Right to Participate in Deep Tern Prospect Sample Clauses

Right to Participate in Deep Tern Prospect. Notwithstanding anything to the contrary recited in this Article, the Parties acknowledge that prior to the execution of this Agreement, HES exercised its option and elected to participate in The North Tern Deep Prospect pursuant to the terms of Article 5 of the Participation Agreement. Accordingly, HES and MOXY agree that the terms and conditions of the Participation Agreement insofar as they cover The North Tern Deep Prospect will survive the Closing and will govern and apply to HES's participation in The North Tern Deep Prospect. The North Tern Deep Prospect is identified by that certain Election Point Notification given by MOXY to HES dated March 23, 2001. The Mortgage encumbering MOXY's interest in North Tern Deep Prospect dated April 16, 2001, executed by MOXY in favor of HES, recorded at CB 44E, Folio 100, Entry 273760, and MB871, Folio 601, Entry 245212 in the real property records of St. Mary's Parish, Louisiana, on May 14, 2001, securing MOXY's obligations to pay HES amounts due and owing under the Participation Agreement, attributable to HES's participation in North Tern Deep Prospect is expressly not released or waived by the execution of this Agreement, and is expressly reaffirmed and ratified by MOXY.
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Related to Right to Participate in Deep Tern Prospect

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  • Indemnification for Expenses of an Indemnitee Who is Wholly or Partially Successful Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, made a party to (or otherwise becomes a participant in) any Proceeding and is successful, on the merits or otherwise, in the defense of such Proceeding, the Company shall indemnify Indemnitee for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee under this Section 7 for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each such claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes of this Section 7 and, without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

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