Common use of Annual Reports Clause in Contracts

Annual Reports. Borrower shall furnish to Lender annually, within 120 days after each calendar year, a complete copy of the REIT’s annual financial statements prepared in accordance to GAAP audited by a “big four” accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP and containing balance sheets and statements of profit and loss for Borrower and the Property in such form that is reasonably acceptable to Lender. Each such statement (x) shall be in form and substance that is reasonably satisfactory to Lender, (y) shall set forth the financial condition and the income and expenses for the Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as (1) a list of tenants, if any, occupying more than twenty percent (20%) of the rentable space of the Property, (2) a breakdown showing (a) the year in which each Lease then in effect expires, (b) the percentage of rentable space covered by such Lease, (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (z) shall be accompanied by an Officer’s Certificate certifying that to the best of their knowledge and belief (1) that such statement is true, correct, complete and accurate and presents fairly the financial condition of the Property and has been prepared in accordance with GAAP and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Annual Reports. Borrower shall furnish As soon as practicable, and in any event no later than the earlier to Lender annually, within 120 days after each calendar year, a complete copy occur of the REIT’s annual financial statements prepared in accordance to GAAP audited by a “big four” accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP and containing balance sheets and statements of profit and loss for Borrower and the Property in such form that is reasonably acceptable to Lender. Each such statement (x) shall the one-hundredth (100th) day after the end of each fiscal year of the Company, and (y) the tenth (10th) day after the date on which any of the following items are required to be delivered to the Commission, (a) the consolidated balance sheet of the Company and its Subsidiaries as at the end of such fiscal year and the related statements of consolidated earnings, consolidated shareholders’ equity and consolidated cash flows of the Company and its Subsidiaries for such fiscal year, and in comparative form the corresponding figures for the previous fiscal year in form and substance that is reasonably satisfactory sufficient to Lender, (y) shall calculate the financial covenants set forth in Section 7.4, and (b) an audit report on the financial condition and the income and expenses for the Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as (1) a list of tenants, if any, occupying more than twenty percent (20%) of the rentable space of the Property, (2) a breakdown showing items listed in clause (a) hereof of independent certified public accountants of recognized national standing, which audit report shall be unqualified and shall state that such financial statements fairly present the year consolidated financial position of the Company and its Subsidiaries as at the dates indicated and the results of their operations and cash flows for the periods indicated in which each Lease then conformity with generally accepted accounting principles as in effect expires, (b) from time to time and that the percentage of rentable space covered examination by such Lease, accountants in connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards. The deliveries made pursuant to this clause (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (zii) shall be accompanied by an Officera certificate of such accountants that, in the course of their examination necessary for their certification of the foregoing, they have obtained no knowledge of any Default or Unmatured Default under Section 7.4, or if, in the opinion of such accountants, any Default or Unmatured Default shall exist under Section 7.4, stating the nature and status thereof. With respect to any fiscal year, if all of the foregoing information is fairly, accurately and completely set forth in the Company’s Certificate certifying that Form 10-K filing with the Commission for such fiscal year, such Form 10-K filing with the Commission shall be deemed delivery to the best of their knowledge and belief (1) that such statement is true, correct, complete and accurate and presents fairly the financial condition Administrative Agent of the Property information required under this Section 7.1(A)(ii); provided, however, that the Company must comply with the foregoing timing requirements for such delivery or deemed delivery whether constituting a Form 10-K filing or another report and has been prepared in accordance with GAAP and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy itmust deliver any corresponding compliance certificates hereunder when due.

Annual Reports. Borrower shall furnish As soon as practicable, and in any event no later than the earlier to Lender annually, within 120 days after each calendar year, a complete copy occur of the REIT’s annual financial statements prepared in accordance to GAAP audited by a “big four” accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP and containing balance sheets and statements of profit and loss for Borrower and the Property in such form that is reasonably acceptable to Lender. Each such statement (x) shall the one-hundredth (100th) day after the end of each fiscal year of the Company, and (y) the tenth (10th) day after the date on which any of the following items are required to be delivered to the Commission, (a) the consolidated balance sheet of the Company and its Subsidiaries as at the end of such fiscal year and the related statements of consolidated earnings, consolidated shareholders’ equity and consolidated cash flows of the Company and its Subsidiaries for such fiscal year, and in comparative form the corresponding figures for the previous fiscal year in form and substance that is reasonably satisfactory sufficient to Lender, (y) shall calculate the financial covenants set forth in Section 7.4, and (b) an audit report on the financial condition and the income and expenses for the Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as (1) a list of tenants, if any, occupying more than twenty percent (20%) of the rentable space of the Property, (2) a breakdown showing items listed in clause (a) hereof of independent certified public accountants of recognized national standing, which audit report shall be unqualified and shall state that such financial statements fairly present the year consolidated financial position of the Company and its Subsidiaries as at the dates indicated and the results of their operations and cash flows for the periods indicated in which each Lease then conformity with generally accepted accounting principles as in effect expires, (b) from time to time and that the percentage of rentable space covered examination by such Lease, accountants in connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards. The deliveries made pursuant to this clause (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (zii) shall be accompanied by an Officer’s Certificate certifying that to a certificate of such accountants that, in the best course of their knowledge and belief (1) that such statement is true, correct, complete and accurate and presents fairly the financial condition examination necessary for their certification of the Property and has been prepared in accordance with GAAP and (2) whether there exists a foregoing, they have obtained no knowledge of any Default or Event Unmatured Default under Section 7.4, or if, in the opinion of Defaultsuch accountants, any Default or Unmatured Default shall exist under Section 7.4, stating the nature and status thereof. With respect to any fiscal year, if soall of the foregoing information is fairly, accurately and completely set forth in the Company’s Form 10-K filing with the Commission for such fiscal year, the nature thereofCompany may deliver such Form 10-K filing in lieu of a separate report setting forth such information; provided, however, that the period of time it has existed Company must comply with the timing requirements for such delivery whether constituting a Form 10-K filing or another report and the action then being taken to remedy itmust deliver any corresponding compliance certificates hereunder when due.

