Common use of Financial Statements and Operating Statements Clause in Contracts

Financial Statements and Operating Statements. Furnish, or cause to be furnished to the Lender, annual Financial Statements for Borrower and Borrower Principal. Monthly Operating Statements for the Premises shall be submitted to the Lender when requested by the Lender and for any period during which any Event of Default is continuing. Operating Statements for the Premises shall be delivered to the Lender within forty-five (45) days of the end of each of the Borrower's fiscal quarters, and an annual Financial Statements shall be submitted to the Lender within ninety (90) days (or one hundred twenty (120) days if such annual Financial Statements are audited) of the Borrower's fiscal year end in lieu of an Operating Statement for the Borrower's fourth fiscal quarter. Borrower Principal shall furnish Lender, on a quarterly basis, such financial information as Borrower Principal is required to file under any Requirements of Law. Without limiting any other rights available to the Lender under this Loan Agreement or any of the other Loan Documents, in the event the Borrower shall fail to timely furnish the Lender any Financial Statement in accordance with this subsection, the Borrower shall promptly pay to the Lender a penalty in the amount of $1,000.00 for each such failure. Notwithstanding anything to the contrary contained herein, Borrower shall cause to be provided to Lender copies of all financial information required to be provided to Borrower by the Operating Lessee pursuant to the Operating Lease.