Common use of Semi-Annual Reporting Clause in Contracts

Semi-Annual Reporting. Within 180 Days of the Trust Effective Date in the first year, and thereafter by January 1 and July 1 of each year, and then at least 30 Days prior to the filing of a motion to terminate pursuant to subparagraph 6.7 hereof (each a “Financial Reporting Date”), the Trustee shall file with the Court and provide each Beneficiary and the Settling Defendants with: 3.3.1.1 A statement: (i) confirming the value of the Trust Assets; (ii) itemizing the investments then held by the Trust (including applicable ratings on such investments); and (iii) including a cumulative and calendar year accounting of the amount the Trustee has paid out from the Trust Account and all subaccounts to any recipient; 3.3.1.2 For each Beneficiary, cumulative and calendar year accounting, as of the Financial Reporting Date, of: (i) such Beneficiary’s initial allocation of Trust Assets; (ii) any allocation adjustments pursuant to this Agreement; (iii) line item descriptions of completed disbursements on account of approved Eligible Mitigation Action; and (iv) such Beneficiary’s remaining and projected allocation. Such accounting shall also include, for each Beneficiary, a balance statement and projected annual budget of disbursements taking into account those Eligible Mitigation Actions that have been approved as of the Financial Reporting Date; 3.3.1.3 For the Trust Administration Cost Subaccount, cumulative and calendar year accounting, as of the Financial Reporting Date, of: (i) line item disbursements of Total Administration Costs; (ii) balance statements;