no later than thirty (30) days after the end of each fiscal year of Co-Borrowers, and contemporaneously with any updates or amendments thereto, # annual operating budgets (including income statements, balance sheets and cash flow statements, by month) for the upcoming fiscal year of Co-Borrowers, and # annual financial projections for the following fiscal year (on a quarterly basis), in each case as approved by the Board, together with any related business forecasts used in the preparation of such annual financial projections;

Financial Statements; Projections; Etc. Administrative Agent shall have received # audited annual financial statements of Borrower and its Subsidiaries for each of the 2016, 2017 and 2018 fiscal years of Borrower; # unaudited quarterly financial statements for the Borrower and its Subsidiaries for each of the fiscal quarters of Borrower ending in 2016, 2017 and 2018; # copies of financial projections of Borrower and its Subsidiaries for the next five (5) fiscal years; and # an unaudited balance sheet of Borrower and its Subsidiaries for Borrower and its Subsidiaries for the fiscal quarter of Borrower ended on March 31, 2019, adjusted, on a Pro Forma Basis, to give effect to the consummation of the Transactions.

Financial Statements and Projections. The Lenders shall have received # audited consolidated financial statements of the Borrower and its Subsidiaries for the three most recent fiscal years ended prior to the Effective Date as to which such financial statements are available, and # reasonably satisfactory financial statement projections (which shall include balance sheet, income and cash flow statement projections) through and including the Borrower’s 2025 fiscal year, together with such information as reasonably requested by the Lead Arranger (including a detailed description of the assumptions used in preparing such projections).

Financial Statements and Projections. The Lenders shall have received # audited consolidated financial statements of PAO TMK for the 2015 and 2016 fiscal years, # unaudited consolidated financial statements of the Borrowers for the 2016 fiscal year, # unaudited interim consolidated financial statements (including any and all quarterly detailed financial statement reconciliations) of the Borrowers for each fiscal month and quarter ended after the date of the latest applicable financial statements delivered pursuant to clause (ii) of this paragraph as to which such financial statements are available, and such financial statements shall not, in the reasonable judgment of the Administrative Agent, reflect any material adverse change in the consolidated financial condition of the Borrowers, as reflected in the audited, consolidated financial statements described in clause (ii) of this paragraph, and # satisfactory projections for the Borrowers on a monthly basis through the end of the fiscal year ended December 31, 2017 and for the fiscal year ended December 31, 2018, and annually for the following four fiscal years through the end of the Borrowers’ fiscal year 2022.

“Approved Operating Expense” shall mean an operating expense of the Property set forth on the Approved Annual Budget.

approve or amend the Annual Budget, or any other material capital or operating budget of the Company or any of its Subsidiaries;

“Annual Budget” shall mean the operating budget, including all planned Capital Expenditures, for the Property prepared by ​ for the applicable Fiscal Year.

Projections. As soon as available, but in any event within forty-five (45) days after the end of each fiscal year of Borrower, forecasts prepared by management of

Annual Financial Statements. As soon as available, but in any event within ninety (90) days after the end of each fiscal year of the Borrower (commencing with the fiscal year ended December 31, 2018), a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, changes in shareholders’ equity, and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report of an independent certified public accountant of nationally recognized standing, which report shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit.

Annual Financial Statements. Within one hundred twenty (120) days of the end of the calendar year, Borrowers shall provide the Bank with internally prepared combined annual financial statements of Borrowers, prepared on a sound accounting basis in accordance with GAAP, consistently applied (including combined balance sheets and combined income statements) and the information in Section 6.6(a) (i) and (ii), respectively, above for such entire applicable fiscal year period). Borrowers shall cause