Annual Reports. Borrower shall furnish to Lender annually, within 120 days after each calendar year, a complete copy of the REIT’s Borrower's annual financial statements prepared in accordance to GAAP audited by a “"big four” " accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP and containing balance sheets and statements of profit and loss for Borrower and the Property in such form that is reasonably acceptable to Lenderdetail as Lender may request. Each such statement (x) shall be in form and substance that is reasonably satisfactory to Lender, (y) shall set forth the financial condition and the income and expenses for the Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as (1l) a list of tenants, if any, occupying more than twenty percent (20%) of the rentable space of the Property, (2) a breakdown showing (a) the year in which each Lease then in effect expires, (b) the percentage of rentable space covered by such Lease, (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (z) shall be accompanied by an Officer’s 's Certificate certifying that to the best of their knowledge and belief (1l) that such statement is true, correct, complete and accurate and presents fairly the financial condition of the Property and has been prepared in accordance with GAAP and GAAP, (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it, (3) that as of the date of such Officer's Certificate, no litigation exists involving Borrower or the Property in which the amount involved is $250,000 (in the aggregate) or more or in which all or substantially all of the potential liability is not covered by insurance, or, if so, specifying such litigation and the actions being taken in relation thereto and (4) the amount by which operating expenses incurred by Borrower for such period were greater than or less than the operating expenses reflected in the applicable Annual Budget.

Annual Reports. Borrower shall furnish to Lender annually, within 120 days after each calendar year, a complete copy of the REIT’s annual financial statements prepared in accordance to GAAP audited by a “big four” accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP and containing balance sheets and statements of profit and loss for Borrower Borrower, Owner and the Property in such form that is reasonably acceptable to Lender. Each such statement (x) shall be in form and substance that is reasonably satisfactory acceptable to Lender, (y) shall set forth the financial condition and the income and expenses for the Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as (1) a list of tenants, if any, occupying more than twenty percent (20%) of the rentable space of the Property, (2) a breakdown showing (a) the year in which each Lease then in effect expires, (b) the percentage of rentable space covered by such Lease, (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (z) shall be accompanied by an Officer’s Certificate certifying that to the best of their knowledge and belief (1) that such statement is true, correct, complete and accurate and presents fairly the financial condition of the Property and has been prepared in accordance with GAAP and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Annual Reports. Borrower shall furnish to Lender annually, within 120 days after each calendar year, a complete copy of the REIT’s annual financial statements prepared in accordance to GAAP audited by a “big four” accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP and containing balance sheets and statements of profit and loss for Borrower Borrower, Owner and the Property in such form that is reasonably acceptable to Lender. Each such statement (x) shall be in form and substance that is reasonably satisfactory acceptable to Lender, (y) shall set forth the financial condition and the income and expenses for the Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as (1) a list of tenants, if any, occupying more than twenty percent (20%) of the rentable space of the Property, (2) a breakdown showing (a) the year in which each Lease then in effect expires, (b) the percentage of rentable space covered by such Lease, (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (z) shall be accompanied by an Officer’s Certificate certifying that to the best of their knowledge and belief (1) that such statement is true, correct, complete and accurate and presents fairly the financial condition of the Property and has been prepared in accordance with GAAP and (2) whether there exists a Default or an Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Annual Reports. Borrower shall furnish to Lender annually, within 120 days after each calendar year, a complete copy of the REIT’s Borrower's annual financial statements prepared in accordance to GAAP audited by a “"big four” " accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP (or federal income tax basis of accounting, consistently applied) and containing balance sheets and statements of profit and loss for Borrower and the Property in such form that is reasonably acceptable to Lenderdetail as Lender may request. Each such statement (x) shall be in form and substance that is reasonably satisfactory to Lender, (y) shall set forth the financial condition and the income and expenses for the Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as (1) a list of tenants, if any, occupying more than twenty percent (20%) of the rentable space of the Property, (2) a breakdown showing (a) the year in which each Lease then in effect expires, (b) the percentage of rentable space covered by such Lease, (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (z) shall be accompanied by an Officer’s 's Certificate certifying that to the best of their knowledge and belief (1) that such statement is true, correct, complete and accurate and presents fairly the financial condition of the Property and has been prepared in accordance with GAAP (or federal income tax basis of accounting, consistently applied) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Annual Reports. Borrower shall furnish to Lender annually, within 120 days after each calendar year, a complete copy of the REITBorrower’s annual financial statements prepared in accordance to GAAP audited by a “big four” accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP and containing balance sheets and statements of profit and loss for Borrower and the Property in such form that is reasonably acceptable to Lenderdetail as Lender may request. Each such statement Such financial statements (xa) shall be in form and substance that is reasonably satisfactory to Lender, (yb) shall set forth the financial condition and the income and expenses for the Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as (1) a list of tenants, if any, occupying more than twenty percent (20%) of the rentable space of the Property, (2) a breakdown showing (a) the year in which each Lease then in effect expires, (b) the percentage of rentable space covered by such Lease, and (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (z) shall be accompanied by an Officer’s Certificate certifying that to the best of their knowledge and belief (1i) that such statement is true, correct, complete and accurate and presents fairly the financial condition of the Property and has been prepared in accordance with GAAP and GAAP, (2ii) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it, (iii) that as of the date of such Officer’s Certificate, no litigation exists involving Borrower or the Property in which the amount involved is $250,000 (in the aggregate) or more or in which all or substantially all of the potential liability is not covered by insurance, or, if so, specifying such litigation and the actions being taken in relation thereto and (iv) the amount by which operating expenses incurred by Borrower for such period were greater than or less than the operating expenses reflected in the applicable Annual Budget.

