Indemnification and Hold Harmless: For valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and with the intent to be legally bound hereby, an applicant or fellowship recipient does hereby agree to defend, indemnify, hold harmless, release, acquit and forever discharge the International Stockmen’s Educational Foundation (the “Foundation”), the Houston Livestock Show & Rodeo (the "HLSR"), and their officers, directors, agents and contractors from any and all claims, demands, and causes of action arising from or related to the administration of any and all fellowships, the failure of a fellowship recipient’s performance under the fellowship requirements, or any matters related to the administration of a fellowship, including all loss and reasonable attorneys’ fees incurred in defending or settling any such claims. The indemnification and covenants contained herein shall inure to the benefit of the Foundation and HLSR, its respective predecessors, successors and assigns, and each of its respective past and present, direct and indirect, subsidiary, and affiliated entities, and to each of its respective past and present employees, agents, contractors, attorneys in fact, attorneys at law, representatives, officers, and directors.