Base Rates Adjustments. i. On or after January 1, 2019 and continuing each year thereafter during the Term, each Base Rate applicable to carrier shall be adjusted not more than once per calendar year (the “Adjustment Date[s]”), to an amount equal to the product of (a) the applicable Base Rate for the calendar year immediately preceding the Adjustment Date (“Base Rate Year”) multiplied by (b) a fraction the numerator of which is the CPI (as defined below) published for the month of July preceding the applicable Adjustment Date (the “Adjustment Index Date”) and the denominator of which shall be the CPI in effect for the month of July of the Base Rate Year immediately preceding the Adjustment Index Date, provided that in no event shall any Base Rate be decreased. If an adjustment of any Base Rate results in a decrease of that Base Rate, the Base Rate in effect immediately prior to the Adjustment Date shall remain in effect until the next Adjustment Date. When adjusted, the new rates shall be the new Tariff rates as well as the new Base Rates until further adjustments, if any, are made.
Appears in 6 contracts
Samples: Marine Terminal Services Agreement, Marine Terminal Services Agreement, Marine Terminal Services Agreement
