Surrender of Passenger Train Slots by Nexus. Nexus may, at any time following the Commencement Date, by notifying Network Rail in writing, surrender its right to Bid for one or more of the Passenger Train Slots referred to in paragraph 1.2 of this Part 2 and shall, in making such notification, specify to Network Rail whether such surrender is for the remaining term of this Agreement or otherwise, on terms such that: (A) the Passenger Train Slot or Slots the subject of the surrender shall, for the period of the surrender, be excluded from the rights available to Nexus under this Schedule 5; and (B) to the extent that Network Rail is able to grant to one or more other operators of railway services a train slot or slots which is or are to be operated wholly or partly on the Route and which could not, but for the surrender by Nexus of such Passenger Train Slot or Passenger Train Slots, have been operated wholly or partly on the Route, there shall be paid to Nexus, by way of an abatement of the Track Charges (as such term is defined in Schedule 7), an amount equal to 50% of that part of the track charges attributable to the operation of such train slot or slots (or part of such train slot or slots) on the Route payable by such other operator(s) to Network Rail for such train slot or slots, such abatement to be made following the end of each relevant Period. For the avoidance of doubt, charges payable by such operators of railway services in respect of traction electricity for the operation of such train slot or slots shall not be the subject of such abatement but shall be payable as appropriate in accordance with paragraph 4(B) of Part 2 of Schedule 7.
Appears in 6 contracts
Samples: Track Access Agreement (Passenger Services), Track Access Agreement, Track Access Agreement (Passenger Services)
