Common use of Vendor Credits Clause in Contracts

Vendor Credits. If after the Commencement Date for an item of Equipment, Lessee finds such item of Equipment to be inoperable, Lessee will seek recourse solely against the vendor of the Equipment for resolution of any problems concerning performance of the Equipment. If the item of Equipment is replaced by the vendor, Lessee agrees to provide Lessor with the serial number for the replacement equipment within 10 days of replacement. Lessor will not process any invoices associated with the Equipment being returned to vendor or the replacement equipment. Notwithstanding the foregoing, if after the Commencement Date for an item of Equipment, Lessee finds that (i) the vendor has over-charged for an item of Equipment, or (ii) the vendor has shipped an incorrect item of Equipment, upon 30 days prior written notice from Lessee, Lessor agrees to process any credits received from the vendor and apply the credits to the Rent hereunder. The rental adjustment will be effective on Lessor's next billing cycle following the 30 day notice period.

Vendor Credits. If after the Commencement Date for an item of Equipment, Lessee finds such item of Equipment to be inoperable, ; Lessee will seek recourse solely against the vendor of the Equipment for resolution of any problems concerning performance of the Equipment. If the item of Equipment is replaced by the vendor, Lessee agrees to provide Lessor with the serial number for the replacement equipment within 10 days of replacement. Lessor will not process any invoices associated with the Equipment being returned to vendor or the replacement equipment. Notwithstanding the foregoing, if after the Commencement Date for an item of Equipment, Lessee finds that (i) the vendor has over-charged for an item of Equipment, or (ii) the vendor has shipped an incorrect item of Equipment, upon 30 days prior written notice from Lessee, Lessor agrees to process any credits received from the vendor and apply the credits to the Rent hereunder. The rental adjustment will be effective on Lessor's next billing cycle following the 30 30-day notice period.