Replacement of a consortium participant Sample Clauses

Replacement of a consortium participant. The Concessionaire is entitled to replace a consortium participant (an original participant) if the replacement is part of a full or partial succession as a consequence of reorganisation of the original participant (e.g. a merger). If an original participant does not exit as part of the reorganisation, such replacement will not influence the liabilities and obligations of the original participant to the Danish Energy Agency according to this Concession Agreement. Thus, the original participant will still have joint and several liability to the Danish Energy Agency for any claim arising from conditions originating from before the date of the replacement. In the event of partial succession (e.g. demerger, in which the Concession Agreement is transferred to a new legal entity without the original participant exiting the consortium) the new consortium participant will assume joint and several liability with the original participant to the Danish Energy Agency for all claims arising from conditions originating from before the date of the replacement. If a replacement takes place as a consequence of bankruptcy of the original participant, depending on the specific circumstances, see also below about significant changes, the Danish Energy Agency may consent to the new member not being jointly and severally liable with the original participant for claims arising from conditions originating from before the exit of the original participant from the consortium. Moreover, the Concessionaire is entitled to replace a consortium participant if this takes place as part of an internal reorganisation (e.g. if a consortium participant establishes a 100% owned and controlled subsidiary that enters the consortium instead of the original consortium participant). Such replacement requires both consortium participants (the original participant as well as the new member) to assume joint and several liability for all claims and obligations according to the Concession Agreement. Subsequent transfer of ownership to or control of the new member to a third party will generally be deemed a significant change, see below, which cannot be accepted unless the specific circumstances associated with the transfer fall under one of the changes allowed according to this provision.
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