Annual Reports. Borrower shall furnish to Lender annually, within 120 days after each calendar year, a complete copy of the REIT’s Borrower's annual financial statements prepared in accordance to GAAP certified by Borrower, or, if the Ingram Micro Lease shall no longer xx xx effect or if an Event of Default shall then exist, audited by a “"big four” " accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP and containing balance sheets and statements of profit and loss for Borrower and the Property in such form that is reasonably acceptable to Lenderdetail as Lender may request. Each such statement (x) shall be in form and substance that is reasonably satisfactory to Lender, (y) shall set forth the financial condition and the income and expenses for the Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as and, if the Ingram Micro Lease shall no longer xx xx effect, (1) a list of tenants, if any, occupying more than twenty percent (20%) of the rentable space of the Property, (2) a breakdown showing (a) the year in which each Lease then in effect expires, (b) the percentage of rentable space covered by such Lease, (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (z) shall be accompanied by an Officer’s 's Certificate certifying that to the best of their knowledge and belief (1) that such statement is true, correct, complete and accurate and presents fairly the financial condition of the Property and has been prepared in accordance with GAAP and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Annual Reports. Borrower shall furnish to Lender annually, (i) -------------- within 120 60 days after each calendar year, unaudited financial statements of Borrower, and (ii) within 90 days after each calendar year, a complete copy of the REIT’s Borrower's annual financial statements prepared in accordance to GAAP audited by a “"big four” five" accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP and containing balance sheets and statements of profit and loss for Borrower and the Property Properties in such form that is detail as Lender may reasonably acceptable to Lenderrequest. Each such statement (x) shall be in form and substance that is reasonably satisfactory to Lender, (y) shall set forth the financial condition and the income and expenses for the Property Properties for the immediately preceding calendar year, including statements of annual Net Operating Income as well as to be accompanied by (1) a list of tenants, if any, occupying more than twenty percent (20%) of the rentable space of the PropertyProperties, (2) a breakdown showing (a) the year in which each Lease then in effect expires, (b) the percentage of rentable space covered by such Lease, (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (z) shall be accompanied by an Officer’s 's Certificate certifying that to the best of their knowledge and belief (1) that such statement is true, correct, complete and accurate and presents fairly the financial condition of the Property Properties and has been prepared in accordance with GAAP and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Annual Reports. Borrower Key Principal shall furnish to Lender annually, within 120 days after each calendar year, a complete copy of the REIT’s Key Principal's consolidated annual financial statements prepared in accordance to GAAP audited by a “"big four” " accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP and containing balance sheets and statements of profit and loss for each Borrower and the Property owned by Borrower in such form that is reasonably acceptable to Lenderdetail as Lender may request. Each such statement (x) shall be in form and substance that is reasonably satisfactory to Lender, (y) shall set forth the financial condition and the income and expenses for the Property owned by Borrower for the immediately preceding calendar year, including statements of annual Net Operating Income as well as (1) a list of tenants, if any, occupying more than twenty percent (20%) of the rentable space of the PropertyProperty owned by such Borrower, (2) a breakdown showing (a) the year in which each Lease then in effect expires, (b) the percentage of rentable space covered by such Lease, (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (z) shall be accompanied by an Officer’s 's Certificate certifying that to the best of their knowledge and belief (1) that such statement is true, correct, complete and accurate and presents fairly the financial condition of the Property owned by such Borrower and has been prepared in accordance with GAAP and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Annual Reports. Each Borrower shall furnish to Lender annually, (i) within 120 forty (40) days after each calendar yearFiscal Year, unaudited financial statements of such Borrower, and (ii) within one-hundred twenty (120) days after each Fiscal Year, a complete copy of the REIT’s such Borrower's annual financial statements prepared in accordance to GAAP audited by a “big four” "Big Five" accounting firm firm, including, but not limited to, Ernst & Young, L.L.P., or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP and containing balance sheets and statements of profit and loss for such Borrower and the its Collateral Property in such form that is reasonably acceptable to Lenderdetail as Lender may request. Each such statement (x) shall be in form and substance that is reasonably satisfactory to Lender, (y) shall set forth the financial condition and the income and expenses for the its Collateral Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as Income, and (y) shall be accompanied by an Officer's Certificate certifying (1) that such statement presents fairly the financial condition of such Collateral Property and has been prepared in accordance with GAAP, (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it, (3) a list of tenantsTenants, if any, occupying more than twenty percent (20%) of the rentable space of the such Collateral Property, and (24) a breakdown showing (a) the year in which each Lease then in effect expires, (b) the percentage of rentable space covered by such Lease, (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (z) shall be accompanied by an Officer’s Certificate certifying that to the best of their knowledge and belief (1) that such basis. At Borrower's option, Borrower may submit a combined annual statement is true, correct, complete and accurate and presents fairly the financial condition of the with individual Collateral Property and has been prepared in accordance with GAAP and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy itschedules setting forth all information required under this Section 6.9.2.

