Common use of Termination for an Insolvency Event Clause in Contracts

Termination for an Insolvency Event. 33.1 Subject to clause 33.2, and without limiting any other rights or remedies ARENA may have arising out of or in connection with this Agreement, ARENA may, to the extent permitted by Law, terminate this Agreement by notice if an Insolvency Event occurs with respect to the Recipient. 33.2 Where an Insolvency Event occurs with respect to the Recipient, ARENA may, at its discretion, request the Recipient to nominate in writing to ARENA (within 10 Business Days of ARENA’s request) a suitably qualified and experienced party to perform the remaining obligations of the Recipient under this Agreement. 33.3 Where the Recipient provides a nomination in accordance with clause 33.2, ARENA must, within 10 Business Days, approve or reject the party nominated by the Recipient under clause 33.2. Advancing Renewables Program Funding Agreement | Vast Solar, Port Augusta Concentrated Solar Power Project 2022/ARP026 27 33.4 Where ARENA approves the party nominated by the Recipient under clause 33.3, the parties will work cooperatively to facilitate the transfer of this Agreement and the Project to the nominated party. 33.5 Where the Recipient does not provide a nomination to ARENA, or ARENA rejects the party nominated by the Recipient, ARENA may, to the extent permitted by Law, terminate this Agreement by notice.