Class B Recapture Event definition

Class B Recapture Event means (a) an event or occurrence of any fact or circumstance that causes a denial or recapture of all or a portion of a Grant that is directly attributable to (i) a breach of the representation made by a Class B Member under Section 3.11(c) of the Company LLC Agreement, (ii) a breach of the covenant made by a Class B Member under Section 3.12(f) of the Company LLC Agreement or (iii) any Transfer by a Class B Member or an Affiliate of a Class B Member prohibited by Sections 9.1, 9.3(e) or 9.4(c) of the Company LLC Agreement that causes the Company or Project Company to become a Disqualified Person, or (b) any act or omission by a Class B Member (excluding voting for a Major Decision), including any Transfer by a Class B Member or its Class B Membership Interests or a change in ownership of a Class B Member, that results in a recapture of the ITC or refundable credit under an Alternative Tax Program if an ITC or such refundable credit is elected pursuant to Section 7.5(b)(i) of the Company LLC Agreement and claimed by such Class B Member with respect to the Systems.
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Class B Recapture Event means any loss of the ability to claim, or recapture of, any part of the Cash Grant that arises directly out of or is directly attributable to (i) a sale, transfer or disposition by a Class B Member of any of its Membership Interests to a Tax-Exempt Person (whether voluntary or involuntary), (ii) the Class B Member becoming a Tax-Exempt Person or (iii) an inaccuracy in any of the Fixed Tax Assumptions unless resulting from a breach of any representation, warranty or covenant of the Class A Member in this Agreement or in the Contribution Agreement. .
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Class B Recapture Event means an event or occurrence of any fact or circumstance that causes a loss or recapture of all or a portion of the Cash Grant that is directly attributable to (a) a breach of a representation or covenant made by the Class B Member under Section 3.11 or 3.12 of the Agreement (b) a breach of a representation under Section 3.2(h) of the Purchase Agreement, or (c) any Transfer by a Class B Member or a Person that is a direct or indirect owner of a Class B Member prohibited by Article IX of the Agreement that causes the Company or a Project Company to become a Grant Disqualified Person.
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Examples of Class B Recapture Event in a sentence

  • The Company and Project Company shall have all rights and remedies available at law or in equity to the Members to collect any payment required to be paid by the Company or the Project Company as a result of a Class A Recapture Event or Class B Recapture Event from the responsible Members.

  • Each Member further covenants that it will take no action or change its legal status in a manner that would give rise to a Class A Recapture Event or a Class B Recapture Event, as applicable.

  • The Company and Project Companies shall each have all rights and remedies available at law or in equity to the Members to collect any payment required to be paid by the Company or any Project Company as a result of a Class A Recapture Event or Class B Recapture Event from the responsible Members.