[FONT=Georgia, serif]50.5(b) "Lower Limit" and "Upper Limit." For each League Year there shall be a "Lower Limit" and an "Upper Limit" at or between which each Club must have an Averaged Club Salary. The range between the Lower Limit and Upper Limit shall be known as the "Team Payroll Range" (the "Payroll Range" or "Range").[/FONT]
[FONT=Georgia, serif](i) The Upper and Lower Limits of the Team Payroll Range shall be determined in accordance with the following formula:[/FONT]
[FONT=Georgia, serif]Preliminary HRR for the prior League Year multiplied by [x] the Applicable Percentage (as defined in Section 50.4(b) of this Agreement), minus [-] Preliminary Benefits, divided [/] by the number of Clubs then playing in the NHL (e.g., 30), shall equal [=] the Midpoint of the Payroll Range, which shall be adjusted upward by a factor of five (5) percent in each League Year (yielding the Adjusted Midpoint) until League-wide Actual HRR equals or exceeds $2.1 billion, at which point the five (5) percent growth factor shall continue unless or until either party to this Agreement proposes a different growth factor based on actual revenue experience and/or projections, in which case the parties shall discuss and agree upon a new factor. If a significant (i.e., $20 million or more) one-time increase or decrease to League-wide revenues (e.g., by reason of the addition or loss of a national television contract or the scheduled opening of one or more new arenas which is expected to result in a significant increase in League-wide revenues) is anticipated in the next League Year, the parties will endeavor to estimate the expected increase or decrease and incorporate that estimate into the above-stated formula for calculating the Adjusted Midpoint.[/FONT]
[FONT=Georgia, serif]After adjustment for the revenue growth factor, the Payroll Range shall be constructed by adding $8 million to the Adjusted Midpoint to establish the Upper Limit, and subtracting $8 million from the "Adjusted Midpoint" to establish the Lower Limit.[/FONT]