Common use of CVL IM Events of Default Clause in Contracts

CVL IM Events of Default. The following are CVL IM Events of Default: the CVL IM ceases to be authorised to be the operator of that part of the CVL comprising the Routes by a licence granted under section 8 of the Act unless exempt from the requirement to be so authorised under section 7 of the Act; an Insolvency Event occurs in relation to the CVL IM; any breach by the CVL IM of this contract, its Safety Obligations or any of the Collateral Agreements; or any event or circumstance which is reasonably likely to result in any such breach, which, by itself or taken together with any other such breach, event or circumstance the Train Operator reasonably considers constitutes a threat to the safe operation of the Services or any Ancillary Movements; and any breach of this contract or any material breach of any of the Collateral Agreements by the CVL IM which, by itself or taken together with any other such breach, results, or is likely to result, in material financial loss to the Train Operator.

CVL IM Events of Default. The following are CVL IM Events of Default: the CVL IM ceases to be authorised to be the operator of that part of the CVL comprising the Routes by a licence granted under section 8 of the Act unless exempt from the requirement to be so authorised under section 7 of the Act; an Insolvency Event occurs in relation to the CVL IM; any breach by the CVL IM of this contract, its Safety Obligations or any of the Collateral Agreements; or any event or circumstance which is reasonably likely to result in any such breach, which, by itself or taken together with any other such breach, event or circumstance the Train Operator reasonably considers constitutes a threat to the safe operation of the Services or any Ancillary Movements; and any breach of this contract or any material breach of any of the Collateral Agreements by the CVL IM which, by itself or taken together with any other such breach, results, or is likely to result, in material financial loss to the Train Operator.