Financial and Reporting Requirements. Each Borrower shall deliver or cause to be delivered to the Lender:
(a) Copies of each annual report on SEC Form 10-K filed by the Borrowers with the Securities and Exchange Commission (the "SEC") for a fiscal year, within five business days after the date of filing;
(b) Copies of each quarterly report on SEC Form 10-Q filed by the Borrowers with the SEC for a fiscal quarter, within five business days after the date of filing;
(c) Within 120 days after the end of each fiscal year of the Borrowers, evidence of the payment of all real estate taxes and assessments due and payable with respect to the Mortgaged Property owned by each Borrower and payment of all insurance premiums with respect to the insurance policies required by this Agreement; and
(d) Such other information as may be reasonably requested by the Lender from time to time in order to enable the Lender to evaluate the financial condition and cash flow of the Borrowers and the Mortgaged Property.
Financial and Reporting Requirements. A. Tenant shall provide information as reasonably required on a periodic basis sufficient to demonstrate financial performance to support Rent payments and compliance with Academic Standards, including:
(i) Tenant shall provide to Landlord Tenant’s annual financial statements within one hundred eighty (180) days of the close of such entity’s fiscal year (starting with fiscal year 2024), which financial statements shall have been audited by a Certified Public Accountant (“CPA”) reasonably acceptable to Landlord and certified by such CPA in accordance with generally accepted accounting principles and without qualification that such statement presents fairly in all material respects the financial position of Tenant. It shall not be an event of default if Tenant cannot provide its audited financial statements due the Granting Authority’s failure to provide necessary financial information.
(ii) Tenant shall provide to Landlord on a quarterly basis Tenant’s internally-prepared financials including budget-to-actuals.
(iii) Tenant shall provide to Landlord an annual operating budget for each fiscal year no less than fifteen (15) days prior to and no more than ninety (90) days prior to the start of such fiscal year.
(iv) By November 15th of each Lease Year, Tenant shall provide to Landlord (i) academic assessment data sufficient to demonstrate compliance with the Academic Standards, (ii) a certification that the charter school operated at the Premises meets the definition of a “charter school” as set forth in Exhibit D, (iii) school data on student enrollment, student demographics, waitlist size, attendance, staffing, and, if required in connection with the application for or ongoing reporting with respect to, any NMTC financing, community impact metrics, (iv) a certification that the Tenant has maintained the required Lease Service Coverage Ratio, and (v) that no changes to the executive leadership of the charter school operating at the Premises, including the CEO, CFO, President, and Board Chair, as applicable, have occurred, or if they have, disclosing such changes. In the event Tenant fails to deliver these financial statements in form and substance reasonably acceptable to Landlord within thirty (30) days after Xxxxxxxx’s written request, same shall constitute an Event of Default under this Lease. In additional to the foregoing, Tenant shall promptly notify Landlord of (i) any material adverse changes in financial condition or charter authorization of Subtenan...
Financial and Reporting Requirements
