Common use of Annual Minimum Clause in Contracts

Annual Minimum. The Annual Minimum amount of water that High Point shall be deemed to have been taken and used, regardless of whether or not such amount is or was actually taken or used, and which High Point shall be required to purchase and pay for at the above rate, shall be determined as follows: 1. Beginning on the effective date of this Contract, through September 30, 2028, the Annual Minimum shall be a) 462,095,222 gallons through September 30, 2023, and then b) 462,095,222 gallons or the maximum number of gallons actually taken from the system by High Point during any subsequent Water Year (whichever is greater). For purposes of this Section 7, Water Year means the period of August 1 of each calendar year through July 31 of the next following calendar year.

Annual Minimum. The Annual Minimum amount of water that High Point Talty shall be deemed to have been taken and used, regardless of whether or not such amount is or was actually taken or used, and which High Point Talty shall be required to purchase and pay for at the above rate, shall be determined as follows: 1. Beginning on the effective date of this Contract, through September 30, 2028, the Annual Minimum shall be a) 462,095,222 605,543,000 gallons through September 30, 2023, and then b) 462,095,222 605,543,000 gallons or the maximum number of gallons actually taken from the system by High Point Talty during any subsequent Water Year (whichever is greater). For purposes of this Section 7, Water Year means the period of August 1 of each calendar year through July 31 of the next following calendar year.