Progress Reporting. The Party initiating or defending any enforcement action under this [Section 8.7] (the “Enforcing Party”) shall keep the other Party reasonably informed of the progress of any such enforcement action, and such other Party shall have the individual right to participate with counsel of its own choice at its own expense.

Progress Schedule. The initial progress schedule for the completion of the Improvements is attached hereto as [Schedule 2] (the “Progress Schedule”). ​ shall revise the Progress Schedule to reflect the final schedule approved by ​ and ​ (or deemed approved) in accordance with Section 3.2 below. The Progress Schedule shall be adjusted from time to time to account for the actual progress of the work and to account for ​ Delay, provided ​ will be provided with written notice of any changes. Except as expressly provided to the contrary, all time periods referred to in this Work Letter shall be computed on a calendar basis with no allowance for holidays or weekends.

Shipped Report. By no later than 5:00 p.m. (New York time) on each Business Day, ​ shall deliver a Shipped Report to ​ and ​. ​ shall monitor each Mortgage Loan on a daily basis in order that all information set forth on the Shipped Report is accurate as of the time such Shipped Report is delivered. Each such Shipped Report shall be delivered by electronic transmission in accordance with [Section 22].

Environmental Report. ​ shall cause to be delivered to ​ an environmental assessment report or reports of one or more qualified environmental engineering or similar inspection firms approved by ​ in form, scope and substance satisfactory to ​, which report or reports shall indicate a condition of the Property in all respects satisfactory to ​ in its sole discretion and upon which report or reports ​ are expressly entitled to rely.

Geotechnical Report. ​ shall cause to be delivered to ​ a geotechnical report of one or more qualified engineers approved by ​ and the Construction Consultant in form, scope and substance satisfactory to ​ and the Construction Consultant, which report shall indicate a condition of the soil at the Property in all respects satisfactory to ​ in its sole discretion and upon which report or reports ​ are expressly entitled to rely.

Board Report. The Arranger shall have been informed of the conclusions of the report of the causes of the restatement of the Borrower’s earnings commissioned by the Borrower’s Board of Directors, and the Arranger shall be satisfied, in its sole discretion, with the conclusions of such report.

Net Sales and amounts due hereunder shall be expressed in USD and the Parties shall make all payments in USD, except where otherwise specifically stipulated. Whenever for the purpose of calculating royalties conversion from any foreign currency shall be required, such conversion shall be made as follows: when calculating the Net Sales, the amount of such sales in foreign currencies shall be converted into USD using the rate of exchange for such currencies at the time published by the European Central Bank in Frankfurt (e.g., on Reuters Screen ), on the last day of the relevant Quarter in accordance with Ovid’s then current standard practices.

Audit Report. The independent accountant will be instructed to provide to ​ an audit report containing its conclusions regarding the audit, and specifying whether the amounts paid were correct, and, if incorrect, the amount of any underpayment or overpayment. The independent auditor shall provide to Denali a preliminary copy of its audit report, and shall discuss with Denali any issues or discrepancies that Denali identifies, prior to submission to ​.

Assignee shall use commercially reasonable efforts and due diligence, itself and/or through one or more Licensees, to develop, and to obtain regulatory approval to market, at least one Product, as promptly as is reasonably and commercially feasible.

engineering studies, development schedules and quarterly and annual progress reports on Development Plan projects which progress reports shall at least set out the then current development schedule, the status of each such Development Plan project from inception to date, its cumulative costs to date and the cumulative commitments undertaken;