Opportunity Evaluation. Program leadership will consult with Facility personnel at least once each year for the purpose of evaluating the Opportunity at the Facility, in an effort to continually provide an appropriate learning environment for the participating Students. MUTUAL RESPONSIBILITIES
Opportunity Evaluation. Upon CMI being presented with potential opportunities to participate in Prospects generated by third parties ("Selling Parties"), CMI shall determine when or if a potential Prospect may be worthy of further consideration, and as to each potential Prospect, CMI shall immediately notify Reef, providing a brief description of the Prospect, to include when available, location, Operator, estimated leasehold and seismic costs and initial well costs, water depth and reserve potential (collectively, the "Initial Prospect Information"). Reef shall then promptly advise CMI whether Reef is already pursuing the Prospect; and, if such is the case, Reef shall advise CMI as to whether it will continue to pursue the Prospect on its own or jointly with CMI under either the terms of this Agreement or on other mutually acceptable terms. If Reef elects to continue to pursue the Prospect on its own, the parties shall endeavor in good faith to resolve any areas of competition, if possible. If Reef does not so notify CMI of its separate pursuit of any such potential Prospect(s) within ten (10) days after such initial notice by CMI (or such shorter period for Reef's decision as is required to prevent loss of opportunity), CMI and Reef shall jointly proceed as set forth in this Agreement. WITH RESPECT TO ANY EVALUATIONS TO BE CONDUCTED BY EITHER PARTY HEREUNDER, EITHER INDIVIDUALLY REEF PARTNERS LLC October 31, 2001 OR JOINTLY, INCLUDING AN INITIAL PROSPECT REVIEW OR A FURTHER REVIEW UNDER THIS PARAGRAPH 4, EACH PARTY HEREBY ACKNOWLEDGES THAT ANY SUCH REVIEW, AND THE METHODOLOGIES EMPLOYED THEREIN, ARE NECESSARILY SUBJECTIVE. ACCORDINGLY, EXCEPT AS PROVIDED IN PARAGRAPH 4.B. BELOW, NEITHER PARTY MAKES ANY REPRESENTATION OR WARRANTY (WHETHER EXPRESS, IMPLIED, STATUTORY OR OTHERWISE) AS TO THE ACCURACY, COMPLETENESS OR SUFFICIENCY OF ANY SUCH EVALUATION, AND EACH PARTY DISCLAIMS ANY LIABILITY FOR ACCURACY OF ANY PROSPECT EVALUATION CONDUCTED BY THE OTHER PARTY DURING THE TERM OF THIS AGREEMENT. EACH PARTY ACKNOWLEDGES AND WARRANTS THAT IT IS INDEPENDENTLY QUALIFIED TO MAKE A DECISION WHETHER TO INVEST IN ANY PARTICULAR PROSPECT REGARDLESS OF WHETHER IT PARTICIPATES IN OR CONDUCTS A REVIEW EVALUATION.
