Operating Statements and Reports Sample Clauses
The "Operating Statements and Reports" clause requires one party, typically the operator or manager, to provide regular financial and operational reports to the other party, such as an owner or investor. These reports may include income statements, expense breakdowns, occupancy rates, or other key performance indicators relevant to the operation of a business or property. By mandating the delivery of these statements, the clause ensures transparency and enables the recipient to monitor performance, make informed decisions, and verify compliance with contractual obligations.
Operating Statements and Reports. (a) Not more than forty-five (45) days after the end of the last month of each Fiscal Quarter, commencing with the close of the first full Fiscal Quarter after the first train of the Project achieves Substantial Completion, an operating statement of the Project for such quarterly period and for the portion of the Borrower’s Fiscal Year then ended.
(b) Not more than sixty (60) days after the end of each Fiscal Year, commencing with the close of the first Fiscal Year after the first train of the Project achieves Substantial Completion, an operating report of the Project for such Fiscal Year then ended.
(c) In each case with respect to clauses (a) and (b) above, such operating statements shall correspond to the Operating Budget Categories and monthly periods of the current annual Operating Budget and shall show all Cash Flows and all expenditures for Operation and Maintenance Expenses. The quarterly operating statement shall include (i) updated estimates of Operation and Maintenance Expenses for the balance of such Fiscal Year to which the operating statement relates, (ii) any material developments during such Fiscal Quarter which could reasonably be expected to have a Material Adverse Effect, (iii) summary of statistical data and quality control reports relating to the operation of the Project during such Fiscal Quarter and any capacity test results performed during such Fiscal Quarter, (iv) records on efficiency, performance and availability of the Project during such Fiscal Quarter, (v) discussion of any deviation from the requirements set forth in Section 6.7(a) (Project Construction; Maintenance of Properties) stating in reasonable detail the necessary qualifications to such requirements, and (vi) the cause, duration and projected loss of Cash Flows attributable to each scheduled and unscheduled interruption in the Services by the Project during such Fiscal Quarter and, with respect to any interruptions caused by a material defect or failure, the cause of and cost to repair such defect or failure. Both the quarterly and annual operating statements shall be certified as materially complete and correct by an Authorized Officer of the Borrower. Each operating statement will be accompanied by a statement of sources and uses of funds for the periods covered by it and a discussion of the reason for any material (i) variance from the amount budgeted therefor in the relevant Operating Budget and (ii) variance in the actual costs for the then-current period from ...
Operating Statements and Reports. The Borrower shall furnish to the Agent and the Independent Engineer quarterly, not more than 30 days after the end of the last month of each quarter, commencing with the close of the first full fiscal quarter after the Term Conversion Date, an operating statement of the Project for such quarterly period and for the portion of the Borrower’s fiscal year then ended, and, not more than 120 days after the end of each fiscal year of the Borrower, an operating statement of the Project for such fiscal year. Such operating statements shall correspond to the classifications and monthly periods of the current annual Operating Budget and shall show all Project Revenues and all expenditures for Operation and Maintenance Expenses. The quarterly operating statement shall include (a) updated estimates of Operation and Maintenance Expenses for the balance of such fiscal year to which the operating statement relates, (b) any material developments during such fiscal quarter which could reasonably be expected to have a Material Adverse Effect, (c) summary of statistical data relating to the operation of the Project during such fiscal quarter and (d) the cause, duration and projected loss of Project Revenues attributable to each scheduled and unscheduled interruption in the Services by the Project during such fiscal quarter and, with respect to any interruptions caused by a material defect or failure, the cause of and cost to repair such defect or failure. Both the quarterly and annual operating statements shall be certified as materially complete and correct by an Authorized Officer of the Borrower. Each operating statement will be accompanied by a statement of sources and uses of funds for the periods covered by it and a discussion of the reason for any material variance from the amount budgeted therefor in the relevant Operating Budget.
