Common use of Monthly and Quarterly Reports Clause in Contracts

Monthly and Quarterly Reports. Each Borrower shall furnish to Lender (x) within thirty (30) days after the end of each calendar month the following items: (i) monthly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP to fairly represent the financial position and results of operation of its Collateral Property during such calendar month, all in form reasonably satisfactory to Lender; (ii) a statement that such Borrower has not incurred any indebtedness other than indebtedness permitted hereunder; and (iii) occupancy rates, rent rolls (identifying the leased premises, names of all Tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to Tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for such Collateral Property; and (y) within forty (40) days after the end of each calendar quarter the following items: (i) a balance sheet for such calendar month; (ii) a comparison of the budgeted income and expenses and the actual income and expenses for each month and year-to-date for such Collateral Property, together with a detailed explanation of any variances of ten percent (10%) or more between budgeted and actual amounts for such period and year-to-date; (iii) a statement of the actual Replacement Expenses made by such Borrower during each calendar quarter as of the last day of such calendar quarter; (iv) an aged receivables report; (v) occupancy cost ratios for such Collateral Property; and (vi) a comparison of estimated store sales for the preceding twelve (12) month period for such Collateral Property. Each such statement shall be accompanied by an Officer's Certificate certifying (1) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of such Borrower and its Collateral Property in accordance with GAAP (subject to normal year-end adjustments) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Monthly and Quarterly Reports. Each Borrower shall furnish to ----------------------------- Lender (x) within thirty (30) 30 days after the end of each calendar month the following items: (i) monthly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP to fairly represent the financial position and results of operation of its Collateral Property during such calendar month, all in form reasonably satisfactory to Lender; (ii) a statement that such Borrower has not incurred any indebtedness other than indebtedness permitted hereunder; and (iii) occupancy rates, rent rolls (identifying the leased premises, names of all Tenantstenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to Tenantstenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for such Collateral Property; and (y) within forty (40) 40 days after the end of each calendar quarter the following items: (i) a balance sheet for such calendar month; (ii) a comparison of the budgeted income and expenses and the actual income and expenses for each month and year-to-date for such Collateral Property, together with a detailed explanation of any variances of ten percent (10%) % or more between budgeted and actual amounts for such period and year-to-date; (iii) a statement of the actual Replacement Expenses made by such Borrower during each calendar quarter as of the last day of such calendar quarter; and (iv) an aged receivables report; (v) occupancy cost ratios for such Collateral Property; and (vi) a comparison of estimated store sales for the preceding twelve (12) month period for such Collateral Property. Each such statement shall be accompanied by an Officer's Certificate certifying (1) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of such Borrower and its Collateral Property in accordance with GAAP (subject to normal year-end adjustments) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Monthly and Quarterly Reports. Each Borrower Owner shall furnish to Lender (x) within thirty (30) days after the end of each calendar month the following items: (i) monthly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP to fairly represent the financial position and results of operation of its the Collateral Property during such calendar month, all in form reasonably satisfactory to Lender; (ii) a statement that such Borrower has not incurred any indebtedness other than indebtedness permitted hereunder; and (iii) occupancy rates, rent rolls (identifying the leased premises, names of all Tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to Tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for such the Collateral Property; and (y) within forty (40) days after the end of each calendar quarter the following items: (i) a balance sheet for such calendar month; (ii) a comparison of the budgeted income and expenses and the actual income and expenses for each month and year-to-date for such the Collateral Property, together with a detailed explanation of any variances of ten percent (10%) or more between budgeted and actual amounts for such period and year-to-date; (iii) a statement of the actual Replacement Expenses made by such Borrower Owner during each calendar quarter as of the last day of such calendar quarter; and (iv) an aged receivables report; (v) occupancy cost ratios for such Collateral Property; and (vi) a comparison of estimated store sales for the preceding twelve (12) month period for such Collateral Property. Each such statement shall be accompanied by an Officer's Certificate certifying (1) that such items are true, correct, accurate, and complete -55- and fairly present the financial condition and results of the operations of such Borrower Owner and its the Collateral Property in accordance with GAAP (subject to normal year-end adjustments) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it. Borrower shall furnish to Lender, within thirty (30) days after the end of each calendar month, a statement that Borrower has not incurred any indebtedness other than indebtedness permitted hereunder. Each such statement shall be accompanied by an Officer's Certificate certifying whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action being taken to remedy it.

Monthly and Quarterly Reports. Each Borrower shall furnish to Lender (x) within thirty (30) days after the end of each calendar month the following items: (i) monthly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP to fairly represent the financial position and results of operation of its Collateral Property during such calendar month, all in form reasonably satisfactory to Lender; (ii) a statement that such Borrower has not incurred any indebtedness other than indebtedness permitted hereunder; and (iii) occupancy rates, rent rolls (identifying the leased premises, names of all Tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to Tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for such Collateral Property; and (y) within forty (40) days after the end of each calendar quarter the following items: (i) a balance sheet for such calendar month; (ii) a comparison of the budgeted income and expenses and the actual income and expenses for each month and year-to-date for such Collateral Property, together with a detailed explanation of any variances of ten percent (10%) or more between budgeted and actual amounts for such period and year-to-date; (iii) a statement of the actual Replacement Expenses made by such Borrower during each calendar quarter as of the last day of such calendar quarter; and (iv) an aged receivables report; (v) occupancy cost ratios for such Collateral Property; and (vi) a comparison of estimated store sales for the preceding twelve (12) month period for such Collateral Property. Each such statement shall be accompanied by an Officer's Certificate certifying (1) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of such Borrower and its Collateral Property in accordance with GAAP (subject to normal year-end adjustments) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.