Common use of Monthly/Quarterly Reports Clause in Contracts

Monthly/Quarterly Reports. Borrower shall furnish to Lender within twenty (20) days after the end of each calendar month or quarter, as applicable, the following items: (i) monthly (provided, however, that monthly reports shall only be required prior to “start- up day” (within the meaning of Section 860G(a)(9) of the Code) of the securitization that the Loan is placed) and year–to–date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP or any other accounting method, consistently applied to fairly represent the financial position and results of operation of the Property during such calendar month, all in form reasonably satisfactory to Lender; (ii) quarterly, a balance sheet for such calendar quarter; (iii) quarterly, a comparison of the budgeted income and expenses and the actual income and expenses for each quarter and year–to–date for the 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; (iv) quarterly, a statement of the actual Capital Expenses made by Borrower during each calendar quarter as of the last day of such calendar quarter; (v) quarterly, a statement that Xxxxxxxx has not incurred any indebtedness other than indebtedness permitted hereunder; and (vi) quarterly, an aged receivables report. 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 Borrower and the Property in accordance with GAAP or any other accounting method, consistently applied (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/Quarterly Reports. Borrower shall furnish to Lender within twenty fifteen (2015) days after the end of each calendar month or quarter, calendar quarter (as applicable, indicated below) the following items: (ia) monthly (provided, however, that monthly reports shall only be required prior to “start- up day” (within the meaning of Section 860G(a)(9) of the Code) of the securitization that the Loan is placed) and year–-to–-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP or any other accounting method, consistently applied to fairly represent the financial position and results of operation of the Property during such calendar month, all in form reasonably satisfactory to Lender; (iib) quarterly, a balance sheet for such calendar quartermonth; (iiic) quarterly, a comparison of the budgeted income and expenses and the actual income and expenses for each quarter month and year–-to–-date for the 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 year-to-date; (ivd) quarterly, a statement of the actual Capital Expenses made by Borrower during each calendar quarter as of the last day of such calendar quarter; (ve) quarterly, a statement that Xxxxxxxx Borrower has not incurred any indebtedness other than indebtedness permitted hereunderPermitted Indebtedness; and (vif) quarterly, an aged receivables report; (g) all franchise inspection reports received by Borrower in such month; and (h) a summary report detailing occupancy, including average daily rate. Each such statement shall be accompanied by an Officer’s Certificate certifying certifying, to the best of signer’s knowledge, (1i) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrower and the Property in accordance with GAAP or any other accounting method, consistently applied (subject to normal year–-end adjustments) and ), (2ii) 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, (iii) that as of the date of such Officer’s Certificate, no litigation exists involving Borrower or the Property in which the amount involved is $250,000 (in the aggregate) or more or in which all or substantially all of the potential liability is not covered by insurance, or, if so, specifying such litigation and the actions being taken in relation thereto and (iv) the amount by which operating expenses incurred by Borrower for such period were greater than or less than the operating expenses reflected in the applicable Annual Budget. Such financial statements shall contain such other information as shall be reasonably requested by Lender for purposes of calculations to be made by Lender pursuant to the terms hereof. In addition, Borrower shall furnish or cause to be furnished to Lender, within thirty (30) days after the end of each calendar month, the most current Xxxxx Travel Research Reports then available to Borrower reflecting market penetration and relevant hotel properties competing with the Property.