Operating Statements and Reports. Within sixty (60) days following the end of each fiscal year, commencing with the close of the first full fiscal year after the First Phase Operational Phase Commencement Date, the Borrower shall deliver to the Intercreditor Agent and the Independent Engineer a copy of the annual operating statement and report for such fiscal year, which shall:
(a) correspond to the expenditure categories and quarterly periods of the then-effective Operating Budget and show all Cash Flows and all expenditures for Operation and Maintenance Expenses for the Borrower’s fiscal year (or, in the case of the first report, portion thereof) then ended;
(b) include a copy of any filing made by a Loan Party:
(i) with FERC with respect to the Development; or
(ii) with the DOE with respect to the export of LNG from the Project Facilities (except in each case such filings as are routine or ministerial in nature), which copy may be provided by means of a link to the website where such filing is posted;
(c) include a copy of any filing made by any Person other than a Loan Party:
(i) with FERC with respect to the Development in any proceeding in which a Loan Party is the captioned party or respondent; or
(ii) with the DOE with respect to the export of LNG from the Project Facilities in any proceeding in which a Loan Party is the captioned party or respondent (except in each case such filings as are routine or ministerial in nature), which copy may be provided by means of a link to the website where such filing is posted;
(d) be accompanied by a description of any material:
(i) variance from the amount budgeted for a particular item in the relevant Operating Budget; and
(ii) variance in the actual costs for the then-current period from the costs incurred during the prior period; and
(e) be certified as materially complete and correct by an Authorized Officer of the Borrower.
Operating Statements and Reports. The Company shall furnish to Ormat, no later than thirty (30) days after the end of each fiscal quarter of the Company, commencing with the close of the first full fiscal quarter after the Final Acceptance, an operating statement of the Project for such quarterly period and for the portion of the Company’s fiscal year then ended, and, not more than forty five (45) days after the end of each fiscal year of the Company, an operating statement of the Project for such fiscal year, in each case, inclusive of the information set forth in Exhibit D. Such operating statements shall correspond to the classifications and quarterly periods of the current annual Operating Budget and shall show all Project Revenues and all expenditures for Operating and Maintenance Expenses. The quarterly operating statement shall include updated estimates of Operating and Maintenance Expenses for the balance of the fiscal year to which the operating statement relates. Both the quarterly and annual operating statements shall be certified as complete and correct in all material respects by an Authorized Representative of the Company. Each operating statement will be accompanied by a statement of sources and uses of funds for the periods covered by it and a discussion of the reason for any material variance from the amount budgeted therefor in the relevant Operating Budget.
Operating Statements and Reports. Furnish to the Administrative Agent and the Technical and Environmental Consultant (i) commencing forty-five (45) days after the Construction Completion Date, a monthly operating statement of the Project not more than thirty-five (35) days after the end of each month, and (ii) not more than ninety (90) days after the end of each fiscal year of the Borrower, an operating statement of the Project for such fiscal year (with monthly detail). The monthly operating statement shall include summary of the information relating to the operation of the Project with respect to the categories listed in Schedule 9.1(z). The monthly and annual operating statements shall each be certified as materially complete and correct by an Authorized Officer of the Borrower. The form of such operating statements shall be in form and substance satisfactory to the Administrative Agent, in consultation with the Technical and Environmental Consultant, and shall be agreed upon with the Borrower.
Operating Statements and Reports. BEC shall furnish to the Independent Engineer and the Administrative Agent no later than 45 days after the end of each Fiscal Quarter of BEC, a quarterly operating report of the Project during such Fiscal Quarter reflecting (i) revenue, fuel, emissions and operating data for the Project, (ii) the actual level of dispatch, capacity factors or similar operating and performance data for the Project, (iii) a summary of the operating and maintenance costs and improvement costs incurred during such Fiscal Quarter with a comparison to budgeted amounts for such costs for the Project, (iv) management discussion of operating performance for the Project, which report shall be certified by a Responsible Officer of BEC as being true and correct in all material respects, (v) a summary of the progress made by the Permitted Expansion Entity with respect to the Permitted Expansion Facility and (vi) a description of all Growth Capital Expenditures made by any Loan Party.
Operating Statements and Reports of the Common Terms Agreement shall apply until the later to occur of the Term Loan Discharge Date and the First Phase Operational Phase Commencement Date; and