Annual Reports. Each Borrower shall furnish to Lender annually, -------------- (i) within 40 days after each Fiscal Year, unaudited financial statements of such Borrower, and (ii) within 120 days after each calendar yearFiscal Year, a complete copy of the REIT’s such Borrower's annual financial statements prepared in accordance to GAAP audited by a “big four” accounting firm Ernst & Young or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP and containing balance sheets and statements of profit and loss for such Borrower and the its Collateral Property in such form that is reasonably acceptable to Lenderdetail as Lender may request. Each such statement (x) shall be in form and substance that is reasonably satisfactory to Lender, (y) shall set forth the financial condition and the income and expenses for the its Collateral Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as Income, and (y) shall be accompanied by an Officer's Certificate certifying (1) that such statement presents fairly the financial condition of such Collateral Property and has been prepared in accordance with GAAP, (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it, (3) a list of tenants, if any, occupying more than twenty percent (20%) of the rentable space of the such Collateral Property, and (24) a breakdown showing (a) the year in which each Lease then in effect expires, (b) the percentage of rentable space covered by such Lease, (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (z) shall be accompanied by an Officer’s Certificate certifying that to the best of their knowledge and belief (1) that such basis. At Borrowers' option, Borrowers' may submit a combined annual statement is true, correct, complete and accurate and presents fairly the financial condition of the with individual Collateral Property and has been prepared in accordance with GAAP and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy itschedules setting forth all information required under this Section 6.9.2.

Annual Reports. Subject to Section 6.3.2, and if Borrower’s obligation to deliver reports to Senior Lender is eliminated, then Borrower shall furnish to Lender annually, within 120 days after each calendar year, a complete copy of the REIT’s Borrower's and Owner's annual financial statements prepared in accordance to GAAP audited by a “big four” accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountantunaudited) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each prepared by a certified practicing accountant, certified by the chief financial officer of each Borrower and prepared in accordance with GAAP and containing balance sheets and statements of profit and loss for Borrower Borrower, Owner and the each Property (which may be consolidated statements) in such form that is reasonably acceptable to Lenderdetail as Lender may request. Each such statement (x) shall be in form and substance that is reasonably satisfactory to Lender, (y) shall set forth the financial condition and the income and expenses for the each Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as (1) a list of tenants, if any, occupying more than twenty percent (20%) of the rentable space of the each Property, (2) a breakdown showing (a) the year in which each Lease then in effect expires, (b) the percentage of rentable space covered by such Lease, (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (z) shall be accompanied by an Officer’s 's Certificate certifying that to the best of their knowledge and belief (1) that such statement is true, correct, complete and accurate and presents fairly the financial condition of the each Property and has been prepared in accordance with GAAP and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Annual Reports. Borrower shall furnish to Lender annually, within 120 days after each calendar year, a complete copy of the REITBorrower’s or Owner’s annual financial statements prepared in accordance to GAAP audited by a “big four” accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP and containing balance sheets and statements of profit and loss for Borrower Borrower, Owner and the Property in such form that is reasonably acceptable to Lenderdetail as Lender may request. Each such statement Such financial statements (xa) shall be in form and substance that is reasonably satisfactory to Lender, (yb) shall set forth the financial condition and the income and expenses for the Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as (1i) a list of tenants, if any, occupying more than twenty percent (20%) of the rentable space of the Property, (2ii) a breakdown showing (aA) the year in which each Lease then in effect expires, (bB) the percentage of rentable space covered by such Lease, Lease and (cC) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (zc) shall be accompanied by an Officer’s Certificate (substantially in accordance with the form attached as Schedule 10-1 hereto) certifying that to the best of their knowledge and belief (1i) that such statement is true, correct, complete and accurate in all material respects and presents fairly the financial condition of the Property as of the date of such report and has been prepared in accordance with GAAP and GAAP, (2ii) to Borrower’s knowledge, whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it, (iii) that as of the date of such Officer’s Certificate, no litigation exists involving Borrower, Owner, the Collateral or the Property in which the amount involved is $500,000 (in the aggregate) and is not covered by insurance, or, if so, specifying such litigation and the actions being taken in relation thereto and (iv) the amount by which operating expenses incurred by Borrower and Owner for such period were greater than or less than the operating expenses reflected in the applicable Annual Budget. Notwithstanding the foregoing, the annual reporting requirements of Borrower herein will be deemed satisfied upon delivering to Lender copies of the Form 10-K of Guarantor within the timeframes set forth in this Section 6.3.2, so long as: (1) Guarantor is subject to the reporting requirements of the Exchange Act, or any successor statute or statutes thereto, and (2) Guarantor files its financial information with the U.S. Securities and Exchange Commission as and when required by the Exchange Act and such financial information of Guarantor is available to the public.

