Budget. The Project Budget accurately reflects all Total Project Related Costs. Upon the making of the Additional Advances requested in ​’s Advance Request in the manner set forth therein, all materials and labor theretofore supplied or performed in connection with the Property will have been paid for in full (subject to the Retainage).

Budget. Before the commencement of construction of the Tenant Improvements, Tenant shall deliver to Landlord a detailed breakdown by trade of the costs incurred or that will be incurred in connection with the design and construction of the Tenant Improvements and the estimated payment schedule for such costs, which Tenant shall update at least monthly (the most recent such budget, the “Budget”).

Budget. As soon as available and in any event within 65 days after the beginning of the Borrower’s fiscal years, the Borrower will deliver a Budget of the Borrower and its consolidated Subsidiaries for such fiscal year.

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.

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.

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 ​.

Budget; Projections. Prior to the consummation of a Qualifying IPO, within ninety days after the end of each fiscal year (commencing with the first fiscal year ending after the Closing Date), a consolidated budget for the following fiscal year on a quarterly basis as customarily prepared by management of the ​ for its internal use and setting forth the material underlying assumptions based on which such consolidated budget was prepared (including any projected consolidated balance sheet of the ​ and its Restricted Subsidiaries as of the end of the following fiscal year and the related condensed consolidated statements of projected operations or income (loss) and projected cash flow, in each case, to the extent prepared by management of the ​ and included in such consolidated budget, which projected financial statements shall be prepared in good faith on the basis of assumptions believed to be reasonable at the time of preparation of such projected financial statements).