Common use of Price variation Clause in Contracts

Price variation. For each Relevant Year commencing on and from 1 April 2019, the Indexed Figures shall be adjusted in accordance with paragraph 2.7.2. For the Relevant Year commencing on and from 1 April 2019, the Indexed Figures shall be adjusted as at 1 April 2019 by multiplying them by the Initial Indexation Factor. For the Relevant Year commencing on and from 1 April 2020, and for each subsequent Relevant Year, the adjusted Indexed Figures from the preceding Relevant Year shall be further adjusted as at the applicable 1 April by multiplying them by the Adjustment Factor for the Relevant Year in question (rounded to three decimal places). For the purposes of this paragraph 2.7.2(b), the Adjustment Factor in respect of a Relevant Year shall be calculated in accordance with the following formula: where: CPIt-1 means the average value of the monthly CPI figures for the 12 months up to and including the month of December immediately preceding 1 April in the Relevant Year in question; and CPIt-2 means the average value of the monthly CPI figures for the 12 months up to and including the month of December which falls 16 months before 1 April in the Relevant Year in question. If this contract takes effect after 1 April 2019, the Indexed Figures shall be adjusted in accordance with paragraphs 2.7.2(a) and (b) as if this contract had been in effect on and from 1 April 2019. The Phased in Charges Indexation Adjustment shall be derived: in respect of the Relevant Year commencing on 1 April 2019, from the following formula: where: PCIA2019 means the Phased in Charges Indexation Adjustment in respect of the Relevant Year commencing on 1 April 2019; and in respect of any Relevant Year t commencing on or after 1 April 2020, from the following formula: where: PCIAt means the Phased in Charges Indexation Adjustment in respect of the Relevant Year t; CPIt-1 has the same meaning as set out in paragraph 2.7.2 above; CPI2018 means the average value of the monthly CPI figures for the 12 months up to and including the month of December 2018. The value derived from this formula shall be rounded to three decimal places. The Track Charges will be reviewed and adjusted by the CVL IM on 1 April 2024 and thereafter reviewed and adjusted on a five-yearly basis and the parties acknowledge and agree that such review and adjustment shall: comply with relevant applicable law; and be consistent with the charging framework published by XXX in respect of the CVL. The Variable Charge in respect of each Service in each Charging Period shall be calculated in accordance with the following formula: where: 2 means, in respect of each empty wagon, the VUC Rate, expressed in pounds sterling per 1000 Gross Tonne Mile and rounded to four decimal places, for the relevant empty wagon type multiplied by the kgtm for that empty wagon type relating to the relevant Service; 3 means, in respect of each loaded wagon, the VUC Rate, expressed in pounds sterling per 1000 Gross Tonne Mile and rounded to four decimal places, for the relevant loaded wagon type multiplied by the kgtm for that loaded wagon type relating to the relevant Service; 4 means, in respect of each unit of coaching stock, the VUC Rate, expressed in pounds sterling per 1000 Gross Tonne Mile and rounded to four decimal places, for the relevant coaching stock type multiplied by the kgtm for that coaching stock type relating to the relevant Service; 5 has a value of zero; 6 has a value of zero;

