{"component": "definition", "props": {"groups": [{"snippet_links": [{"key": "day-of", "type": "clause", "offset": [15, 21]}, {"key": "calendar-month", "type": "definition", "offset": [26, 40]}, {"key": "class-b-member", "type": "clause", "offset": [50, 64]}, {"key": "internal-rate-of-return", "type": "definition", "offset": [77, 100]}, {"key": "equal-to", "type": "definition", "offset": [101, 109]}, {"key": "target-irr", "type": "definition", "offset": [130, 140]}], "samples": [{"hash": "9bkmiT4Dqym", "uri": "/contracts/9bkmiT4Dqym#flip-date", "label": "Equity Capital Contribution Agreement (Bloom Energy Corp)", "score": 29.5174537988, "published": true}, {"hash": "8TXklyct1aB", "uri": "/contracts/8TXklyct1aB#flip-date", "label": "Limited Liability Company Agreement (Bloom Energy Corp)", "score": 29.5174537988, "published": true}, {"hash": "ftiAnybO5Yj", "uri": "/contracts/ftiAnybO5Yj#flip-date", "label": "Limited Liability Company Agreement (Bloom Energy Corp)", "score": 29.4435318275, "published": true}], "size": 13, "snippet": "means the last day of the calendar month in which Class B Member achieves an Internal Rate of Return equal to or greater than the Target IRR.", "hash": "68b542483034c4039c86d2e75489e485", "id": 1}, {"snippet_links": [{"key": "by-the-company", "type": "clause", "offset": [96, 110]}, {"key": "placed-in-service", "type": "definition", "offset": [114, 131]}, {"key": "day-of", "type": "clause", "offset": [149, 155]}, {"key": "calendar-month", "type": "definition", "offset": [160, 174]}, {"key": "class-a-member", "type": "clause", "offset": [188, 202]}, {"key": "an-internal", "type": "clause", "offset": [212, 223]}, {"key": "equal-to", "type": "definition", "offset": [239, 247]}, {"key": "target-internal-rate-of-return", "type": "definition", "offset": [268, 298]}], "samples": [{"hash": "9oeSEJv2HAs", "uri": "/contracts/9oeSEJv2HAs#flip-date", "label": "Limited Liability Company Agreement (Vivint Solar, Inc.)", "score": 25.7118412047, "published": true}, {"hash": "5Ik09W8pWYF", "uri": "/contracts/5Ik09W8pWYF#flip-date", "label": "Limited Liability Company Agreement (Vivint Solar, Inc.)", "score": 25.7118412047, "published": true}, {"hash": "1HOfaspDk6R", "uri": "/contracts/1HOfaspDk6R#flip-date", "label": "Limited Liability Company Agreement (Vivint Solar, Inc.)", "score": 25.7118412047, "published": true}], "size": 9, "snippet": "means the later of (a) the date that is five (5) full years after the last date a Project owned by the Company is Placed in Service and (b) the last day of the calendar month in which the Class A Member achieves an Internal Rate of Return equal to or greater than the Target Internal Rate of Return.", "hash": "aa0271b51a41e93a71ddeaa7ad41c829", "id": 2}, {"snippet_links": [{"key": "distributable-cash", "type": "definition", "offset": [45, 63]}, {"key": "tax-equity-investor-member", "type": "definition", "offset": [96, 122]}, {"key": "pursuant-to-the", "type": "clause", "offset": [155, 170]}, {"key": "project-company-llca", "type": "definition", "offset": [179, 199]}], "samples": [{"hash": "5nMTHTKDuC2", "uri": "https://www.sec.gov/Archives/edgar/data/1772695/000177269525000011/exhibit101-solixindenture.htm", "label": "Class a Note (Sunnova Energy International Inc.)", "score": 24.1540041068, "published": false}, {"hash": "iOr9gUfFsnF", "uri": "https://www.sec.gov/Archives/edgar/data/1772695/000177269524000097/exhibit102-auroraiindenture.htm", "label": "Class a Note (Sunnova Energy International Inc.)", "score": 23.9760438056, "published": false}], "size": 4, "snippet": "means the date after