Common use of Termination upon occurrence of Financial Default Clause in Contracts

Termination upon occurrence of Financial Default. At any time after issue of a Notice of Financial Default, the Lenders/Lenders’ Representative may by a notice in writing require the Concessioning Authority to terminate the Concession Agreement forthwith, and upon receipt of such notice, the Concessioning Authority shall terminate the Concession in accordance with the Concession Agreement.

Termination upon occurrence of Financial Default. At any time after issue of a Notice of Financial Default, the Senior Lenders/Senior Lenders’ Representative may by a notice in writing require the Concessioning Authority to terminate the Concession Agreement forthwith, and upon receipt of such notice, the Concessioning Authority shall terminate the Concession in accordance with the Concession Agreement.