Books and Records; Audit. Tenant agrees that it will keep complete books of accounts reflecting Gross Sales,and all of the business activities with respect to the Premises and will comply with generally accepted accounting principles ("GAAP"). Said books of account shall, at a minimum, include: 1. Dated and time stamped cash register tapes (customer receipt and detail audit) which provide a non-resettable, non-clearing gross sales total and/or consecutively numbered duplicate sales tickets which are to be dated and time stamped. When consecutively numbered sales tickets are utilized, Tenant shall maintain the vendor invoice for such sales ticket purchases, which shall accurately reflect the commencing and ending numbers of all sequences. Documentation of voided sales must be kept with regular sales tickets and tapes and originals of voided tickets must be retained. 2. Daily sales summaries showing Nevada and out-of-state sales. 3. Monthly sales journals showing breakdown of sales by day. 4. Authenticated bank deposit slips showing deposits of daily sales. If deposits are not made on a daily basis, then the number of days' receipts deposited should be shown on the deposit slip and in the monthly sales journal. 5. Monthly state sales tax returns and cancelled checks showing payment of those taxes; 6. The portion of Federal Income Tax returns showing Tenant's gross receipts for the same period of time that Tenant is required to maintain its Federal Income Tax returns by the Internal Revenue Service. 7. All of Tenant's purchase orders and invoices relating to the purchase, exchange, or replacement of Products sold or to be sold by Tenant at, upon, or from the Premises. Landlord shall have the right to examine such books and records at any reasonable time and place. Lessor shall have the right at any time during the Term and within thirty (30) days after the end of the Term to have an audit conducted of Tenant's books of account by Landlord's employees or auditors of Landlord's choice. If any audit reveals Gross Sales were understated by more than two percent (2%), the entire cost and expense of such audit shall be borne by Tenant. It is further agreed that an understatement by Tenant of five percent (5%) or more of Gross Sales during any three (3) months being audited shall be deemed an Event of Default unless such understatement was caused by the fraud of Tenant's employees without Tenant's knowledge.
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Samples: Lease Agreement (Ark Restaurants Corp), Lease Agreement (Ark Restaurants Corp)
Books and Records; Audit. Tenant agrees that it covenants that, for the purpose of ascertaining the amount payable to Landlord as percentage rent, Tenant will keep complete books of accounts reflecting Gross Sales,and all of the business activities with respect to the Premises and will comply in accordance with generally accepted accounting principles ("GAAP"). Said consistently applied, accurate books and records containing all gross sales during each month of account the term hereof and all supporting records such as excise tax reports, state sales tax"(business and occupation tax and gross income tax reports and receipts, including ST-1 gross receipts tax reporting forms filed by Tenant during the most recent Lease Year, at its headquarters office currently located at Denver, Colorado, which shall, for the purpose of verifying the percentage rent, be subject to examination by Landlord, its authorized representatives or accountants at reasonable times during business hours upon at least fourteen (14) days written notice, and in a minimummanner which does not unreasonably interfere with the conduct of business. Such records shall be retained for at least three (3) years after receipt by Landlord of the yearly statement (hereinafter referred to) certified by the chief financial officer or President or Treasurer of Tenant. Tenant shall retain for at least one (1) year after the expiration of each Lease Year all original sales records and sales slips. At the expiration of such three (3) year period Tenant may dispose of such records unless Landlord shall have asserted a claim against Tenant with respect to percentage rent for such year, include:
1in which event such records shall be retained until disposition of such claim: Any claim by Landlord for a revision of any statement of Gross Sales which is not made to Tenant within three (3) years after receipt of the yearly statement shall be deemed and hereby is waived by Landlord. Dated and time stamped cash register tapes (customer receipt and detail audit) which provide a non-resettable, non-clearing gross sales total and/or consecutively numbered duplicate sales tickets which are to be dated and time stamped. When consecutively numbered sales tickets are utilizedIf any such examination discloses that Gross Sales transacted by Tenant exceed those reported, Tenant shall maintain immediately pay to Landlord such additional percentage rent as may be so shown to be payable by said examination, and interest on such deficiency at the vendor invoice for Default Rate, from the date of underpayment to the date such sales ticket purchases, which shall accurately reflect the commencing and ending numbers of all sequences. Documentation of voided sales must be kept with regular sales tickets and tapes and originals of voided tickets must be retained.
2. Daily sales summaries showing Nevada and out-of-state sales.
3. Monthly sales journals showing breakdown of sales by day.
4. Authenticated bank deposit slips showing deposits of daily salesdeficiency is paid. If deposits such examination discloses that Gross Sales transacted by Tenant are not made on less than those reported, Tenant shall be entitled to a daily basis, then the number of days' receipts deposited should be shown on the deposit slip and in the monthly sales journal.
