Common use of Reports and Accounting of Residual Receipts Clause in Contracts

Reports and Accounting of Residual Receipts. (a) Borrower shall keep and maintain at the principal place of business of the Borrower set forth in Section 9.9 below, or elsewhere with the County's written consent, full, complete and appropriate books, records and accounts necessary or prudent to evidence and substantiate in full detail Borrower's calculation of Residual Receipts and disbursements of Residual Receipts. (b) In connection with the Annual Payment, Borrower shall furnish to the (i) The Statement of Residual Receipts for the relevant period. The (ii) A statement from the independent public accountant that audited the Borrower's financial records for the relevant period, which statement must confirm that Borrower's calculation of the Lenders' Share of Residual Receipts is accurate based on Gross Revenue and Annual Operating Expenses; and (iii) Any additional documentation reasonably required by the County to substantiate Borrower's calculation of Lenders' Share of Residual Receipts. (c) The receipt by the County of any statement pursuant to subsection (b) above or any payment by Borrower or acceptance by the County of any Loan repayment for any period does not bind the County as to the correctness of such statement or payment. The County may audit the Residual Receipts and all books, records, and accounts pertaining thereto pursuant to Section 5.5 below.

Reports and Accounting of Residual Receipts. (a) Borrower shall keep and maintain at the principal place of business of the Borrower set forth in Section 9.9 below, or elsewhere with the County's written consent, full, complete and appropriate books, records and accounts necessary or prudent to evidence and substantiate in full detail Borrower's calculation of Residual Receipts and disbursements of Residual Receipts. (b) In connection with the Annual PaymentPayment of the Loan, Borrower shall furnish to thethe County: (ia) The Statement An itemized statement of Residual Receipts for the relevant periodperiod (the "Statement of Residual Receipts"). TheBorrower shall cause the first Statement of Residual Receipts to cover the period that begins immediately following certificate of occupancy and ends on December 31 of that same year. Borrower shall cause subsequent statements of Residual Receipts to cover the twelve-month period that ends on December 31 of each year; (iib) A statement from the independent public accountant that audited the Borrower's financial records for the relevant period, which statement must confirm that Borrower's calculation of the Lenders' Lender's Share of Residual Receipts is accurate based on Gross Revenue and Annual Operating Expenses; and (iiic) Any additional documentation reasonably required by the County to substantiate Borrower's calculation of Lenders' Lender's Share of Residual Receipts. (c) . The receipt by the County of any statement pursuant to subsection (ba) above or any payment by Borrower or acceptance by the County of any Loan repayment for any period does not bind the County as to the correctness of such statement or payment. The County may audit the Residual Receipts and all books, records, and accounts pertaining thereto pursuant to in accordance with Section 5.5 4.5 below.

Reports and Accounting of Residual Receipts. (a) Borrower shall keep and maintain at the principal place of business of the Borrower set forth in Section 9.9 below, or elsewhere with the County's written consent, full, complete and appropriate books, records and accounts necessary or prudent to evidence and substantiate in full detail Borrower's calculation of Residual Receipts and disbursements of Residual Receipts. (b) In connection with the Annual Payment, Borrower shall furnish to thethe County: (ia) The Statement of Residual Receipts for the relevant period. TheThe first Statement of Residual Receipts will cover the period that begins as of Construction Completion and ends on December 31st of that same year. Subsequent statements of Residual Receipts will cover the twelve (12) month period that ends on December 31 of the prior year; (iib) A statement from the independent public accountant that audited the Borrower's financial records for the relevant period, which statement must confirm that BorrowerXxxxxxxx's calculation of the Lenders' Lender's Share of Residual Receipts is Receipts, the City Prorata Percentage, and the County Prorata Percentage are accurate based on Gross Revenue and Annual Operating Expenses; and (iiic) Any additional documentation reasonably required by the County to substantiate Borrower's calculation of Lenders' Share of Residual Receipts. (c) the County Prorata Percentage. The receipt by the County of any statement pursuant to subsection (ba) above or any payment by Borrower or acceptance by the County of any County Loan repayment for any period does not bind the County as to the correctness of such statement or payment. The County may audit the Residual Receipts and all books, records, and accounts pertaining thereto pursuant to Section 5.5 4.7 below.

Reports and Accounting of Residual Receipts. (a) Borrower Developer shall keep and maintain at the principal place of business of the Borrower Developer set forth in Section 9.9 10.9 below, or elsewhere with the County's written consent, full, complete and appropriate books, records and accounts necessary or prudent to evidence and substantiate in full detail BorrowerDeveloper's calculation of Residual Receipts and disbursements of Residual Receipts. (b) In connection with the Annual Payment, Borrower Developer shall furnish to thethe County: (i) The Statement of Residual Receipts for the relevant period. TheThe first Statement of Residual Receipts will cover the period that begins on January 1 of the year in which the Housing Improvements receive a certificate of occupancy and ends on December 31st of that same year. Subsequent statements of Residual Receipts will cover the twelve-month period that ends on December 31 of each year; (ii) A statement from the independent public accountant that audited the BorrowerDeveloper's financial records for the relevant period, which statement must confirm that BorrowerDeveloper's calculation of the Lenders' Share of Residual Receipts is accurate based on Gross Revenue and Annual Operating Expenses; and (iii) Any additional documentation reasonably required by the County to substantiate BorrowerDeveloper's calculation of Lenders' Share of Residual Receipts. (c) The receipt by the County of any statement pursuant to subsection (b) above or any payment by Borrower Developer or acceptance by the County of any Loan repayment for any period does not bind the County as to the correctness of such statement or payment. The County may audit the Residual Receipts and all books, records, and accounts pertaining thereto pursuant to Section 5.5 6.5 below.