38. There are a number of events of default which would entitle the Government to terminate the Development Agreement, including:
a) a call under one of the Government guarantees;
b) Eurostar UK annual and cumulative operating cashflows for two successive years falling below the Government Downside Case;
c) Cumulative access charge loans to LCR exceeding £360 million.
39. On an event of default, the Eurostar UK service would revert to Government ownership. However, the management agreement with ICRR and agreements relating to construction of Section 2 would remain in place.