"Lenders' loss payee" means that if something bad happens to the thing being financed (like a project or property), the lenders get the insurance money to cover the money they lent. So, if there's a problem, the insurance money goes to the lenders first to make sure they don't lose out on the money they gave. The sentence you provided is saying that the rules for how this works, along with other necessary rules, are included in the agreement according to what the project promoters or the parties buying the project's output want.

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Note added at 16 mins (2023-08-14 10:34:22 GMT)
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