When the new phase starts, the world will be divided between the two signatory powers, including both the already claimed areas, and their respective half of the world. New actions will also be available:

In this phase of the Situation, other Catholic countries that have discovered America now will be able to participate in the situation, and will have some of these actions available to them, while others will be restricted to the two Signatory Countries:

The Relevance of the Treaty decreases monthly, and then additionally by each time that it is violated. The Situation will end when its relevance goes down to 0%; at that moment, the ban on colonization and the claims will disappear, and all Catholic countries will be free to colonize wherever they want again.