Ownership Ratio. Unless changed by written agreement of the Owners, all revenues, income, costs, expenses and liabilities incurred in and related to the operation or ownership of the Gathering System under this Agreement shall be allocated among the Owners severally, not jointly, in accordance with their respective Ownership Interests and the Ownership Ratio. All equipment, materials and supplies acquired related to the operation and ownership of the Gathering System shall be paid for and owned in accordance with the Ownership Ratio. 2.2
Ownership Ratio. Training Of Local Personnel And Transfer Of Technology
Ownership Ratio. A. Property acquired by joint activity becomes the joint property of all Association Members. The proportions for acquired property are as follows: DIPC 50% NG 50%
B. Financial resources, current financing of the joint project, and sole risk.
1. All financial resources required for drilling-production operations and resources for the defined exploration program will be provided as follows:
a) during the Test Phase and the possible Production Phase 1, all expenses will be covered by DIPC and NG as described in Article III of this Agreement until the minimum investment allocated to the work program of the Test Phase or Production Phase 1 is exhausted.
b) following the exhaustion of the minimum investment for the work program of the Test Phase - as specified in Article III of this Agreement - the two Association Members will share the financing according to the arrangement for the Production Phase 1 as specified in Article III of this Agreement.
c) following the exhaustion of all possible investment resources allocated to the production program of the Production Phase 1 as specified in Article III, the two Association Members will finance further work in equal measure.
2. Operating costs, as well as all maintenance and repair investments, that will be required for production operation, will be financed from the subaccount of the Association; if there are insufficient funds in this subaccount, the operator will determine the amount required and request financial contributions from both NG and DIPC proportional to their commitments as described in Article III of this Agreement. It is not permitted to commence any operation until funds adequate to pay for it are available in the subaccount.
3. If, during the Production Phase of operations, production falls below the level necessary to maintain commercial operation, DIPC will be entitled to implement as soon as possible, after first obtaining the Agreement of NG, the following decisions: . to take other technical measures to increase production from the CP Well; or, . to declare that commercial production from the given CP Well has ceased.
Ownership Ratio. The Shareholders agree that, at the end of Phase --------------- III, the relative cumulative ownership interests in NEWCO held respectively by the Shareholders (or their respective designated entities approved by both Shareholders) shall be in the ratio of: TSMC - forty seven percent (47%) and OmniVision - forty seven percent (47%) (the "Ownership Ratio").
Ownership Ratio. TSMC and OmniVision agree that, at the end of Phase III, the relative cumulative ownership interests in VisEra Cayman held respectively by TSMC and OmniVision (or their respective designated entities approved by both parties) shall be in the ratio of 1:1, exclusive of the Technical Stock (the “Ownership Ratio”). In the event one or more additional investor invests in VisEra Cayman, the Ownership Ratio shall be adjusted as mutually agreed.
