Common use of Progress Reports in Years in Which Clause in Contracts

Progress Reports in Years in Which. Applications are Not Filed. The Company, for each year it does not file an Application, shall file with the Secretary of Commerce and Trade a progress report (the “Progress Report”), substantially in the form of Exhibit B hereto. The Company is not required to file a Progress Report in any year for which an Application is being submitted. The Progress Report, as described in Exhibit B, details the Company’s progress on achieving the targets set forth in Exhibit C, and covers the period through the end of the previous calendar year. VEDP may also request a Progress Report from the Company, by providing the Company with ninety (90) days written notice with time for the Company to comply in advance of the End Date or the date on which the Memorandum is otherwise terminated, whichever comes first.