Annual Reports. Borrower shall furnish to Lender annually, within 120 days after each calendar year, a complete copy of the REITBorrower’s annual financial statements prepared in accordance to GAAP audited by a “big four” accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP and containing balance sheets and statements of profit and loss for Borrower and the Property in such form that is reasonably acceptable to Lenderdetail as Lender may request. Each such statement Such financial statements: (xa) shall be in form and substance that is reasonably satisfactory to Lender, (yb) shall set forth the financial condition and the income and expenses for the Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as (1i) a list of tenants, if any, occupying more than twenty percent (20%) of the rentable space of the Property, (2ii) a breakdown showing (aA) the year in which each Lease then in effect expires, (bB) the percentage of rentable space covered by such Lease, Lease and (cC) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (zc) shall be accompanied by an Officer’s Certificate (substantially in accordance with the form attached as Schedule 14-1 hereto) certifying that to the best of their knowledge and belief (1i) that such statement is true, correct, complete and accurate in all material respects and presents fairly the financial condition of the Property as of the date of such report and has been prepared in accordance with GAAP and GAAP, (2ii) to Borrower’s knowledge, whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it, (iii) that as of the date of such Officer’s Certificate, no litigation exists involving Borrower or the Property in which the amount involved is $500,000 (in the aggregate) and is not covered by insurance, or, if so, specifying such litigation and the actions being taken in relation thereto and (iv) the amount by which operating expenses incurred by Borrower for such period were greater than or less than the operating expenses reflected in the applicable Annual Budget. Notwithstanding the foregoing, annual reporting requirements of Borrower hererin will be deemed satisfied upon delivering to Lender copies of the Form 10-K of Guarantor within the timeframes set forth in this Section 6.3.2, so long as: (1) Guarantor is subject to the reporting requirements of the Exchange Act, or any successor statute or statutes thereto, and (2) Guarantor files its financial information with the U.S. Securities and Exchange Commission as and when required by the Exchange Act and such financial information of Guarantor is available to the public.

Annual Reports. Borrower shall furnish to Lender annually, within 120 days after each calendar year, a complete copy of the REITBorrower’s annual financial statements prepared in accordance to GAAP audited by a “big four” accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP (or federal income tax basis of accounting, consistently applied) and containing balance sheets and statements of profit and loss for Borrower and the Property in such form that is reasonably acceptable to Lenderdetail as Lender may request. Each of such statement financial statements (x) shall be in form and substance that is reasonably satisfactory to Lender, (y) shall set forth the financial condition and the income and expenses for the Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as (1) a list of tenants, if any, occupying more than twenty ten percent (2010%) of the rentable space of the Property, (2) a breakdown showing (a) the year in which each Lease then in effect expires, (b) the percentage of rentable space covered by such Lease, (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (z) shall be accompanied by an Officer’s Certificate certifying that to the best of their knowledge and belief (1) that such statement is true, correct, complete and accurate and presents fairly the financial condition of the Property and has been prepared in accordance with GAAP (or federal income tax basis of accounting, consistently applied) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Annual Reports. Borrower shall furnish to Lender annually, within 120 days after each calendar year, a complete copy of the REIT’s annual financial statements prepared in accordance to GAAP audited by a “big four” accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP and containing balance sheets and statements of profit and loss for Borrower and the Property in such form that is reasonably acceptable to Lender. Each such statement (x) shall be in form and substance that is reasonably satisfactory to Lender, (y) shall set forth the financial condition and the income and expenses for the Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as (1) a list of tenants, if any, occupying more than twenty percent (20%) of the rentable space of the Property, (2) a breakdown showing (a) the year in which each Lease then in effect expires, (b) the percentage of rentable space covered by such Lease, (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (z) shall be accompanied Page by an Officer’s Certificate certifying that to the best of their knowledge and belief (1) that such statement is true, correct, complete and accurate and presents fairly the financial condition of the Property and has been prepared in accordance with GAAP and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.. 47

Annual Reports. Borrower shall furnish to Lender annually, annually within 120 ninety (90) days after each calendar year, a complete copy of the REITBorrower’s annual financial statements prepared in accordance to GAAP audited by a “big four” accounting firm or another an independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each prepared in accordance with GAAP or any other accounting method, consistently applied, and containing balance sheets and statements of profit and loss for Borrower and the Property in such form that is detail as Lender may reasonably acceptable to Lenderrequest. Each such statement (x) shall be in form and substance that is reasonably satisfactory to Lender, (y) shall set forth the financial condition and the income and expenses for the Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as (1) a list of tenantsTenants, if any, occupying more than twenty percent (20%) of the rentable space of the Property, (2) a breakdown showing (a) the year in which each Lease then in effect expires, (b) the percentage of rentable space covered by such Lease, (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (z) shall be accompanied by an Officer’s Certificate certifying that to the best of their knowledge and belief (1) that such statement is true, correct, complete and accurate in all material respects and presents fairly the financial condition of the Property and has been prepared in accordance with GAAP or any other