Common use of SECTION EIGHT – EFFECTIVENESS Clause in Contracts

SECTION EIGHT – EFFECTIVENESS. This Consortium Agreement shall become effective on its execution date and shall remain so for forty (40) years or until all obligations arising from the Production Sharing Agreement are performed. The Consortium Members may terminate this Agreement, as long as they have previously reached an agreement and performed their obligations in the Production Sharing Agreement. Upon termination, the Common Assets shall be orderly settled by the Operator, and the proceeds of the sale of Common Assets not inuring to the benefit of the Contracting Party shall, under the Production Sharing Agreement, be divided among the Consortium Members according to their shares. Upon termination of this Consortium Agreement, the Parties shall file a termination notice with the competent Commercial Registry.