Common use of Once the Parties Clause in Contracts

Once the Parties. accept the existence of a Commercial Field, and subject to the provisions of Clauses 5 (numerals 5.2) and 13 (numerals 13.1 and 13.2), the rights or lnterest in Contract Area Operation shall be owned thus: ECOPETROL fifty percent (50%) and THE ASSOCIATE fifty percent (50%). Thereafter, all expenses, payments, investments, costs and liabilities made and contracted for operations hereunder and Direct Exploration Costs made by the ASSOCIATE prior to acceptance of each Commercial Field and extensions thereto, in keeping with Clause 9 (numeral 9.10), shall be charged to the Joint Account. Except as set out in Clauses 14 (numeral 14.3) and 21, all assets acquired or used thereafter for operating the Commercial Field shall be owned and paid for by the Parties as set out in this clause.

Once the Parties. accept the existence of a Commercial Field, and subject to the provisions of Clauses 5 (numerals 5.2) and 13 (numerals 13.1 and 13.2), the rights or lnterest Interest in Contract Area Operation shall be owned thus: thus ECOPETROL fifty percent (50%) and THE ASSOCIATE fifty percent (50%). Thereafter, all expenses, payments, investments, costs and liabilities made and contracted for operations hereunder and Direct Exploration Costs made by the ASSOCIATE prior to acceptance of each Commercial Field and extensions thereto, in keeping with Clause 9 (numeral 9.10), shall be charged to the Joint Account. Except Exept as set out in Clauses 14 (numeral 14.3) and 21, all assets acquired or used thereafter for operating the Commercial Field shall be owned and paid for by the Parties as set out in this clause.

Once the Parties. accept the existence of a Commercial Field, and subject to the provisions of Clauses 5 (numerals 5.2) and 13 (numerals 13.1 and 13.2), the rights or lnterest Interest in Contract Area Operation shall be owned thus: thus ECOPETROL fifty percent (50%) and THE ASSOCIATE fifty percent (50%). Thereafter, all expenses, payments, investments, costs and liabilities made and contracted for operations hereunder and Direct Exploration Costs made by the ASSOCIATE prior to acceptance of each Commercial Field and extensions thereto, in keeping with Clause 9 (numeral 9.10), shall be charged to the Joint Account. Except as set out in Clauses 14 (numeral 14.3) and 21, all assets acquired or used thereafter for operating the Commercial Field shall be owned and paid for by the Parties as set out in this clause.