Common use of Quarterly and Monthly Reports Clause in Contracts

Quarterly and Monthly Reports. (a) Not later than forty five (45) days following the end of each calendar month, Borrower shall deliver to Lender, (i) a consolidated profit and loss statement for the month and for the previous twelve (12) months then ended for an entity required to report 100% of the consolidated financial results of Borrowers and the Properties in accordance with GAAP (excluding, for the avoidance of doubt, any entity that is required to include within its consolidated financial results in accordance with GAAP any assets that are not collateral for the Loan or any Mezzanine Loan) (“Holdco”) (which, to the extent required by GAAP, shall separately denote any “non-controlling” or “minority” interest in the earnings of any subsidiary of Holdco), (ii) for each Individual Property, a profit and loss statement on a trailing twelve month basis and (iii) the monthly STAR Report with respect to each Individual Property. Furthermore, not later than April 15 of each year in which the Maturity Date will occur, Borrower shall deliver to Lender a calculation reflecting the Debt Yield as of the last day of February of such calendar year. The statements for each month required under clauses (i) and (ii) above, and the Debt Yield calculation required under the immediately preceding sentence, shall be accompanied by an Officer’s Certificate certifying to the best of the signer’s knowledge that such statements fairly represent the results of operations of Holdco (taking into account any “non-controlling” or “minority” interest in the earnings of any subsidiary of Holdco) and the Properties and/or the Debt Yield calculation, as applicable.

Quarterly and Monthly Reports. (a) Not later than forty five (45) days following the end of each calendar month, Borrower shall deliver (or cause Owner to deliver) to Lender, (i) a consolidated profit and loss statement for the month and for the previous twelve (12) months then ended for an entity required to report 100% of the consolidated financial results of Borrowers Borrower, Owner and the Properties in accordance with GAAP (excluding, for the avoidance of doubt, any entity that is required to include within its consolidated financial results in accordance with GAAP any assets that are not collateral for the Loan or any Mezzanine the Mortgage Loan) (“Holdco”) (which, to the extent required by GAAP, shall separately denote any “non-controlling” or “minority” interest in the earnings of any subsidiary of Holdco), (ii) for each Individual Property, a profit and loss statement on a trailing twelve month basis and (iii) the monthly STAR Report with respect to each Individual Property. Furthermore, not later than April 15 of each year in which the Maturity Date will occur, Borrower shall (or cause Owner to deliver) deliver to Lender a calculation reflecting the Debt Yield as of the last day of February of such calendar year. The statements for each month required under clauses (i) and (ii) above, and the Debt Yield calculation required under the immediately preceding sentence, shall be accompanied by an Officer’s Certificate certifying to the best of the signer’s knowledge that such statements fairly represent the results of operations of Holdco (taking into account any “non-controlling” or “minority” interest in the earnings of any subsidiary of Holdco) and the Properties and/or the Debt Yield calculation, as applicable.