Monthly/Quarterly Reports. Borrower shall furnish to Lender within twenty (20) days after the end of each calendar month or quarter, calendar quarter (as applicable, indicated below) the following items: (i) monthly (provided, however, that monthly reports shall only be required prior to “start- up day” (within the meaning of Section 860G(a)(9) of the Code) of the securitization that the Loan is placed) and year–-to–-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP or any other accounting method, consistently applied to fairly represent the financial position and results of operation of the Property during such calendar month, all in form reasonably satisfactory to Lender; (ii) quarterly, a balance sheet for such calendar quartermonth; (iii) quarterly, a comparison of the budgeted income and expenses and the actual income and expenses for each quarter month and year–-to–-date for the 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 year-to-date; (iv) quarterly, a statement of the actual Capital Expenses made by Borrower during each calendar quarter as of the last day of such calendar quarter; (v) quarterly, a statement that Xxxxxxxx Borrower has not incurred any indebtedness other than indebtedness permitted hereunder; and (vi) quarterly, an aged receivables reportreport and (vii) 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, and a delinquency report for the 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 Borrower and the Property in accordance with GAAP or any other accounting method, consistently applied (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/Quarterly Reports. Each Borrower shall furnish the following items to Lender within twenty sixty (2060) days after (x) prior to a Securitization, the end of each calendar month or quarter, as applicable(y) from and after a Securitization, the following itemsend of each calendar quarter: (i) monthly (provided, however, that monthly reports shall only be required prior to “start- up day” (within the meaning of Section 860G(a)(9) of the Code) of the securitization that the Loan is placed) and year–-to–-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP (or any other a tax basis of accounting method, consistently applied applied) to fairly represent the financial position and results of operation of the Property owned by such Borrower during such calendar monthmonth or quarter (as applicable), all in form reasonably satisfactory to Lender; (ii) quarterly, a balance sheet for such calendar quartermonth or quarter (as applicable); (iii) quarterly, a comparison of the budgeted income and expenses and the actual income and expenses for each quarter and year–to–date for the 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; (iv) quarterly, a statement of the actual Capital Expenses made by such Borrower during each calendar month or quarter (as applicable) as of the last day of such calendar quartermonth or quarter (as applicable); (viv) quarterly, a statement that Xxxxxxxx such Borrower has not incurred any indebtedness other than indebtedness permitted hereunderPermitted Indebtedness; and (viv) quarterly, an aged receivables report, (vii) an updated copy of Borrowers’ organizational chart identifying any Persons that hold a direct or indirect interest in Borrower of 10% or more if such organizational chart has changed since the last delivery thereof, (viii) copies of all Minor Leases not previously sent to Lender together with Borrowers’ certification that it has satisfied all of the conditions in Section 5.10.3 with respect to such Minor Leases and (ix) rent rolls for each Property in substantially the same form and including the same scope of information as included in the rent rolls delivered at closing. Each such statement shall be accompanied by an Officer’s Certificate certifying certifying, to the signer’s knowledge, (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 the such Property in accordance with GAAP (or any other a tax basis of accounting method, consistently applied applied) (subject to normal year–-end adjustments) and ), and, to the extent required under Section 9.1 hereof, the requirements of Regulation AB, (2) on a quarterly basis only, 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, (3) on a quarterly basis only, that as of the date of such Officer’s Certificate, no litigation exists against any Borrower or any Property in which the amount involved is $350,000 (in the aggregate) or more or in which all or substantially all of the potential liability is not covered by insurance, or, if so, specifying such litigation and the actions being taking in relation thereto and (4) the amount by which operating expenses incurred by any Borrower for such period were greater than or less than the operating expenses reflected in the applicable Annual Budget. Such financial statements shall contain such other information as shall be reasonably requested by Lender for purposes of calculations to be made by Lender pursuant to the terms hereof.

