Financial Determination Dates Clause Samples
The Financial Determination Dates clause establishes specific dates on which financial calculations, assessments, or obligations are determined under an agreement. In practice, this clause might set quarterly, annual, or other periodic dates for evaluating financial performance, calculating payments, or determining compliance with financial covenants. By clearly defining when financial measurements are made, the clause ensures consistency and predictability, reducing disputes and providing a clear timeline for both parties to meet their financial responsibilities.
Financial Determination Dates. Borrowers shall provide, or shall cause Mortgage Borrowers to provide, evidence to Lender of (i) the Debt Service Coverage Ratio for the Properties, and (ii) for purposes of determining whether the General Reserve Excess Cash Conditions have been satisfied, the results of operations at the Properties for the preceding calendar month, within thirty (30) days after the end of each calendar month (the “Financial Determination Date”). All calculations of Debt Service Coverage Ratio and results of operations shall be subject to verification by Mortgage Lender.