Common use of Current Financial Statements Clause in Contracts

Current Financial Statements. (a) On or before the expiration of 45 days after each fiscal quarter during the term of the Loan, Borrower shall deliver to Lender Financial Statements of Borrower. On or before the expiration of 120 days after each fiscal year during the term of the Loan, Borrower shall deliver to Lender annual audited Financial Statements of Capital Senior Living Corporation (on a consolidated and consolidating basis). (b) With respect to the Property, Borrower shall deliver to Lender: (1) Within 45 days after each fiscal quarter, monthly and year-to-date Financial Statements of the operations of the Property, in the form of Exhibit "E", certified by an officer of Borrower to be true and correct to the best of the officer's knowledge and belief. (2) If and when applicable, within twenty (20) days of receipt, copies of all licensure and certification survey reports and statements of deficiencies, and, attached thereto, a copy of any plan of correction generated by the Borrower or Manager in connection with such survey or report; and to correct, in requisite time, any deficiency the curing of which is a condition to continued licensure or ability to operate. (3) If and when applicable, within three (3) days of receipt, any and all notices (regardless of form) from any and all licensing and/or certifying agencies that the Property is being downgraded to a substandard category, revoked, or suspended or that any such action is pending or being considered. (4) If requested by Lender, within fifteen (15) days of Lender's request, an aged accounts receivable report of the Property. (5) Within twenty (20) days of filing or receipt, all Medicaid cost reports and amendments thereto filed with respect to the Property, and all responses, audit reports or other inquiries with respect to such cost reports. (6) Within ten (10) days of receipt, a copy of the Medicaid rate calculation worksheet (or the equivalent thereof) issued by the appropriate Medicaid agency for the Property. (c) If Borrower routinely prepares more frequent Financial Statements (unaudited) for interim periods, Borrower shall furnish Lender copies of such interim statements (unaudited) when they are prepared. In addition Borrower will promptly prepare and deliver, or cause to be prepared and delivered, to Lender such other Financial Statements as Lender may from time to time reasonably request. All Financial Statements shall be prepared in accordance with generally accepted accounting principles, consistently applied. Furthermore, Borrower shall execute and deliver to Lender its Affidavit of Borrower in accordance with the terms set forth in paragraph 1.2.

Current Financial Statements. (a) On or before the expiration of 45 days after each fiscal quarter during the term of the Loan, Borrower shall deliver to Lender Agent Financial Statements of Borrower. On or before the expiration of 120 days after each fiscal year during the term of the Loan, Borrower shall deliver to Lender Agent annual audited Financial Statements of Capital Senior Living Corporation (on a consolidated and consolidating basis). (b) With respect to the Property, Borrower shall deliver to LenderAgent: (1) Within 45 days after each fiscal quarter, monthly and year-to-date Financial Statements of the operations of the Property, in the form of Exhibit "E"F, certified by an officer of Borrower to be true and correct to the best of the officer's knowledge and belief. (2) If and when applicable, within twenty (20) days of receipt, copies of all licensure and certification survey reports and statements of deficiencies, and, attached thereto, a copy of any plan of correction generated by the Borrower or Manager in connection with such survey or report; and to shall correct, in requisite time, any deficiency the curing of which is a condition to continued licensure or ability to operate. (3) If and when applicable, within three (3) days of receipt, any and all notices (regardless of form) from any and all licensing and/or certifying agencies that the Property is being downgraded to a substandard category, revoked, or suspended or that any such action is pending or being considered. (4) If requested by LenderAgent, within fifteen (15) days of LenderAgent's request, an aged accounts receivable report of the Property. (5) Within twenty (20) days of filing or receipt, all Medicaid cost reports and amendments thereto filed with respect to the Property, and all responses, audit reports or other inquiries with respect to such cost reports. (6) Within ten (10) days of receipt, a copy of the Medicaid rate calculation worksheet (or the equivalent thereof) issued by the appropriate Medicaid agency for the Property. (c) If Borrower routinely prepares more frequent Financial Statements (unaudited) for interim periods, Borrower shall furnish Lender Agent copies of such interim statements (unaudited) when they are prepared. In addition Borrower will promptly prepare and deliver, or cause to be prepared and delivered, to Lender Agent such other Financial Statements as Lender Agent may from time to time reasonably request. All Financial Statements shall be prepared in accordance with generally accepted accounting principlesGAAP, consistently applied. Furthermore, Borrower shall execute and deliver to Lender Agent its Affidavit of Borrower in accordance with the terms set forth in paragraph 1.2Section 1.3.