Common use of Construction Progress Reports Clause in Contracts

Construction Progress Reports. Borrower shall, except to the extent included in a Drawdown Certificate, deliver to Lender within 15 days after the end of each month prior to the Commercial Operation Date, a summary of construction on the Project during such month, describing (i) physical progress and expenditures, (ii) cumulative expenditures to date, (iii) any material variations from the then-current Project Budget or Project Schedule, (iv) any fact, event or occurrence of which Borrower is aware that could reasonably be expected to materially increase the total capital costs of the Project above those provided in the Project Budget or delay Commercial Operation beyond the then-estimated dates therefor, together with an estimate of such costs or delays, and (v) delivery status of major equipment and the effect, if any, that the anticipated delivery dates of such equipment may have on the Project Schedule.