Inverted Lease Structure means a tax equity structure whereby a bankruptcy-remote special purpose vehicle as lessor, which is member managed by a bankruptcy-remote special purpose vehicle and wholly-owned subsidiary of the Borrower, leases a specific, segregated pool of PV Systems to an Investor (or a partnership in which the Investor or a subsidiary of the Investor is a member), as lessee.
Inverted Lease Structure means a tax equity structure that conforms to the Inverted Lease Structure Characteristics and in which (i) a Seller sells or otherwise transfers Solar Assets to the Inverted Lease Lessor and (ii) such Inverted Lease Lessor then leases the PV Systems related to such Solar Assets to the Inverted Lease Tenant pursuant to a Master Lease Agreement.
Inverted Lease Structure means a tax equity investment structure in which the Borrowers contribute PV Systems and assign the affiliated Host Customer Agreements to an Excluded Subsidiary, which Excluded Subsidiary then leases such PV Systems to a Tax Equity Investor or a partnership between an Excluded Subsidiary and a Tax Equity Investor pursuant to a lease agreement.
Examples of Inverted Lease Structure in a sentence
The proceeds of the Credit Extensions shall not be used to pay the purchase price or fees related to the purchase of the interests of a Tax Equity Investor in connection with Partnership Flip Structure, Sale-Leaseback Structure or Inverted Lease Structure.
If the applicable Subject Fund is a Partnership Flip Structure or an Other Non-Financed Structure, the PV System is insured as specified under the applicable Project Documents and (ii) if the applicable Subject Fund is an Inverted Lease Structure or Partnership Lease Pass Through Structure, none of the Borrower, the Lessor or Lessor Partnership, as applicable, or SolarCity is aware of a breach of Lessee’s covenant to insure the PV System pursuant to the terms of the applicable Project Documents.
Available Take-Out is obtained from any facility other than (i) a Tax Equity Commitment under a Partnership Flip Structure, Sale-Leaseback Structure or Inverted Lease Structure, (ii) Backlever Financing, or (iii) other Take-Out acceptable to Administrative Agent and Required Lenders [***] Confidential treatment has been requested for the bracketed portions.
More Definitions of Inverted Lease Structure
Inverted Lease Structure means a tax equity investment structure in which the Borrower contributes PV Systems and assigns the affiliated Host Customer Agreements to a wholly-owned Excluded Subsidiary, which Excluded Subsidiary then leases such PV Systems to a Tax Equity Investor or a subsidiary of such Tax Equity Investor pursuant to a lease agreement.
Inverted Lease Structure means a tax equity investment structure in which Sunrun or any Subsidiary thereof contributes Projects and assigns the affiliated Host Customer Agreements to an Excluded Subsidiary, which Excluded Subsidiary then leases such Projects to a Tax Equity Investor or a partnership between an Excluded Subsidiary and a Tax Equity Investor pursuant to a lease agreement.
Inverted Lease Structure means a tax equity structure that conforms to the characteristics set forth in Part II of Appendix 11, as the same may be updated from time to time in accordance with this Agreement.
Inverted Lease Structure means a tax equity investment structure in which (i) a Loan Party sells or otherwise transfers on Arm’s Length Terms a Tax Credit Eligible Project to an Investment Fund Subsidiary and (ii) such Investment Fund Subsidiary then leases such Tax Credit Eligible Project to a Tax Equity Investor or a Subsidiary thereof pursuant to a lease agreement.
Inverted Lease Structure means a tax equity structure that conforms to the characteristics as set forth in Part III of Appendix 9 or is otherwise identified as an Inverted Lease Structure on Appendix 4, as each such Appendix may be updated from time to time in accordance with this Agreement, whereby a Lessor, which is a wholly-owned subsidiary of Borrower, leases a specific, segregated pool of PV Systems to a Lessee and is entitled to receive the payments to be made under such lease. Kronor Loan Agreement [***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.
Inverted Lease Structure means a tax equity structure that conforms to the characteristics set forth in Part II of Appendix 11 , as the same may be updated from time to time in accordance with this Agreement.
Inverted Lease Structure means a tax equity investment structure in which Sunrun or any Subsidiary thereof contributes Projects and assigns the affiliated Host Customer Agreements to an Excluded Subsidiary, which Excluded Subsidiary then leases such Projects to a Tax Equity Investor or a partnership between an Excluded Subsidiary and a Tax Equity Investor pursuant to a lease agreement. “Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of Indebtedness of, or purchase or other acquisition of any other Indebtedness or interest in, another Person (including any partnership or joint venture equity interest in such other Person and any arrangement pursuant to which the investor guaranties Indebtedness of such other Person), or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person which constitute all or substantially all of the assets of such Person or of a division, line of business or other business unit of such Person. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment. “Investment Company Act” means the Investment Company Act of 1940, as amended. “IRS” means the United States Internal Revenue Service. “ISP” means the International Standby Practices, International Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect at the applicable time). “Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered into by the L/C Issuer and the Borrower (or any Subsidiary thereof) or in favor of the L/C Issuer and relating to such Letter of Credit. “ITC” means any investment tax credit under Title 26, Section 48 of the United States Code or any successor or other similar provision, including any similar provision concerning a refundable tax credit that replaces such investment tax credit program. “Joinder Agreement” means a joinder agreement substantially in the form of Exhibit D executed and delivered in accordance with the provisions of Sections 6.13 and 6.14. “KeyBank” has the meaning specified in the introductory paragraph hereto. “Laws” means, co...