A. Not later than [date] of each year, the Program shall prepare and forward to each of the Parties a report on the Program's activities for the preceding 12 month period, and a projection of the Program's activities for the next 12 month period.

1. The Annual Report shall include for the preceding 12 month period the following: the revenues and expenditures of the Program, an accounting of all mitigation credits created and sold, a description of the monitoring and maintenance activities at mitigation sites, and the performance of mitigation sites.

2. The Annual Report shall include a description of the work to be performed during the next 12 month period at individual mitigation bank sites, including work previously approved by ACE which will create mitigation credits, as well as work to monitor and remediate existing mitigation bank sites.

B. As part of the Annual Report, the Program may include conceptual plans for mitigation work at new mitigation bank sites. No work at those sites will be performed until the conceptual plan is approved by ACE pursuant to section 2.B above.

C. The Annual Report also may include proposed changes to any of the policies, standards, criteria, guidelines or functional assessment procedures approved by this Agreement and governing the Program's activities, as well as proposed changes to the sites which qualify as mitigation bank sites, or development sites for which mitigation credits can be purchased. None of these changes shall be implemented until approved by ACE.

Section 5: Miscellaneous

A. This Agreement may be amended only by a written amendment signed by all parties to the Agreement. Changes to any of the policies, standards, criteria, guidelines or functional assessment procedures criteria which govern the selection of mitigation or development sites, or the creation or use of mitigation credits, may be approved by agreement between Eugene and ACE.

B. This Agreement shall continue in effect until all mitigation credits created by the mitigation bank sites have been sold and the Program has completed all monitoring and maintenance functions required at all mitigation bank sites.

C. Definitions (???)