12-19-2007 Council Agenda - Laserfiche WebLink

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the Borrower's annual "Summary of Condition to the Congregation" within 120 days of each fiscal year -end of the Borrower. (b) The Borrower shall provide to the Lender an audited financial report every five years beginning with no later than the fiscal year ending June 30, 2012 and then every five years or sooner from that point by an independent accountant acceptable to the Borrower within 120 days of the fiscal year -end of the Borrower. (c) The Borrower shall submit to the Lender quarterly internally prepared reports updating the balance sheet, income statement and statement of cash flows within forty - five (45) days following the end of each fiscal quarter. (d) The Borrower shall submit to the Lender quarterly reports detailing the amounts pledged and collected for capital campaigns, if any, and general offerings within forty - five (45) days following the end of each fiscal quarter. Section 4.11 Debt Service Ratio Covenant. The Borrower shall not permit its Debt Service Coverage Ratio on this Loan to be less than 1.0 for any Fiscal Year of the Borrower ending after the date hereof, as tested and measured on an annual basis. 2110583v4 20-38-