Covenants by Developers Sample Clauses

Covenants by Developers. Each of the Developers covenants and agrees: (i) to keep the Board of Directors of the Project Company informed of all material events relating to the Project known by it, including defaults or violations by Project Company or its members under any applicable Project Documents, Permits or Laws, any litigation relating to Project Company or the Project, receipt of any material notices or reports relating to the Project, termination, suspension or impairment of any applicable Permit relating to the Project or Material Changes that could adversely affect the development and construction of the Project or Commercial Operation of the Project; (ii) to timely transfer to the other Developer such information regarding Project Company and the Project given to it, including the revisions to the Project Schedule and Project Budget, including but not limited to monthly progress and budgetary reports of the Project, in all cases as provided by the Project Company; (iii) use best commercial endeavors to assist the Project Company so that as soon as available and in any event within ten days (10) days after the end of each quarterly fiscal period of each fiscal year of Project Company, the Project Company delivers to each Developer unaudited (and if available, audited) statements of income, members’ equity and cash flows of Project Company for such period and for the period from the beginning of the respective fiscal year to the end of such period, and the related balance sheet and profit and loss account statement as at the end of each such period, setting forth (to the extent applicable) in each case in comparative form the corresponding figures for the corresponding period in the preceding fiscal year, accompanied by a certificate of an authorized officer of Project Company, which certificate shall state that such financial statements fairly present in all material respects the financial condition and (to the extent applicable) results of operations of Project Company in accordance with GAAP, consistently applied, as at the end of, and for, such period (subject to normal year-end audit adjustments); (iv) assist the Project Company so that it preserves, protects and defends all of its material rights and remedies under the Project Documents and complies with its obligations under the Project Documents; (v) promptly notify the Board of Directors of the Project Company of all known defects in the Project, and if requested by the Board of Directors of the Project Company,...