Designated System definition
Examples of Designated System in a sentence
With respect to a Distributed Renewable Energy Generation Device, the Standing Order shall be for the automatic recurring transfer of all RECs from such Designated System.
Seller shall provide written request to Buyer for the revocation of the Standing Order no earlier than thirty (30) days prior to the end of the Delivery Term of such Designated System (or as soon as practicable in the case of the removal of a Designated System from this Agreement) and Buyer shall revoke the Standing Order within thirty (30) days of receipt of such request.
Buyer is not responsible for, and is under no obligation to return, any inadvertent transfer of RECs from a Designated System, including but not limited to, the Delivery of RECs beyond the Delivery Term of such Designated System if a timely confirmation of a Standing Order amendment is not initiated or timely request for revocation is not submitted by Seller or Seller’s designee.
Upon the occurrence of such failure by Seller, Buyer shall be entitled to payment by Seller in the amount of the sum of: (i) the Collateral Requirement for such Designated System and (ii) one hundred percent (100%) of the total payments Seller has received from Buyer associated with RECs from such Designated System.
Payments that are attributable to such Designated System, if any are outstanding, shall resume and be made in 12 For avoidance of doubt, this Section 3.5 does not provide for the assignment of the new Product Order to another Approved Vendor.