Common use of Termination due to Bankruptcy or Liquidation Clause in Contracts

Termination due to Bankruptcy or Liquidation. If any Party enters into bankruptcy or liquidation or any other arrangement for the benefit of its creditors, the other Parties shall, subject to approval by the Commission, be entitled to take over the fulfilment of such Party's obligations and to receive subsequent payments under the Contract in respect thereof. In such event all rights and obligations under the Contract and this Consortium Agreement shall in good faith be redistributed among the remaining Parties and the affected Party on the basis of the work performed by the affected Party prior to the occurrence of the above circumstance.

Termination due to Bankruptcy or Liquidation. If any Party enters into bankruptcy or liquidation or any other arrangement for the benefit of its creditors, the other Parties shall, subject to approval by the CommissionERA-NET project officer, be entitled to take over the fulfilment of such Party's obligations and to receive subsequent payments under the Contract in respect thereofobligations. In such event all rights and obligations under the Contract and this Consortium Collaboration Agreement shall in good faith be redistributed among the remaining Parties and the affected Party on the basis of the work performed by the affected Party prior to the occurrence of the above circumstance.