Price variation. 2.7.1 For each Relevant Year commencing on and from 1 April 2019, the Indexed Figures shall be adjusted in accordance with paragraph 2.7.2. 2.7.22.7.2. (a) For the Relevant Year commencing on and from 1 April 2019, the Indexed Figures shall be adjusted as at 1 April 2019 by multiplying them by the Initial Indexation Factor. . (b) For the Relevant Year commencing on and from 1 April 2020, and for each subsequent Relevant Year, the adjusted Indexed Figures from the preceding Relevant Year shall be further adjusted as at the applicable 1 April by multiplying them by the Adjustment Factor for the Relevant Year in question (rounded to three decimal places). For the purposes of this paragraph 2.7.2(b2.7.22.7.2(b), the Adjustment Factor in respect of a Relevant Year shall be calculated in accordance with the following formula: 𝐴𝑑𝑗𝑢𝑠𝑡𝑚𝑒𝑛𝑡 𝐹𝑎𝑐𝑡𝑜𝑟 = 1 + (𝐶𝑃𝐼𝑡−1−𝐶𝑃𝐼𝑡−2) 𝐶𝑃𝐼𝑡−2 where: CPIt-1 means the average value of the monthly CPI figures for the 12 months up to and including the month of December immediately preceding 1 April in the Relevant Year in question; and CPIt-2 means the average value of the monthly CPI figures for the 12 months up to and including the month of December which falls 16 months before 1 April in the Relevant Year in question. . (c) If this contract takes effect after 1 April 2019, the Indexed Figures shall be adjusted in accordance with paragraphs 2.7.2(a2.7.22.7.2(a) and (b) as if this contract had been in effect on and from 1 April 2019. . 2.7.3 The Phased in Charges Indexation Adjustment shall be derived: : (a) in respect of the Relevant Year commencing on 1 April 2019, from the following formula: 𝑃𝐶𝐼𝐴2019 = 𝐼𝑛𝑖𝑡𝑖𝑎𝑙 𝐼𝑛𝑑𝑒𝑥𝑎𝑡𝑖𝑜𝑛 𝐹𝑎𝑐𝑡𝑜𝑟 where: PCIA2019 means the Phased in Charges Indexation Adjustment in respect of the Relevant Year commencing on 1 April 2019; and and (b) in respect of any Relevant Year t commencing on or after 1 April 2020, from the following formula: where: = (1 + (𝐶𝑃𝐼𝑡−1−𝐶𝑃𝐼2018) 𝐶𝑃𝐼2018 ) • 𝐼𝑛𝑖𝑡𝑖𝑎𝑙 𝐼𝑛𝑑𝑒𝑥𝑎𝑡𝑖𝑜𝑛 𝐹𝑎𝑐𝑡𝑜𝑟 PCIAt means the Phased in Charges Indexation Adjustment in respect of the Relevant Year t; CPIt-1 has the same meaning as set out in paragraph 2.7.2 above; CPI2018 means the average value of the monthly CPI figures for the 12 months up to and including the month of December 2018. The value derived from this formula shall be rounded to three decimal places. The Track Charges will be reviewed and adjusted by the CVL IM on 1 April 2024 and thereafter reviewed and adjusted on a five-yearly basis and the parties acknowledge and agree that such review and adjustment shall: comply with relevant applicable law; and be consistent with the charging framework published by XXX in respect of the CVL. The Variable Charge in respect of each Service in each Charging Period shall be calculated in accordance with the following formula: where: 2 means, in respect of each empty wagon, the VUC Rate, expressed in pounds sterling per 1000 Gross Tonne Mile and rounded to four decimal places, for the relevant empty wagon type multiplied by the kgtm for that empty wagon type relating to the relevant Service; 3 means, in respect of each loaded wagon, the VUC Rate, expressed in pounds sterling per 1000 Gross Tonne Mile and rounded to four decimal places, for the relevant loaded wagon type multiplied by the kgtm for that loaded wagon type relating to the relevant Service; 4 means, in respect of each unit of coaching stock, the VUC Rate, expressed in pounds sterling per 1000 Gross Tonne Mile and rounded to four decimal places, for the relevant coaching stock type multiplied by the kgtm for that coaching stock type relating to the relevant Service; 5 has a value of zero; 6 has a value of zero;

