Common use of Track Charges Clause in Contracts

Track Charges. Subject to the provisions in part 2 of this Schedule 7, during each Relevant Year, Network Rail shall levy and the Train Operator shall pay Track Charges in accordance with the following formula: where: Tt means Track Charges in Relevant Year t; and where: RPIt - 1 means the percentage change (whether of a positive or negative value) between the Retail Prices Index published or determined with respect to November in Relevant Year t-1 and the index published or determined with respect to November in Relevant Year t-2, but so that in relation to the Relevant Year t commencing on 1 July 2011, Tt shall have the value of £360.

Track Charges. Subject to the provisions in part 2 of this Schedule 7, during each Relevant Year, Network Rail shall levy and the Train Operator shall pay Track Charges in accordance with the following formula: Tt = Tt – 1 [1+RPI t – 1 /100] where: Tt means Track Charges in Relevant Year t; and where: RPIt - 1 means the percentage change (whether of a positive or negative value) between the Retail Prices Index published or determined with respect to November in Relevant Year t-1 and the index published or determined with respect to November in Relevant Year t-2, but so that in relation to the Relevant Year t commencing on 1 July 2011, Tt shall have the value of £360.