Common use of Network Rail Events of Default Clause in Contracts

Network Rail Events of Default. The following shall be Network Rail Events of Default:- (1) Network Rail ceases to be authorised to be the operator of that part of the Network comprised in the Route by a licence granted under section 8 of the Act unless otherwise exempt from the requirement to be so authorised under section 7 of the Act; (2) an Insolvency Event occurs in relation to Network Rail; (3) any breach by Network Rail of this Agreement or of the Safety Obligations or any material breach of the Collateral Agreements which, by itself or taken together with any other such breach by Network Rail, Nexus reasonably considers constitutes a serious threat to the safe operation of the Metro System Operational Area; (4) any material amount due from Network Rail to the Train Operator pursuant to Schedule 4 or Schedule 8 remains unpaid for 14 days after its due date except where liability to pay any such sum shall be contested by Network Rail in good faith and with timely recourse to appropriate means of redress; and (5) any breach of this Agreement by Network Rail (other than of the kind referred to in (3) above) which, by itself or taken together with any other such breach, results, or will or is likely to result, in serious financial loss to Nexus.