Lease Operating Statements Clause Samples
The Lease Operating Statements clause requires the landlord to provide the tenant with detailed statements outlining the operating expenses associated with the leased property. These statements typically break down costs such as maintenance, utilities, insurance, and taxes, and are often delivered on a regular basis, such as monthly or annually. By mandating transparency in the reporting of shared expenses, this clause ensures that tenants can verify the accuracy of charges and helps prevent disputes over operating costs.
Lease Operating Statements. Concurrently with each delivery of financial statements under Section 5.06(a) and Section 5.06(b), a Lease Operating Statement for such calendar quarter.
Lease Operating Statements. Together with each Reserve Report delivered under Section 7.1(k) above, a Lease Operating Statement;
Lease Operating Statements. As soon as available, and in any event no later than 60 days after the end of each calendar quarter, a comprehensive net lease operating statement for such fiscal quarter in form and scope reasonably acceptable to the Bank.
Lease Operating Statements. The information set forth in the lease operating statements with respect to the Oil and Gas Properties owned by such Seller Entity set forth in Schedule 4.25 is true and accurate in all material respects for the time periods covered thereby, subject to ordinary course reconciliations.
Lease Operating Statements. The Administrative Agent shall have received lease operating statements with respect to the Oil and Gas Properties of the Borrower and its Subsidiaries for the period from January to June, 2014 with respect to all acquired assets other than those acquired from Sundance Energy, and July 2013 to May 2014 with respect to the assets acquired from Sundance Energy.
Lease Operating Statements. Concurrently with any delivery of financial statements under Section 7.1(b), a Lease Operating Statement;
Lease Operating Statements. Concurrently with the delivery of each Reserve Report or upon the reasonable request of the Administrative Agent, a Lease Operating Statement;
Lease Operating Statements. Together with each Reserve Report delivered under subsection (o) above and at any other time requested by Administrative Agent, a Lease Operating Statement;
Lease Operating Statements. Concurrently with the delivery of the financial statements referred to in Section 7.1(b), a Lease Operating Statement; and
(e) The last sentence of Section 8.4 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: Notwithstanding the foregoing, Borrower may make cash distributions to Parent so long as (a) no Default exists or would exist after giving effect thereto, (b) Utilization is not greater than 75% after giving effect thereto and (c) the Leverage Ratio for the most recently-ended Test Period for which financial statements are available (calculated on a pro forma basis after giving effect to such distributions and any Borrowings made in connection therewith) is less than or equal to 2.50 to 1.00.
(f) Article 8 of the Credit Agreement is hereby amended to add new Section 8.22 immediately after Section 8.21 to read as follows:
Lease Operating Statements. The Administrative Agent shall have received lease operating statements in form and substance satisfactory to the Administrative Agent with respect to the Oil and Gas Properties of the Borrower and its Restricted Subsidiaries for the fiscal year ended December 31, 2019 and for each fiscal quarter thereafter ending at least 45 days prior to the Effective Date.