FIRM MINIMUM ANNUAL VOLUME Sample Clauses

FIRM MINIMUM ANNUAL VOLUME. In each Contract Year, the Customer shall consume or, in any event, pay for the Adjusted Firm Minimum Annual Volume (“AFMAV”) as determined in the formula below. This AFMAV will not be less than the minimum quantity required to qualify for firm service in the M4 Rate Schedule. The firm quantity not consumed in any Contract Year (the "Firm Deficiency Volume" or “FDV”) shall be as determined in the formula below. AFMAV = FMAV x [(U - DF) / U] FDV = AFMAV - (FV - F) Where: FMAV = Firm Minimum Annual Volume (as identified in Schedule 1) U = number of days in the Contract Year DF = number of days of Force Majeure in the Contract Year FV = total firm volume taken in the Contract Year F = volumes delivered to the Points of Consumption during Force Majeure The payment required for the FDV shall be calculated by multiplying FDV by the MAV Delivery charge specified in the M4 Rate Schedule as of the last day of the Contract Year. This payment would only apply if the FDV was greater than zero.
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FIRM MINIMUM ANNUAL VOLUME. In each Contract Year, the Customer shall consume or, in any event, pay for the Adjusted Firm Minimum Annual Volume (“AFMAV”) as determined in the formula below. The firm quantity not consumed in any Contract Year (the "Firm Deficiency Volume" or “FDV”) shall be as determined in the formula below. AFMAV = FMAV x [(U - DF) / U]] FDV = AFMAV - (FV - F) Where: FMAV = Firm Minimum Annual Volume (as identified in Schedule 1) U = number of days in the Contract Year DF = number of days of Force Majeure in the Contract Year FV = total firm volume taken in the Contract Year F = volumes delivered to the Points of Consumption during Force Majeure The payment required for the FDV shall be calculated by multiplying FDV by the Monthly Firm Delivery Commodity Charge as of the last day of the Contract Year. This payment would only apply if the FDV was greater than zero.
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Related to FIRM MINIMUM ANNUAL VOLUME

  • Contract Year A twelve (12) month period during the term of the Agreement commencing on the Effective Date and each anniversary thereof.

  • Contract Quantity The Contract Quantity during each Contract Year is the amount set forth in the applicable Contract Year in Section D of the Cover Sheet (“Delivery Term Contract Quantity Schedule”), which amount is inclusive of outages.

  • Minimum Term Each Service will continue for its specified Minimum Term and thereafter for any Renewal Term(s) unless notice to terminate the Service is given in accordance with this Agreement.

  • MINIMUM SHIFT 10.01 No employee shall be scheduled to work for less than three (3) hours in any one (1) shift. If no work or insufficient work is available, said employee shall nevertheless be paid for the full three (3) hours at their appropriate hourly rate of pay.

  • Minimum Age A principal Cardmember must be at least 21 years old and a supplementary Cardmember must be at least 18 years old.

  • Minimum Shipping Requirements for TIPS Sales Vendor shall ship, deliver, or provide ordered goods and services within a commercially reasonable time after acceptance of the order. If a delay in delivery is anticipated, Vendor shall notify the TIPS Member as to why delivery is delayed and provide an updated estimated time for completion. The TIPS Member may cancel the order if the delay is not commercially acceptable or not consistent with the Supplemental Agreement applicable to the order.

  • Calendar Year Calendar Year" for the purposes of this Agreement shall mean the twelve (12) month period from January 1st to December 31st, inclusive.

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