Price variation. 2.7.1 For each Relevant Year commencing on and from 1 April 20192024, the Indexed Figures A and the Indexed Figures B shall be adjusted in accordance with paragraph 2.7.2. (a) For the Relevant Year, Indexed Figures A shall be adjusted as at the applicable 1 April by multiplying them by the Adjustment Factor for the Relevant Year in question (rounded to three decimal places). For the purposes of this paragraph 2.7.2(a), the Adjustment Factor in respect of a Relevant Year shall be calculated in accordance with the following formula: 𝐴𝑑𝐴𝐴𝑢𝑠𝑡𝑚𝑒𝑛𝑡 𝐹𝑎𝑐𝑡𝑜𝑟 = 1 + (𝐶𝑃𝐼𝑡−1 − 𝐶𝑃𝐼2022) 𝐶𝑃𝐼2022 where: CPIt-1 means the average value of the monthly CPI figures for the 12 months up to and including the month of December immediately preceding 1 April in the Relevant Year in question; and CPI2022 means the average value of the monthly CPI figures for the 12 months up to and including the month of December 2022. (b) For the Relevant Year commencing on and from 1 April 20192024, the Indexed Figures B shall be adjusted as at 1 April 2019 2024 by multiplying them by the Initial Indexation FactorAdjustment Factor (rounded to three decimal places). For the Relevant Year commencing on and from 1 April 2020, and for each In subsequent Relevant Yearyears, the adjusted Indexed Figures B from the preceding Relevant Year shall be further adjusted as at the applicable 1 April by multiplying them by the Adjustment Factor for the Relevant Year in question (rounded to three decimal places). For the purposes of this paragraph 2.7.2(b), the Adjustment Factor in respect of a Relevant Year shall be calculated in accordance with the following formula: 𝐴𝑑𝐴𝐴𝑢𝑠𝑡𝑚𝑒𝑛𝑡 𝐹𝑎𝑐𝑡𝑜𝑟 = 1 + (𝐶𝑃𝐼𝑡−1−𝐶𝑃𝐼𝑡−2) 𝐶𝑃𝐼𝑡−2 where: CPIt-1 means has the average value of the monthly CPI figures for the 12 months up to and including the month of December immediately preceding 1 April same meaning as set out in the Relevant Year in questionparagraph 2.7.2(a) above; and CPIt-2 means the average value of the monthly CPI figures for the 12 months up to and including the month of December which falls 16 months before 1 April in the Relevant Year in question. . (c) If this contract takes effect after 1 April 20192024, the Indexed Figures A and the Indexed Figures B shall be adjusted in accordance with paragraphs 2.7.2(a) and (b) respectively as if this contract had been in effect on and from 1 April 2019. 2024. 2.7.3 The Phased in Charges Indexation Adjustment shall be derived: in respect of the Relevant Year commencing on 1 April 2019, from the following formula: where: PCIA2019 means the Phased in Charges Indexation Adjustment in respect of the Relevant Year commencing on 1 April 2019; and : (a) not used; (b) in respect of any Relevant Year t commencing on or after 1 April 20202024, from the following formula: where: PCIAt means the Phased in Charges Indexation Adjustment in respect of the Relevant Year t; CPIt-1 has the same meaning as set out in paragraph 2.7.2 above; CPI2018 means the average value of the monthly CPI figures for the 12 months up to and including the month of December 2018. The value derived from this formula shall be rounded to three decimal places. The Track Charges will be reviewed and adjusted by the CVL IM on = (1 April 2024 and thereafter reviewed and adjusted on a five-yearly basis and the parties acknowledge and agree that such review and adjustment shall: comply with relevant applicable law; and be consistent with the charging framework published by XXX in respect of the CVL. The Variable Charge in respect of each Service in each Charging Period shall be calculated in accordance with the following formula: where: 2 means, in respect of each empty wagon, the VUC Rate, expressed in pounds sterling per 1000 Gross Tonne Mile and rounded to four decimal places, for the relevant empty wagon type multiplied by the kgtm for that empty wagon type relating to the relevant Service; 3 means, in respect of each loaded wagon, the VUC Rate, expressed in pounds sterling per 1000 Gross Tonne Mile and rounded to four decimal places, for the relevant loaded wagon type multiplied by the kgtm for that loaded wagon type relating to the relevant Service; 4 means, in respect of each unit of coaching stock, the VUC Rate, expressed in pounds sterling per 1000 Gross Tonne Mile and rounded to four decimal places, for the relevant coaching stock type multiplied by the kgtm for that coaching stock type relating to the relevant Service; 5 has a value of zero; 6 has a value of zero;+ (𝐶𝑃𝐼𝑡−1−𝐶𝑃𝐼2022) ) 𝐶𝑃𝐼2022