5. Monthly state sales tax returns and cancelled checks showing payment of those taxes;
6. The portion of Federal Income Tax returns showing Tenant's gross receipts for the same period of time that Tenant is required to maintain its Federal Income Tax returns by the Internal Revenue Service.
7credit against rent next owing. All of Tenant's purchase orders and invoices relating to the purchase, exchange, or replacement of Products sold or to be sold by Tenant at, upon, or from the Premises. Landlord shall have the right to examine such books and records at any reasonable time and place. Lessor shall have the right at any time during the Term and within thirty (30) days after the end of the Term to have an audit conducted examinations of Tenant's books of account by and records shall be solely at Landlord's employees or auditors expense; provided, however, that if Tenant's statement of Landlord's choice. If any audit reveals Gross Sales were shall be understated by more than two three percent (2%), the entire cost and expense of such audit shall be borne by Tenant. It is further agreed that an understatement by Tenant of five percent (53%) or more more, Tenant shall promptly reimburse Landlord for Landlord's reasonable expenses of Gross Sales during any three (3) months being audited shall be deemed an Event of Default unless such understatement was caused by the fraud of examination. Landlord agrees to hold in confidence all sales figures and other information obtained from Tenant's employees without Tenantrecords and yearly statement except to the extent that it may be necessary to divulge them to prospective purchasers, for the purpose of obtaining financing, in compliance with subpoenas or judicial orders, or to enforce Landlord's knowledgerights hereunder.
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Samples: Assignment and Assumption of Lease and Guaranty (Aei Income & Growth Fund 25 LLC), Assignment and Assumption of Lease and Guaranty (AEI Income & Growth Fund 26 LLC)
Books and Records; Audit. Tenant agrees that it will keep complete books of accounts reflecting Gross Sales,Sales and all of the business activities with respect to the Premises for at least three (3) years after the expiration of the applicable Lease Year and will comply with generally accepted accounting principles ("GAAP"). Said books of account shall, at a minimum, include:
1. Dated and time stamped cash register tapes (customer receipt and detail audit) which provide a non-resettable, non-clearing gross sales total and/or consecutively numbered duplicate sales tickets which are to be dated and time stamped. When consecutively numbered sales tickets are utilized, Tenant shall maintain the vendor invoice for such sales ticket purchases, which shall accurately reflect the commencing and ending numbers of all sequences. Documentation of voided sales must be kept with regular sales tickets and tapes and originals of voided tickets must be retained.
2. Daily sales summaries showing Nevada and out-of-state salesfrom the Premises.
3. Monthly sales journals showing breakdown of sales by day.
4. Authenticated bank deposit slips showing deposits of daily sales. If deposits are not made on a daily basis, then the number of days' receipts deposited should be shown on the deposit slip and in the monthly sales journal.
5. Monthly state sales tax returns and cancelled checks showing payment of those taxes;
6. The portion Relevant portions of Federal Income Tax returns showing Tenant's gross receipts for the same period of time that Tenant is required to maintain its Federal Income Tax returns by the Internal Revenue Service.
7. All of Tenant's purchase orders and invoices relating to the purchase, exchange, or replacement of Products sold or to be sold by Tenant at, upon, or from the Premises. Landlord shall have the right to examine such books and records at any reasonable time and place. Lessor shall have the right at any time during the Term and within thirty (30) days after the end of the Term to have an audit conducted of Tenant's books of account by Landlord's employees or auditors of Landlord's choice. If any audit reveals Gross Sales were understated by more than two percent (2%), the entire cost and expense of such audit shall be borne by Tenant. It is further agreed that an understatement by Tenant of five percent (5%) or more of Gross Sales during any three (3) months being audited shall be deemed an Event of Default unless such understatement was caused by the fraud of Tenant's employees without Tenant's knowledge.
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Books and Records; Audit. Tenant agrees that it will BCI and its Affiliates and Sublicensees shall keep complete books of accounts reflecting Gross Sales,and all maintain for at least three (3) years from the end of the business activities with respect Calendar Year in which such Net Sales occur (the “Retention Period”) materially complete and accurate records of gross Sales and Net Sales of the Product in the Territory by, as applicable, BCI, its Affiliates and Sublicensees, in sufficient detail to the Premises and will comply with generally accepted accounting principles ("GAAP"). Said books of account shall, at a minimum, include:
1. Dated and time stamped cash register tapes (customer receipt and detail audit) which provide a non-resettable, non-clearing gross sales total and/or consecutively numbered duplicate sales tickets which are allow Royalties to be dated determined accurately. Alopexx (and time stamped. When consecutively numbered sales tickets are utilized, Tenant shall maintain the vendor invoice for such sales ticket purchases, which shall accurately reflect the commencing and ending numbers of all sequences. Documentation of voided sales must be kept with regular sales tickets and tapes and originals of voided tickets must be retained.
