ADJUSTMENT OF PREVAILING RATE. On the Adjustment Date, January 3, 2000, the Excess Volume Rate shall be adjusted by (i) adding to the Base Rate 70% of the positive amount, if any, determined by subtracting the Base Rate from the Consumer Price Index as of the Adjustment Date, (ii) dividing said sum by the Base Rate, and (iii) multiplying the result by $2.86. If the net change in the Consumer Price Index is negative, then the Prevailing Rate shall be $2.86 per barrel of Excess Volume of NOW until June 30, 2001.
Appears in 2 contracts
Sources: Payment Agreement (Newpark Resources Inc), Payment Agreement (U S Liquids Inc)