accounting method consistently applied and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Annual Reports. Borrower shall furnish to Lender annually, within 120 days after each calendar year, a complete copy of the REITBorrower’s annual financial statements prepared in accordance to GAAP audited by a “big four” accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP and containing balance sheets and statements of profit and loss for Borrower and the Property in such form that is reasonably acceptable to Lenderdetail as Lender may request. Each such statement (x) shall be in form and substance that is reasonably satisfactory to Lender, (y) shall set forth the financial condition and the income and expenses for the Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as (1) a list of tenants, if any, occupying more than twenty percent (20%) of the rentable space of the Property, (2) a breakdown showing (a) the year in which each Lease then in effect expires, (b) the percentage of rentable space covered by such Lease, (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (z) shall be accompanied by an Officer’s Certificate certifying that to the best of their knowledge and belief (1) that such statement is true, correct, complete and accurate in all material respects and presents fairly the financial condition of the Property and has been prepared in accordance with GAAP and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Annual Reports. Borrower shall furnish to Lender annually, annually within 120 one-hundred twenty (120) days after each calendar year, a complete copy of the REITBorrower’s annual financial statements prepared in accordance to GAAP audited compiled by a “big four” accounting firm or another an independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender in form and content reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each prepared in accordance with GAAP or any other accounting method, consistently applied, and containing balance sheets and statements of profit and loss for Borrower and the Property in such form that is detail as Lender may reasonably acceptable to Lenderrequest. Each such statement (x) shall be in form and substance that is reasonably satisfactory to Lender, (y) shall set forth the financial condition and the income and expenses for the Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as (1) a list of tenantsTenants, if any, occupying more than twenty percent (20%) of the rentable space of the Property, (2) with respect to Tenants occupying ten percent (10%) or more of the rentable space of the Property a breakdown showing (a) the year in which each Lease then in effect expires, (b) the percentage of rentable space covered by such Lease, (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis basis; provided, however, such statement shall not be required to include the items set forth in (1) and (2) above to the extent such matters are included in the rent rolls delivered pursuant to Section 6.3.3(vii) below, and (z) shall be accompanied by an Officer’s Certificate certifying that to the best of their knowledge and belief (1) that such statement is true, correct, complete and accurate in all material respects and presents fairly the financial condition of the Property and has been prepared in accordance with GAAP or any other accounting method consistently applied and (2) whether there exists a Default or an Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Annual Reports. Borrower shall furnish to Lender annuallyAs soon as practicable, and in any event within 120 one hundred twenty (120) days after the end of each calendar fiscal year, a complete copy of the REIT’s annual financial statements prepared in accordance to GAAP audited by a “big four” accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP and containing balance sheets and statements of profit and loss for Borrower and the Property in such form that is reasonably acceptable to Lender. Each such statement (x) shall be in form and substance that is reasonably satisfactory to Lender, (y) shall set forth the financial condition and the income and expenses for the Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as (1) a list of tenants, if any, occupying more than twenty percent (20%) of the rentable space of the Property, (2) a breakdown showing (a) the consolidated and consolidating balance sheet of Holdings and its Subsidiaries as at the end of such fiscal year and the related consolidated and consolidating statements of income, members' equity and cash flow of Holdings and its Subsidiaries for such fiscal year, and, in which each Lease then in effect expirescomparative form the corresponding figures for the previous fiscal year, (b) a schedule from Holdings setting forth for each item in clause (a) hereof, the percentage of rentable space covered by such Leasecorresponding figures from the consolidated financial budget for the current fiscal year delivered pursuant to Section 6.1(A)(v), and (c) an audit report on the percentage items (other than the consolidating financial statements) listed in clause (a) hereof of base rent independent certified public accountants of recognized national standing, which audit report shall be unqualified and shall state that such financial statements fairly present in all material respects the consolidated financial position of Holdings and its Subsidiaries as at the dates indicated and the results of their operations and cash flow for the periods indicated in conformity with respect Agreement Accounting Principles and that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards. The deliveries made pursuant to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and this clause (ziii) shall be accompanied by an Officer’s Certificate certifying that to (y) any management letter prepared by the best above-referenced accountants and (z) a certificate of such accountants that, in the course of their knowledge and belief (1) that such statement is true, correct, complete and accurate and presents fairly the financial condition examination necessary for their certification of the Property foregoing, (i) they have obtained no knowledge of any Default or Unmatured Default, or if, in the opinion of such accountants, any Default or Unmatured Default shall exist, stating the nature and status thereof and (ii) if a Tax Distribution has been prepared in accordance with GAAP made after the occurrence and (2) whether there exists a during the continuance of any Default or Event of Unmatured Default, they have reviewed the calculations of Income Tax Liabilities for such period and if so, have determined that the nature thereof, amount of the period of time it has existed and Tax Distributions for such year does not exceed the action then being taken to remedy itamount permitted under Section 6.3(F).

