Common use of Termination on Financial Standing Clause in Contracts

Termination on Financial Standing. The Authority will at least annually assess the financial standing of the Provider including an assessment of credit ratings as published by a credit rating agency appointed by the Authority. In the event that the Authority reasonably considers that there has been a change in the financial standing and/or credit rating of the Provider which represents a substantial risk to the Provider’s ability to perform its obligations under Call-Off Contracts the Authority will discuss the risk with the Provider.

Termination on Financial Standing. The Authority will at least annually assess the financial standing of the Provider Potential Supplier including an assessment of credit ratings as published by a credit rating agency appointed by the Authority. In the event that the Authority reasonably considers that there has been a change in the financial standing and/or credit rating of the Provider Potential Supplier which represents a substantial risk to the ProviderPotential Supplier’s ability to perform its obligations under Call-Off Contracts the Authority will discuss the risk with the ProviderPotential Supplier.