which the proportion of Distributable Cash distributable to the applicable Tax Equity Investor Member in a Project Company is reduced pursuant to the related Project Company LLCA.", "hash": "0b3679e8939495509c6a2a61644fa795", "id": 3}, {"snippet_links": [{"key": "llc-agreement", "type": "definition", "offset": [18, 31]}], "samples": [{"hash": "65HzqcMl9jt", "uri": "/contracts/65HzqcMl9jt#flip-date", "label": "Development, Epc and Purchase Agreement (Vivint Solar, Inc.)", "score": 25.7118412047, "published": true}, {"hash": "jlPZ4t3bS12", "uri": "/contracts/jlPZ4t3bS12#flip-date", "label": "Development, Epc and Purchase Agreement (Vivint Solar, Inc.)", "score": 25.6488706366, "published": true}, {"hash": "evEE6o7U0mX", "uri": "/contracts/evEE6o7U0mX#flip-date", "label": "Development, Epc and Purchase Agreement (Vivint Solar, Inc.)", "score": 25.501026694, "published": true}], "size": 3, "snippet": "is defined in the LLC Agreement.", "hash": "cdafba037411c171e46fb0107e87ca58", "id": 4}, {"snippet_links": [{"key": "day-of", "type": "clause", "offset": [15, 21]}, {"key": "internal-rate-of-return", "type": "definition", "offset": [63, 86]}, {"key": "equal-to", "type": "definition", "offset": [87, 95]}, {"key": "target-irr", "type": "definition", "offset": [116, 126]}], "samples": [{"hash": "j7eSW7fbVmR", "uri": "/contracts/j7eSW7fbVmR#flip-date", "label": "Limited Liability Company Agreement (First Wind Holdings Inc.)", "score": 21.7802874743, "published": true}, {"hash": "hg5R1HzxVB8", "uri": "/contracts/hg5R1HzxVB8#flip-date", "label": "Limited Liability Company Agreement (First Wind Holdings Inc.)", "score": 21.1889117043, "published": true}], "size": 3, "snippet": "means the last day of the month in which Purchasers achieve an Internal Rate of Return equal to or greater than the Target IRR.", "hash": "e2647a54841ede415df324a5de933861", "id": 5}, {"snippet_links": [], "samples": [{"hash": "4rZkZV662Rc", "uri": "/contracts/4rZkZV662Rc#flip-date", "label": "Limited Liability Company Agreement (XPLR Infrastructure, LP)", "score": 36.1403148528, "published": true}, {"hash": "af32p1NZpqt", "uri": "/contracts/af32p1NZpqt#flip-date", "label": "Limited Liability Company Agreement (Nextera Energy Partners, Lp)", "score": 33.9691991786, "published": true}], "size": 2, "snippet": "means December 15, 2032.", "hash": "afbc79d682119db40ea62e55304a43ac", "id": 6}, {"snippet_links": [{"key": "day-of", "type": "clause", "offset": [26, 32]}, {"key": "flip-point", "type": "definition", "offset": [56, 66]}], "samples": [{"hash": "4sPDyCwwbL7", "uri": "/contracts/4sPDyCwwbL7#flip-date", "label": "Limited Liability Company Agreement (NRG Yield, Inc.)", "score": 27.340862423, "published": true}, {"hash": "8o4djitv9ro", "uri": "/contracts/8o4djitv9ro#flip-date", "label": "Limited Liability Company Agreement (NRG Yield, Inc.)", "score": 26.5879534565, "published": true}], "size": 2, "snippet": "means the end of the last day of the month in which the Flip Point occurs.", "hash": "b2ced4571ed8a3cfee23f85d50549fbd", "id": 7}, {"snippet_links": [{"key": "with-respect-to", "type": "clause", "offset": [7, 22]}, {"key": "financing-fund", "type": "definition", "offset": [25, 39]}, {"key": "the-percentage", "type": "definition", "offset": [59, 73]}, {"key": "distributable-cash", "type": "definition", "offset": [77, 95]}, {"key": "allocated-to", "type": "definition", "offset": [96, 108]}, {"key": "tax-equity-investor-member", "type": "definition", "offset": [121, 147]}, {"key": "in-accordance-with", "type": "definition", "offset": [159, 177]}, {"key": "terms-of-the", "type": "clause", "offset": [182, 