Common use of Construction Report Clause in Contracts

Construction Report. If, as of the last day of each fiscal quarter ending on or prior to the Covenant Changeover Date, the cumulative Capital Expenditures actually made by the Borrower and the Restricted Subsidiaries for the Subject Project through and including such date are less than 70% of the budgeted cumulative Capital Expenditures for the Subject Project as of such date (as set forth in the most recently delivered Budget hereunder), then upon the Administrative Agent’s written request, the Borrower shall deliver, within sixty (60) days of such request, a report of an independent engineering firm or construction consultant reasonably acceptable to the Administrative Agent with respect to the Subject Project, which report shall be in form and substance reasonably satisfactory to the Administrative Agent and shall include a cost and valuation analysis with respect to the construction of the Subject Project.