Change Over Time

Fares (including concessionary Fares):

(a)  shall be adjusted:

(i) with effect from the beginning of each of the first five Contract Years, by the Inflation Factor [plus [•]%]; and

(ii) with effect from the beginning of each subsequent Contract Year, by the Inflation Factor [plus [•]%]; and

(iii) with effect from the beginning of each of the first five Contract Years, by the Foreign Exchange Factor [plus [•]%]; and

(iv) with effect from the beginning of each subsequent Contract Year, by the Foreign Exchange Factor [plus [•]%]; and

(b)  may be changed at any other time by the Agency.