Borrower Financial Reports Clause Samples
Borrower Financial Reports. The Servicer shall make reasonable efforts to collect promptly (from the Borrowers or the Manager) all financial statements, operating statements and other records required pursuant to the terms of the Mortgage Loan Documents. Such efforts shall include at least three phone calls to the Notice Party under Section 11.05, followed by confirming correspondence, requesting such delivery. In addition, the Servicer shall from time to time cause such items to be prepared with respect to each REO Property at the times and in a manner that would comply with the Mortgage Loan Documents (as if such REO Property were property securing the Mortgage Loan) and shall collect all such items promptly following their preparation. The Servicer shall promptly review and analyze, and deliver to the Trustee and, upon request, each Rating Agency, copies of all such items as may be collected pursuant to this Agreement. Upon the discovery by the Servicer, and during the continuance, of any non-monetary default pursuant to any Mortgage Loan Document resulting from a failure by any Borrower to deliver timely to the Servicer, as provided above, financial statements, operating statements, rent rolls and other records required pursuant to the Mortgage Loan Documents, the Servicer shall determine whether or not to consent to the release or cause the release of any funds from the Impositions and Insurance Reserve Sub-Account or any Reserve Account (except to pay current or past-due taxes, assessments and insurance premiums) to the relevant Borrower or another Person, and shall (as applicable) so inform the relevant Borrower.
Borrower Financial Reports. Borrower shall maintain a system of accounting based on GAAP consistently applied, and combined for Borrower and CREP, and furnish, or cause to be furnished, to the Bank:
(a) within one hundred five (105) days after the close of each fiscal year of the Borrower and CREP, an unqualified audit report certified by a nationally recognized accounting firm or any other independent certified public accountants reasonably acceptable to Bank, prepared in accordance with generally accepted accounting principles for the Borrower and CREP, including balance sheets as of the end of such period, related profit and loss and reconciliation of surplus statements, and a statement of cash flows, accompanied by (i) a certificate of said accountants stating that, in the course of their examination necessary for their certification of such audit report, they have obtained no knowledge of any Event of Default or Unmatured Event of Default, or if, in the opinion of such accountants, any Event of Default or Unmatured Event of Default shall exist, describing the nature and status thereof and (ii) said accountants' letter to management,
(b) within thirty (30) days after the close of each fiscal quarter of each fiscal year, of the Borrower, unaudited balance sheets as at the close of each such quarter and profit and loss and reconciliation of surplus statements and a statement of cash flows from the previous quarter, from the previous year and from the beginning of such fiscal year to the end of such quarter, and a comparison of such figures to the budget, all certified by the Borrower's chief financial officer or treasurer,
(c) together with the financial statements required by clauses (a) and (b) of this Section 7.8, certificate signed by the Borrower's chief financial officer or treasurer stating that no Event of Default or Unmatured Event of Default exists, or if any Event of Default or Unmatured Event of Default exists, describing the nature and status thereof, and containing a computation of and showing compliance with each of the financial ratios and restrictions contained in this Section 7.