Price variation. 2.7.1 For each Relevant Year commencing on and from 1 April 2019, the Indexed Figures shall be adjusted in accordance with paragraph 2.7.2. . (a) For the Relevant Year commencing on and from 1 April 2019, the Indexed Figures shall be adjusted as at 1 April 2019 by multiplying them by the Initial Indexation Factor. . (b) For the Relevant Year commencing on and from 1 April 2020, and for each subsequent Relevant Year, the adjusted Indexed Figures from the preceding Relevant Year shall be further adjusted as at the applicable 1 April by multiplying them by the Adjustment Factor for the Relevant Year in question (rounded to three decimal places). For the purposes of this paragraph 2.7.2(b), the Adjustment Factor in respect of a Relevant Year shall be calculated in accordance with the following formula: 𝐴𝑑𝑔𝑔𝑢𝑠𝑡𝑚𝑒𝑛𝑡 𝐹𝑎𝑐𝑡𝑜𝑟 = 1 + (𝐶𝑃𝐼𝑡−1−𝐶𝑃𝐼𝑡−2) 𝐶𝑃𝐼𝑡−2 where: CPIt-1 means the average value of the monthly CPI figures for the 12 months up to and including the month of December immediately preceding 1 April in the Relevant Year in question; and CPIt-2 means the average value of the monthly CPI figures for the 12 months up to and including the month of December which falls 16 months before 1 April in the Relevant Year in question. . (c) If this contract takes effect after 1 April 2019, the Indexed Figures shall be adjusted in accordance with paragraphs 2.7.2(a) and (b) as if this contract had been in effect on and from 1 April 2019. . 2.7.3 The Phased in Charges Indexation Adjustment shall be derived: : (a) in respect of the Relevant Year commencing on 1 April 2019, from the following formula: 𝑃𝐶𝐼𝐴2019 = 𝐼𝑛𝑖𝑡𝑖𝑎𝑙 𝐼𝑛𝑑𝑒𝑥𝑎𝑡𝑖𝑜𝑛 𝐹𝑎𝑐𝑡𝑜𝑟 where: PCIA2019 means the Phased in Charges Indexation Adjustment in respect of the Relevant Year commencing on 1 April 2019; and and (b) in respect of any Relevant Year t commencing on or after 1 April 2020, from the following formula: where: 𝑃𝐶𝐼𝐴 = (1 + (𝐶𝑃𝐼𝑡−1−𝐶𝑃𝐼2018) ) • 𝐼𝑛𝑖𝑡𝑖𝑎𝑙 𝐼𝑛𝑑𝑒𝑥𝑎𝑡𝑖𝑜𝑛 𝐹𝑎𝑐𝑡𝑜𝑟 𝐶𝑃𝐼2018 PCIAt means the Phased in Charges Indexation Adjustment in respect of the Relevant Year t; CPIt-1 has the same meaning as set out in paragraph 2.7.2 above; CPI2018 means the average value of the monthly CPI figures for the 12 months up to and including the month of December 2018. The value derived from this formula shall be rounded to three decimal places. The Track Charges will be reviewed and adjusted by the CVL IM on 1 April 2024 and thereafter reviewed and adjusted on a five-yearly basis and the parties acknowledge and agree that such review and adjustment shall: comply with relevant applicable law; and be consistent with the charging framework published by XXX in respect of the CVL. The Variable Charge in respect of each Service in each Charging Period shall be calculated in accordance with the following formula: where: 2 means, in respect of each empty wagon, the VUC Rate, expressed in pounds sterling per 1000 Gross Tonne Mile and rounded to four decimal places, for the relevant empty wagon type multiplied by the kgtm for that empty wagon type relating to the relevant Service; 3 means, in respect of each loaded wagon, the VUC Rate, expressed in pounds sterling per 1000 Gross Tonne Mile and rounded to four decimal places, for the relevant loaded wagon type multiplied by the kgtm for that loaded wagon type relating to the relevant Service; 4 means, in respect of each unit of coaching stock, the VUC Rate, expressed in pounds sterling per 1000 Gross Tonne Mile and rounded to four decimal places, for the relevant coaching stock type multiplied by the kgtm for that coaching stock type relating to the relevant Service; 5 has a value of zero; 6 has a value of zero;.

