Tax Equity Cash Reduction Event definition

Tax Equity Cash Reduction Event means, with respect to any Portfolio Project owned by a Project Subsidiary subject to a Tax Equity Financing, the occurrence of (a) an unpaid indemnity claim under the applicable Tax Equity Financing Documents shall have resulted in a cash sweep (including an escrow cash sweep) in excess of $250,000 in the aggregate (taking into consideration all cash sweeps under all Tax Equity Financings) or such larger amount as may in any instance be approved by the Administrative Agent or (b) the most recent tax equity tracking model using the P50 Production Case shall have demonstrated a delay in the projectedflipdate of at least six (6) months (or such longer period as may in any instance be approved by the Administrative Agent) from the target “flip” date using the P50 Production Case. For the avoidance of doubt, a Tax Equity Cash Reduction Event, in and of itself, shall not constitute a Default or Event of Default hereunder.

Related to Tax Equity Cash Reduction Event

Business Day means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.
Board means the Board of Directors of the Company.
Person means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.