194]}, {"key": "related-financing", "type": "definition", "offset": [195, 212]}, {"key": "fund-llc-agreement", "type": "definition", "offset": [213, 231]}], "samples": [{"hash": "bQvvdpbx1M7", "uri": "https://www.sec.gov/Archives/edgar/data/1772695/000119312519184324/d709190dex412.htm", "label": "Indenture (Sunnova Energy International Inc.)", "score": 21.4839151266, "published": false}, {"hash": "9fJoc9d8IMq", "uri": "https://www.sec.gov/Archives/edgar/data/1772695/000095012319005741/filename9.htm", "label": "Indenture (Sunnova Energy International Inc.)", "score": 21.401779603, "published": false}], "size": 2, "snippet": "means, with respect to a Financing Fund, the date on which the percentage of Distributable Cash allocated to the related Tax Equity Investor Member is reduced in accordance with the terms of the related Financing Fund LLC Agreement.", "hash": "c93c9591bdf44f38686ff517fad89a5e", "id": 8}, {"snippet_links": [{"key": "distributable-cash", "type": "definition", "offset": [45, 63]}, {"key": "tax-equity-investor-member", "type": "definition", "offset": [96, 122]}, {"key": "pursuant-to-the", "type": "clause", "offset": [172, 187]}, {"key": "project-company-llca", "type": "definition", "offset": [213, 233]}], "samples": [{"hash": "9iBfrsTc8zr", "uri": "https://www.sec.gov/Archives/edgar/data/1772695/000119312524197870/d741225dex101.htm", "label": "Class a Note (Sunnova Energy International Inc.)", "score": 23.6036960986, "published": false}, {"hash": "kNFNAUe6mcA", "uri": "https://www.sec.gov/Archives/edgar/data/1772695/000119312524036550/d788452dex101.htm", "label": "Class a Note (Sunnova Energy International Inc.)", "score": 23.1190965092, "published": false}], "size": 2, "snippet": "means the date after which the proportion of Distributable Cash distributable to the applicable Tax Equity Investor Member in a Partnership Flip Project Company is reduced pursuant to the related Partnership Flip Project Company LLCA.", "hash": "9e6a0df1ac0aa15dae2c7626194acebd", "id": 9}, {"snippet_links": [{"key": "the-day", "type": "definition", "offset": [3, 10]}, {"key": "calculated-amount", "type": "definition", "offset": [24, 41]}], "samples": [{"hash": "fzla2p8KKLh", "uri": "/contracts/fzla2p8KKLh#flip-date", "label": "Limited Liability Company Agreement (Mascoma Corp)", "score": 23.2039698836, "published": true}, {"hash": "lpaiZZOzToJ", "uri": "/contracts/lpaiZZOzToJ#flip-date", "label": "Limited Liability Company Agreement (First Wind Holdings Inc.)", "score": 21.1889117043, "published": true}], "size": 2, "snippet": "is the day on which the Calculated Amount equals zero.", "hash": "bfba6a230320f215125864c4e586a375", "id": 10}], "next_curs": "ClYSUGoVc35sYXdpbnNpZGVyY29udHJhY3RzcjILEhpEZWZpbml0aW9uU25pcHBldEdyb3VwX3Y1NiISZmxpcC1kYXRlIzAwMDAwMDBhDKIBAmVuGAAgAA==", "definition": {"title": "Flip Date", "size": 71, "snippet": "means the last day of the calendar month in which Class B Member achieves an Internal Rate of Return equal to or greater than the Target IRR.", "id": "flip-date", "examples": ["In the case of Capital Contributions to fund payments required to be made on a Purchase Date under the Master EPC Agreement for a particular Tranche, the Class A Member shall contribute, subject to Section 4.1(c), that amount, as determined pursuant to the Base Case Model for such Tranche, that will allow the Class A Member to reach the applicable Target Internal Rate of Return by the Projected <strong>Flip Date</strong>.", "In the case of any such audit or proceeding involving the Investor for a tax period prior to or