2. Daily sales summaries showing Nevada and out-of-state sales.
3. Monthly sales journals showing breakdown of sales by day.
4. Authenticated bank deposit slips showing deposits of daily sales. If deposits are not made on a daily basis, then the number of days' receipts deposited should be shown on the deposit slip and in the monthly sales journal.
5. Monthly state sales tax returns and cancelled checks showing payment of those taxes;
6. The portion of Federal Income Tax returns showing Tenant's gross receipts for the same period of time that Tenant is required to maintain its Federal Income Tax returns by the Internal Revenue Service.
7. All of Tenant's purchase orders and invoices relating to the purchase, exchange, or replacement of Products sold or to be sold by Tenant at, upon, or from the Premises. Landlord licensor) shall have the right to examine such books and records at any reasonable time and place. Lessor shall have the right at any time during the Term applicable Retention Period, and within thirty at its cost, through an independent certified public accountant acceptable to BCI, to audit the relevant records of BCI, its Affiliates and Sublicensees, as the case may be, limited in its scope to verify that the amount of such payment was correctly determined. BCI, its Affiliates and Sublicensees shall each make its records reasonably available for audit by such independent certified public accountant during regular business hours at such place or places where such records are customarily kept, upon fifteen (3015) days written notice from Alopexx. Such audit right shall not be exercised by Alopexx more than once annually. All records made available for audit shall be the Confidential Information of BCI. The results of each audit, if any, shall be binding on both Parties absent manifest error. In the event there was an underpayment by BCI hereunder, BCI shall promptly (but in any event no later than sixty (60) days after the end BCI’s receipt of the Term report so concluding) make payment to have an audit conducted Alopexx of Tenant's books of account by Landlord's employees or auditors of Landlord's choiceany shortfall. If any audit reveals Gross Sales were understated by more than two percent (2%), Alopexx shall bear the entire full cost and expense of such audit shall be borne unless such audit discloses an underreporting by Tenant. It is further agreed that an understatement by Tenant BCI of five percent (5%) or more of Gross Sales during any three the period audited, in which case BCI shall reimburse Alopexx for all reasonable costs incurred by Alopexx in connection with such audit. In the event the auditor finds an overpayment by BCI, Axxxxxx shall refund the overpayment to BCI within sixty (360) months being audited shall be deemed an Event of Default unless such understatement was caused by days after Axxxxxx receives the fraud of Tenant's employees without Tenant's knowledge.audit report. Page 22 COLLABORATION AND LICENSE AGREEMENT CONFIDENTIAL
ARTICLE IX INTELLECTUAL PROPERTY
Appears in 1 contract
Samples: Collaboration and License Agreement (Alopexx, Inc.)
Books and Records; Audit. Tenant agrees that it will keep complete books of accounts reflecting Gross Sales,and all of the business activities with respect to the Premises and will comply with generally accepted accounting principles ("GAAP"). Said books of account shall, at a minimum, include:
1. Dated and time stamped cash register tapes (customer receipt and detail audit) which provide a non-resettable, non-clearing gross sales total and/or consecutively numbered duplicate sales tickets which are to be dated and time stamped. When consecutively numbered sales tickets are utilized, 8 Tenant shall maintain the vendor invoice for such sales ticket purchases, which shall accurately reflect the commencing and ending numbers of all sequences. Documentation of voided sales must be kept with regular sales tickets and tapes and originals of voided tickets must be retained.
2. Daily sales summaries showing Nevada and out-of-state sales.
3. Monthly sales journals showing breakdown of sales by day.
4. Authenticated bank deposit slips showing deposits of daily sales. If deposits are not made on a daily basis, then the number of days' receipts deposited should be shown on the deposit slip and in the monthly sales journal.
5. Monthly state sales tax returns and cancelled checks showing payment of those taxes;
6. The portion of Federal Income Tax returns showing Tenant's gross receipts for the same period of time that Tenant is required to maintain its Federal Income Tax returns by the Internal Revenue Service.
7. All of Tenant's purchase orders and invoices relating to the purchase, exchange, or replacement of Products sold or to be sold by Tenant at, upon, or from the Premises. Landlord shall have the right to examine such books and records at any reasonable time and place. Lessor shall have the right at any time during the Term and within thirty (30) days after the end of the Term to have an audit conducted of Tenant's books of account by Landlord's employees or auditors of Landlord's choice. If any audit reveals Gross Sales were understated by more than two percent (2%), the entire cost and expense of such audit shall be borne by Tenant. It is further agreed that an understatement by Tenant of five percent (5%) or more of Gross Sales during any three (3) months being audited shall be deemed an Event of Default unless such understatement was caused by the fraud of Tenant's employees without Tenant's knowledge.
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