Price variation. For each Relevant Year commencing on and from 1 April 2019, the Indexed Figures shall be adjusted in accordance with paragraph 2.7.2. For the Relevant Year commencing on and from 1 April 2019, the Indexed Figures shall be adjusted as at 1 April 2019 by multiplying them by the Initial Indexation Factor. For the Relevant Year commencing on and from 1 April 2020, and for each subsequent Relevant Year, the adjusted Indexed Figures from the preceding Relevant Year shall be further adjusted as at the applicable 1 April by multiplying them by the Adjustment Factor for the Relevant Year in question (rounded to three decimal places). For the purposes of this paragraph 2.7.2(b), the Adjustment Factor in respect of a Relevant Year shall be calculated in accordance with the following formula: where: CPIt-1 means the average value of the monthly CPI figures for the 12 months up to and including the month of December immediately preceding 1 April in the Relevant Year in question; and CPIt-2 means the average value of the monthly CPI figures for the 12 months up to and including the month of December which falls 16 months before 1 April in the Relevant Year in question. If this contract takes effect after 1 April 2019, the Indexed Figures shall be adjusted in accordance with paragraphs 2.7.2(a) and (b) as if this contract had been in effect on and from 1 April 2019. The Phased in Charges Indexation Adjustment shall be derived: in respect of the Relevant Year commencing on 1 April 2019, from the following formula: where: PCIA2019 means the Phased in Charges Indexation Adjustment in respect of the Relevant Year commencing on 1 April 2019; and in respect of any Relevant Year t commencing on or after 1 April 2020, from the following formula: where: PCIAt means the Phased in Charges Indexation Adjustment in respect of the Relevant Year t; CPIt-1 has the same meaning as set out in paragraph 2.7.2 above; CPI2018 means the average value of the monthly CPI figures for the 12 months up to and including the month of December 2018. The value derived from this formula shall be rounded to three decimal places. The Track Charges will be reviewed and adjusted by the CVL IM on 1 April 2024 and thereafter reviewed and adjusted on a five-yearly basis and the parties acknowledge and agree that such review and adjustment shall: comply with relevant applicable law; and be consistent with the charging framework published by XXX in respect of the CVL. The Variable Charge in respect of each Service in each Charging Period shall be calculated in accordance with the following formula: where: 2 means, in respect of each empty wagon, the VUC Rate, expressed in pounds sterling per 1000 Gross Tonne Mile and rounded to four decimal places, for the relevant empty wagon type multiplied by the kgtm for that empty wagon type relating to the relevant Service; 3 means, in respect of each loaded wagon, the VUC Rate, expressed in pounds sterling per 1000 Gross Tonne Mile and rounded to four decimal places, for the relevant loaded wagon type multiplied by the kgtm for that loaded wagon type relating to the relevant Service; 4 means, in respect of each unit of coaching stock, the VUC Rate, expressed in pounds sterling per 1000 Gross Tonne Mile and rounded to four decimal places, for the relevant coaching stock type multiplied by the kgtm for that coaching stock type relating to the relevant Service; 5 has a value of zero; 6 has a value of zero;.