Nexus Events of Default. The following shall be Nexus Events of Default:- (1) Nexus ceases to be authorised to be the operator of trains for the provision of the Services by a licence granted under Section 8 the Act unless it is otherwise exempt from the requirement to be so authorised under section 7 of the Act; (2) without prejudice to Clause 12, in the event that Nexus assigns this Agreement to, and/or Nexus’ business is transferred to, an entity which is not wholly publicly owned (the “Private Successor”), an Insolvency Event occurs in relation to such Private Successor. (3) any breach by Nexus 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 Nexus, Network Rail reasonably considers constitutes a serious threat to the safe operation of any part of the Network; (4) any material amount due from Nexus to Network Rail pursuant to this Agreement (including by way of Track Charges) remains unpaid for more than 14 days after its due date except where liability to pay any such sum shall be contested by Nexus in good faith and with timely recourse to appropriate means of redress; and (5) any breach of this Agreement by Nexus (other than of the kind referred to in (4) 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 Network Rail.
Appears in 6 contracts
Samples: Track Access Agreement (Passenger Services), Track Access Agreement, Track Access Agreement (Passenger Services)