Monthly/Quarterly Reports. Borrower shall furnish to Lender within twenty (20) 60 days after the end of each calendar month or quarter, calendar quarter (as applicable, indicated below) the following items: (i) monthly (provided, however, that monthly reports shall only be required prior to “start- up day” (within the meaning of Section 860G(a)(9) of the Code) of the securitization that the Loan is placed) and year–-to–-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP or any other accounting method, consistently applied method to fairly represent the financial position and results of operation of the Property by Borrower and Operating Tenant during such calendar month, all in form reasonably satisfactory to Lender; (ii) quarterly, a balance sheet for such calendar quarterintentionally omitted; (iii) quarterly, a comparison of the budgeted income and expenses and the actual income and expenses for each quarter month and year–-to–-date for the Property, together with a detailed explanation of any variances aggregate variance of ten percent (10%) % or more between total budgeted and total actual amounts expenses for such period and year to year-to-date; (iv) quarterly, a statement of the actual Capital Expenses made by Borrower and Operating Tenant during each calendar quarter as of the last day of such calendar quarter; (v) quarterly, a statement that Xxxxxxxx neither Borrower nor Operating Tenant has not incurred any indebtedness other than indebtedness permitted hereunder; and (vi) quarterly, an aged receivables report. Each such statement shall be accompanied by an Officer’s Certificate certifying that to such officer’s knowledge (1) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrower Borrower, Operating Tenant and the Property and have, to such party’s knowledge, been prepared in accordance conformity with GAAP or any other accounting method, consistently applied (subject to normal year–-end adjustmentsadjustments and the lack of certain GAAP disclosures prior to year-end) and (2) whether there exists a Default or an 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/Quarterly Reports. Each Borrower shall furnish the following items to Lender within twenty sixty (2060) days after (x) prior to a Securitization, the end of each calendar month or quarter, as applicable(y) from and after a Securitization, the following itemsend of each calendar quarter: (i) monthly (provided, however, that monthly reports shall only be required prior to “start- up day” (within the meaning of Section 860G(a)(9) of the Code) of the securitization that the Loan is placed) and year–-to–-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP (or any other a tax basis of accounting method, consistently applied applied) to fairly represent the financial position and results of operation of the Property owned by such Borrower during such calendar monthmonth or quarter (as applicable), all in form reasonably satisfactory to Lender; (ii) quarterly, a balance sheet for such calendar quartermonth or quarter (as applicable); (iii) quarterly, a comparison of the budgeted income and expenses and the actual income and expenses for each quarter and year–to–date for the 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; (iv) quarterly, a statement of the actual Capital Expenses made by such Borrower during each calendar month or quarter (as applicable) as of the last day of such calendar quartermonth or quarter (as applicable); (viv) quarterly, a statement that Xxxxxxxx such Borrower has not incurred any indebtedness other than indebtedness permitted hereunderPermitted Indebtedness; and (viv) quarterly, an aged receivables report, (vii) an updated copy of the Borrower’s organizational chart identifying any Persons that hold a direct or indirect interest in Borrower of 10% or more if such organizational chart has changed since the last delivery thereof, (viii) copies of all Minor Leases not previously sent to Lender together with Borrowers’ certification that it has satisfied all of the conditions in Section 5.10.3 with respect to such Minor Leases and (ix) rent rolls for each Property in substantially the same form and including the same scope of information as included in the rent rolls delivered at closing. Each such statement shall be accompanied by an Officer’s Certificate certifying certifying, to the signer’s knowledge, (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 the such Property in accordance with GAAP (or any other a tax basis of accounting method, consistently applied applied) (subject to normal year–-end adjustments) and ), and, to the extent required under Section 9.1 hereof, the requirements of Regulation AB, (2) on a quarterly basis only, 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, (3) on a quarterly basis only, that as of the date of such Officer’s Certificate, no litigation exists against any Borrower or any Property in which the amount involved is $350,000 (in the aggregate) or more or in which all or substantially all of the potential liability is not covered by insurance, or, if so, specifying such litigation and the actions being taking in relation thereto and (4) the amount by which operating expenses incurred by any Borrower for such period were greater than or less than the operating expenses reflected in the applicable Annual Budget. Such financial statements shall contain such other information as shall be reasonably requested by Lender for purposes of calculations to be made by Lender pursuant to the terms hereof.

Monthly/Quarterly Reports. Borrower shall furnish to Lender within twenty (20) days after the end of each calendar month or quarter, as applicable, the following items: (i) monthly (provided, however, that monthly reports shall only be required prior to “start- up day” (within the meaning of Section 860G(a)(9) of the Code) of the securitization that the Loan is placed) and year–to–date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP or any other accounting method, consistently applied to fairly represent the financial position and results of operation of the Property during such calendar month, all in form reasonably satisfactory to Lender; (ii) quarterly, a balance sheet for such calendar quarter; (iii) quarterly, a comparison of the budgeted income and expenses and the actual income and expenses for each quarter and year–to–date for the 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; (iv) quarterly, a statement of the actual Capital Expenses made by Borrower during each calendar quarter as of the last day of such calendar quarter; (v) quarterly, a statement that Xxxxxxxx Borrower has not incurred any indebtedness other than indebtedness permitted hereunder; and (vi) quarterly, an aged receivables report. 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 Borrower and the Property in accordance with GAAP or any other accounting method, consistently applied (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.