Common use of Termination of a Party’s Participation Clause in Contracts

Termination of a Party’s Participation. The Project Committee is entitled to terminate a Party’s participation to the Consortium Agreement with immediate effect upon written notice by the Coordinator or, if the Coordinator is subject to the termination, the Party appointed by the Project Committee, towards that Party, in the following events: Insolvency. If a Party is declared bankrupt or granted suspension of payments, or if an application is filed to that end or its business is liquidated or discontinued;

Termination of a Party’s Participation. The Project Committee Management Board is entitled to terminate a Party’s participation to the Consortium Agreement with immediate effect upon written notice by the Coordinator Research Leader or, if the Coordinator Research Leader is subject to the termination, the Party appointed by the Project CommitteeManagement Board, towards that Party, in the following events: Insolvency. If a Party is declared bankrupt or granted suspension of payments, or if an application is filed to that end or its business is liquidated or discontinued;

Termination of a Party’s Participation. The Project Committee is entitled to terminate a Party’s participation to the Consortium Agreement with immediate effect upon written notice by the Coordinator or, if the Coordinator is subject to the termination, the Party appointed by the Project Committee, towards that Party, in the following events: Insolvency. If a Party is declared bankrupt or granted suspension of payments, or if an application is filed to that end or its business is liquidated or discontinued;: