Approved Vendor definition
Examples of Approved Vendor in a sentence
Failure of such assignee to become an Approved Vendor or to assign this Agreement to an Approved Vendor within such one hundred eighty (180) day period shall constitute an Event of Default for the Agreement between Buyer and the assignee.
Owner agrees that this commitment is a covenant that runs with the Property (the “Covenant”) and that Approved Vendor will have the right to terminate this Agreement upon Owner’s breach of the Covenant.
However, if the assignee is a financing party who has become a transferee as a result of a foreclosure on collateral (including this Agreement) pledged or collaterally assigned as described above, the requirement that such assignee be approved by the IPA as an Approved Vendor shall be postponed for up to one hundred eighty (180) days following the effectiveness of such foreclosure and related transfer.
Owner and Approved Vendor each acknowledge that, should the Project be approved by the ILSFA Program Administrator, the Agency, and Illinois Commerce Commission for REC incentives under the Program, any violation of the obligations in Section 2 of this Agreement could constitute a violation under the REC Agreement and place Approved Vendor’s status under the Program at risk.
Following Part II verification, Seller may assign the such a Designated System to any SFA- Approved Vendor consistent with Section 9.2 of the REC Contract.