including the <strong>Flip Date</strong>, if the Investor is not successful in converting the portion of such audit or proceeding that relates to such items into a proceeding at the level of the Company, the Company shall reimburse the Investor for all reasonable costs and expenses, including reasonable attorneys\u2019 fees, in contesting such claim.", "If notice of dispute is not given by any Class B Member within such period, the determination that the <strong>Flip Date</strong> has occurred, and the items, procedures and calculations described above relating thereto, will be final and binding on the Members.", "For any issue or matter relating to the period prior to the <strong>Flip Date</strong> without the approval of each of the other Members, the Tax Matters Partner shall not enter into a settlement agreement with the IRS which purports to bind the Members.", "The Tax Matters Partner shall remain as the Tax Matters Partner so long as it retains any ownership interests in the Company unless the Tax Matters Partner requests that it not serve as Tax Matters Partner and such request is approved by (i) a Super-Majority Vote of the Members, if such request is made prior to the <strong>Flip Date</strong> or (ii) the Majority Vote of Members, if such request is made after the <strong>Flip Date</strong>.", "The Members, by Super-Majority Vote prior to the <strong>Flip Date</strong> and by Majority Vote thereafter, may at any time (i) remove a Managing Member and (ii) fill any vacancy as Managing Member caused by removal, resignation or otherwise.", "If any Class A Member shall dispute any item or procedure or calculation of, or which affects, the <strong>Flip Date</strong> contained in any notice or report delivered to such Class A Member under this Article X, such Class A Member shall notify the Manager within ten (10) days following receipt of the notice or report disputed.", "The Class B Members shall have an exclusive and irrevocable option to purchase all, but not less than all, of the Class A Units, for a period of one hundred eighty (180) days after the <strong>Flip Date</strong> (each such period, a \u201cPurchase Option Period\u201d), and otherwise upon the terms and conditions set forth herein (the \u201cPurchase Option\u201d).", "Prior to the <strong>Flip Date</strong>, the Managing Member will cause the Manager to (i) calculate using the Tracking Model at least quarterly whether the Class B Member has reached the Target Internal Rate of Return and (ii) send the Class B Member, within 45 days after the end of each Quarter in which the Target Internal Rate of Return was not achieved, a report in the form of the Target IRR Report showing where it believes the Class B Member is in relation to the Target Internal Rate of Return.", "Notwithstanding the foregoing, the provisions of this Section 7.07(a) (1) shall not apply to or restrict the activities of any of Investor\u2019s Affiliates, Affiliated Funds, and Affiliated Investment Vehicles other than Investor Fund and any such Affiliates, Affiliated Funds, and Affiliated Investment Vehicles as are Controlled by Investor Fund and (2) shall terminate and no longer be of any effect following the <strong>Flip Date</strong>."], "related": [["true-up-date", "True-Up Date", "True-Up Date"], ["ramp-up-period", "Ramp-Up Period", "Ramp-Up Period"], ["ramp-period", "Ramp Period", "Ramp Period"], ["start-up-period", "Start-up period", "Start-up period"], ["step-up-date", "Step-Up Date", "Step-Up Date"]], "related_snippets": [], "updated": "2025-07-07T00:16:40+00:00"}, "json": true, "cursor": ""}}