ITC Insurance Policy. If such Tax Equity Fund is an ITC Cash Sweep Fund, an ITC Insurance Policy is in full force and effect in accordance with its terms.
ITC Insurance Policy. The Initial Tax Equity Fund shall be covered under an ITC Insurance Policy.
ITC Insurance Policy. To the extent any proceeds of an ITC Insurance Policy are paid to a Tax Equity Opco, the Borrower shall cause the applicable Managing Member to apply such proceeds as required pursuant to the related Tax Equity Opco LLC Agreement. To the extent any proceeds of an ITC Insurance Policy that are paid to a Tax Equity Opco are distributable to a Managing Member, the Borrower shall cause such Managing Member to deposit such amounts into the Revenue Account in an amount equal to the lesser of (x) the amount of any ITC Loss Indemnity paid to the related Tax Equity Investor as a result of a Limited Step-Up Event and (y) the amount of such proceeds, and otherwise distribute any remaining amounts to or at the direction of the Borrower.
ITC Insurance Policy. Each Lender shall have received satisfactory evidence that (i) Fund XVIII Guarantor is insured by the ITC Insurance Policy, which is fully underwritten by Qualified Insurers, with Borrower as loss payee and (ii) the non-refundable premium required to be paid to the ITC Underwriting Representative under the ITC Insurance Policy shall have been paid or shall be paid contemporaneously with the borrowing of the Loans.
ITC Insurance Policy. The Borrower shall cause Fund XVIII Guarantor as named insured to obtain and maintain, for the benefit of Borrower as loss payee, the ITC Insurance Policy with respect to each Fund XVIII Project.
ITC Insurance Policy. The Borrower shall not, and shall not permit any Subsidiary to, amend or modify the ITC Insurance Policy, terminate the ITC Insurance Policy, or waive any breach under, or breach of, the ITC Insurance Policy, without the prior written consent of the Administrative Agent (acting on the instructions of the Majority Lenders).
ITC Insurance Policy. Each Initial Tax Equity Fund that is an ITC Cash Sweep Fund shall be covered under the Existing ITC Insurance Policy. Except as otherwise required by the applicable Project Documents, the Borrower or the Collateral Agent shall be listed as a loss payee on the Existing ITC Insurance Policy to the extent relating to each such ITC Cash Sweep Fund.
ITC Insurance Policy. To the extent any proceeds of an ITC Insurance Policy are paid to a Tax Equity Opco, the Borrower shall cause the applicable Managing Member to apply such proceeds as required pursuant to the related Tax Equity Opco LLC Agreement or any related Tax Credit Sale Contract, as applicable. To the extent any proceeds of an ITC Insurance Policy are paid to a Managing Member or are paid to a Tax Equity Opco and distributable to a Managing Member, the Borrower shall cause such Managing Member to deposit such amounts into the Revenue Account in an amount equal to the lesser of (x) the amount of any ITC Loss Indemnity paid to the related Tax Equity Investor or the Tax Credit Purchaser as a result of a Limited Step-Up Event and (y) the amount of such proceeds, and otherwise distribute any remaining amounts to or at the direction of the Borrower.