Annual Reports. Each Borrower shall furnish or cause to be furnished to Lender annually, within 120 one hundred twenty (120) days after each calendar year, a complete copy of the REIT’s consolidated and annotated annual financial statements of Borrower and Guarantor, in each case prepared in accordance to GAAP audited by a “big four” accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP and containing balance sheets and statements of profit and loss for Borrower and such Borrower, the Property owned by such Borrower, and Guarantor in such form that is detail as Lender may request. In the case of Guarantor, such financial statements shall be prepared and audited by an independent certified public accountant reasonably acceptable to Lender and accompanied by an unqualified opinion from such independent certified public accountant reasonably acceptable to Lender. Each All such statement financial statements under this Section 6.3.2 (x) shall be in form and substance that is reasonably satisfactory to Lender, (y) shall be accompanied by a financial statement of the Property owned by such Borrower and set forth the financial condition and the income and expenses for the Property owned by such Borrower for the immediately preceding calendar year, including statements of annual Net Operating Income as well as (1) a list of tenants, if any, occupying more than twenty percent (20%) of the rentable space of the PropertyProperty owned by such Borrower, (2) a breakdown showing (a) the year in which each Lease then in effect expires, (b) the percentage of rentable space covered by such Lease, (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (z) shall be accompanied by an Officer’s Certificate certifying that to the best of their knowledge and belief (1) that such statement is true, correct, complete and accurate and presents fairly the financial condition of the Property owned by such Borrower and has been prepared in accordance with GAAP and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Annual Reports. Borrower shall furnish to Lender annually, within 120 days after each calendar year, a complete copy of the REITBorrower’s annual financial statements prepared in accordance to GAAP audited by a “big four” accounting firm or another reputable independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other reputable independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP (or federal income tax basis of accounting, consistently applied) and containing balance sheets and statements of profit and loss for Borrower and the Property in such form that is reasonably acceptable to Lenderdetail as Lender may request. Each of such statement financial statements (x) shall be in form and substance that is reasonably satisfactory to Lender, (y) shall set forth the financial condition and the income and expenses for the Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as (1) a list of tenants, if any, occupying more than twenty ten percent (2010%) of the rentable space of the Property, (2) a breakdown showing (a) the year in which each Lease then in effect expires, (b) the percentage of rentable space covered by such Lease, (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (z) shall be accompanied by an Officer’s Certificate certifying that to the best of their knowledge and belief (1) that such statement is true, correct, complete and accurate and presents fairly the financial condition of the Property and has been prepared in accordance with GAAP (or federal income tax basis of accounting, consistently applied) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Annual Reports. Borrower or Operating Lessee shall furnish to Lender annually, (i) within 120 forty (40) days after each calendar year, unaudited financial statements of Borrower and Operating Lessee, and (ii) within ninety (90) days after each calendar year, a complete copy of the REITBorrower’s and Operating Lessee’s annual financial statements prepared by Borrower in accordance to GAAP audited by a “big four” accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) form and content reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each prepared in accordance with GAAP and the Uniform System of Accounts, as applicable, or any other accounting method, consistently applied, and containing balance sheets and statements of profit and loss for Borrower Borrower, Operating Lessee and the each Individual Property in such form that is detail as Lender may reasonably acceptable to Lenderrequest. Each such statement (x) shall be in form and substance that is reasonably satisfactory to Lender, (y) shall set forth the financial condition and the income and expenses for the each Individual Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as as, to the extent applicable, (1) a list of tenantsTenants, if any, occupying more than twenty percent (20%) of the rentable space of the any Individual Property, (2) a breakdown showing (a) the year in which each Lease then in effect expires, (b) the percentage of rentable space covered by such Lease, expressed both on a per year and a cumulative basis, and (c) the percentage of base rent with respect to which Leases shall expire in each such year, and (3) occupancy statistics for each Individual Property, expressed both on a per year and a cumulative basis and (z) shall be accompanied by an Officer’s Certificate certifying that to the best of their knowledge and belief (1) that such statement is true, correct, complete and accurate in all material respects and presents fairly the financial condition of the Property and has been prepared in accordance with GAAP and the Uniform System of Accounts, as applicable, or any other accounting method consistently applied and (2) whether to Borrower’s knowledge there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Annual Reports. Borrower shall furnish to Lender annually, within 120 days after each calendar year, a complete copy of the REIT’s Borrower's annual financial statements prepared audited (if Lender requires for such statements for any year by notice delivered no later than October 31 of the calendar year in accordance to GAAP audited question; in the absence of such Lender requirement such statements need not be audited) by a “"big four” " accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP (or federal income tax basis of accounting, consistently applied) and containing balance sheets and statements of profit and loss for Borrower and the Property in such form that is reasonably acceptable to Lenderdetail as Lender may request. Each of such statement financial statements (x) shall be in form and substance that is reasonably satisfactory to Lender, (y) shall set forth the financial condition and the income and expenses for the Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as (1) a list of tenants, if any, occupying more than twenty ten percent (2010%) of the rentable space of the Property, (2) a breakdown showing (a) the year in which each Lease then in effect expires, (b) the percentage of rentable space covered by such Lease, (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (z) shall be accompanied by an Officer’s 's Certificate certifying that to the best of their knowledge and belief (1) that such statement is true, correct, complete and accurate and presents fairly the financial condition of the Property and has been prepared in accordance with GAAP (or federal income tax basis of accounting, consistently applied) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Annual Reports. Borrower shall furnish to Lender annually, within 120 days after each calendar year, a complete copy of the REIT’s each Borrower's annual financial statements prepared audited (if Lender requires for such statements for any year by notice delivered no later than October 31 of the calendar year in accordance to GAAP audited question; in the absence of such Lender requirement such statements need not be audited) by a “"big four” " accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP (or federal income tax basis of accounting, consistently applied) and containing balance sheets and statements of profit and loss for such Borrower