determination of the AssociationCompany's right under public policy to indemnify Indemnitee. Furthermore, the Indemnitee and Association Company acknowledge that the extent of indemnification permissible under Section 204(a)(11) of the California Corporations Code has not been judicially determined; therefore, the enforceability enforce ability of Indemnitee's rights under Subparagraph (1Subsection 5.8(l) of Article 5 of the Company's Bylaws is uncertain.

Mutual Acknowledgement. Both the Association Company and Indemnitee acknowledge that in certain instances, Federal law or public policy may override applicable state law and prohibit the Association Company from indemnifying its directors and officers under this Agreement or otherwise. For example, the Association Company and Indemnitee acknowledge that the Securities and Exchange Commission (the "“SEC"”) has taken the position that indemnification is not permissible for liabilities arising under certain federal securities laws, and federal legislation prohibits indemnification for certain ERISA violations. Indemnitee understands and acknowledges that the Association Company has undertaken or may be required in the future to undertake with the SEC to submit questions of indemnification to a court in certain circumstances for a determination of the Association's Company’s right under public policy to indemnify Indemnitee. Furthermore, the Indemnitee and Association Company acknowledge that the extent of indemnification permissible under Section 204(a)(11) of the California Corporations Code has not been judicially determined; therefore, the enforceability of Indemnitee's ’s rights under Subparagraph (1) the Company’s Bylaws is uncertain.