Common use of Termination by the Authority Clause in Contracts

Termination by the Authority. If Virgin fails to cure any Virgin Event of Default described in Subparagraph 17.2 above within the applicable cure period, the Authority will have the right to terminate this Lease by sending Virgin written Notice of Termination, provided that Virgin will have no cure period and the Authority may terminate immediately upon a Virgin Bankruptcy Event. Termination of this Lease will take effect immediately upon Virgin’s receipt of the Notice of Termination, unless stated otherwise in the Notice of Termination. If, however, Virgin has cured the deficiencies identified in the Authority’s notice to cure prior to Virgin’s receipt of the Authority’s Notice of Termination, then such Notice of Termination will be of no force or effect. Virgin’s obligation to pay Virgin Payables, and the Authority’s right to draw upon the Performance Guarantee, will survive the termination of this Lease under this Paragraph, but only on the terms and conditions and up to the amounts specifically permitted by the terms of this Lease.

Termination by the Authority. If Virgin fails to cure any Virgin Event of Default described in Subparagraph 17.2 above within wit hin the applicable cure period, the Authority will have the right to terminate this Lease Lea se by sending Virgin written Notice of Termination, provided that Virgin will have no cure period and the Authority may terminate immediately upon a Virgin Bankruptcy Event. Termination Te rmination of this Lease will take effect immediately upon Virgin’s Virgin s receipt of the th e Notice of Termination, unless stated otherwise in the Notice of Termination. If, howeverhoweve r, Virgin has cured the deficiencies identified in the Authority’s Authority s notice to cure prior to Virgin’s Virgin s receipt of the Authority’s Authority s Notice of Termination, then such Notice of Termination Terminat ion will be of no force or effect. Virgin’s Virgin s obligation to pay Virgin Payables, and the Authority’s Authority s right to draw upon the Performance Guarantee, will survive the termination of this Lease under this Paragraph, but only on the terms and conditions and up to the amounts specifically permitted by the terms of this Lease.