and the Property in such form that is reasonably acceptable to Lenderdetail as Lender may request. Each of such statement financial statements (x) shall be in form and substance that is reasonably satisfactory to Lender, (y) shall set forth the financial condition and the income and expenses for the Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as (1) a list of tenants, if any, occupying more than twenty percent (20%) of the rentable space of the Property, (2) a breakdown showing (a) the year in which each Lease then in effect expires, (b) the percentage of rentable space covered by such Lease, (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (z) shall be accompanied by an Officer’s 's Certificate certifying that to the best of their knowledge and belief (1) that such statement is true, correct, complete and accurate and presents fairly the financial condition of the Property and has been prepared in accordance with GAAP GAAP(or federal income tax basis of accounting, consistently applied) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Annual Reports. Borrower shall furnish As soon as practicable, and in any event within (a) five Business Days of the Effective Date with respect to Lender annuallythe fiscal year ended November 30, 1997 and (b) for each other fiscal year, within 120 90 days after the end of each calendar such fiscal year, a complete copy (1) the consolidated balance sheet of the REIT’s annual financial statements prepared in accordance to GAAP audited by a “big four” accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from Company and its Subsidiaries as at the end of such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial fiscal year and the related consolidated statements of income, stockholders' equity and cash flows of the BorrowerCompany and its Subsidiaries for such fiscal year, each and in accordance comparative form the corresponding figures for the previous fiscal year along with GAAP and containing balance sheets and statements of profit and loss for Borrower and the Property in such form that is reasonably acceptable to Lender. Each such statement (x) shall be consolidating schedules in form and substance that is reasonably satisfactory sufficient to Lender, (y) shall calculate the financial covenants set forth in Section 7.4 and (2) an audit report on the financial condition and the income and expenses for the Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as items listed in clause (1) a list of tenants, if any, occupying more hereof (other than twenty percent (20%the consolidating schedules) of independent certified public accountants of recognized national standing, which audit report shall be unqualified and shall state that such financial statements fairly present the rentable space consolidated financial position of the Property, (2) a breakdown showing (a) Company and its Subsidiaries as at the year dates indicated and the results of their operations and cash flows for the periods indicated in which each Lease then in effect expires, (b) conformity with GAAP and that the percentage of rentable space covered examination by such Lease, accountants in connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards. The deliveries made pursuant to this clause (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (ziii) shall be accompanied by an Officer’s Certificate certifying that to (x) any management letter identifying material weaknesses in internal accounting controls prepared by the best above-referenced accountants, (y) a certificate of such accountants that, in the course of their knowledge and belief (1) that such statement is true, correct, complete and accurate and presents fairly the financial condition examination necessary for their certification of the Property and has been prepared in accordance with GAAP and (2) whether there exists a foregoing, they have obtained no knowledge of any Default or Event of Default, or if, in the opinion of such accountants, any Default or Event of Default shall exist, stating the nature and if sostatus thereof; PROVIDED, notwithstanding the foregoing, the nature thereofcertificate required under clause (y) with respect to the fiscal year ended November 30, 1997 shall be required to be delivered within five Business Days of the Effective Date. In the event any management letter identifying material weaknesses in internal accounting controls prepared by the above-referenced accountants is delivered to the Company at any other time, the period Company shall promptly, but in any event within 10 Business Days of time it has existed and the action then being taken delivery thereof to remedy itthe Company, deliver a copy thereof to the holders of the Notes.

Annual Reports. Borrower Key Principal shall furnish to Lender annually, within 120 days after each calendar year, a complete copy of the REITKey Principal’s consolidated annual financial statements prepared in accordance to GAAP audited by a “big four” accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP and containing balance sheets and statements of profit and loss for each Borrower and the Property owned by Borrower in such form that is reasonably acceptable to Lenderdetail as Lender may request. Each such statement (x) shall be in form and substance that is reasonably satisfactory to Lender, (y) shall set forth the financial condition and the income and expenses for the Property owned by Borrower for the immediately preceding calendar year, including statements of annual Net Operating Income as well as (1) a list of tenants, if any, occupying more than twenty percent (20%) of the rentable space of the PropertyProperty owned by such Borrower, (2) a breakdown showing (a) the year in which each Lease then in effect expires, (b) the percentage of rentable space covered by such Lease, (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (z) shall be accompanied by an Officer’s Certificate certifying that to the best of their knowledge and belief (1) that such statement is true, correct, complete and accurate and presents fairly the financial condition of the Property owned by such Borrower and has been prepared in accordance with GAAP and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Annual Reports. Borrower shall furnish to Lender annually, within 120 days after each calendar year, a complete copy of the REIT’s each Borrower's annual financial statements prepared audited (if Lender requires for such statements for any year by notice delivered no later than October 31 of the calendar year in accordance to GAAP audited question; in the absence of such Lender requirement such statements need not be audited) by a “"big four” " accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP (or federal income tax basis of accounting, consistently applied) and containing balance sheets and statements of profit and loss for such Borrower and the Property in such form that is reasonably acceptable detail as Lender may request; provided, however, no individual TIC Borrower shall be required to Lenderfurnish such financial statements unless such TIC Borrower owns at least a 20% tenant-in-common interest in the Property. Each of such statement financial statements (x) shall be in form and substance that is reasonably satisfactory to Lender, (y) shall set forth the financial condition and the income and expenses for the Property for the immediately preceding calendar year, including statements of annual Net Operating Income as well as (1) a list of tenants, if any, occupying more than twenty percent (20%) of the rentable space of the Property, (2) a breakdown showing (a) the year in which each Lease then in effect expires, (b) the percentage of rentable space covered by such Lease, (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (z) shall be accompanied by an Officer’s 's Certificate certifying that to the best of their knowledge and belief (1) that such statement is true, correct, complete and accurate and presents fairly the financial condition of the Property and has been prepared in accordance with GAAP GAAP(or federal income tax basis of accounting, consistently applied) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.