Common use of Books Records and Statements Clause in Contracts

Books Records and Statements. 12.01. Operator shall, on behalf of Owner, keep full and adequate books of ??? and other records reflecting the results of operation of the Hotel on an ??? basis, in US currency and in local currency, in accordance within the requirements of the laws of the Country and in accordance with the Uniform System with such exceptions as may be required by the provisions of this??? as are consistent with ITTSC's standard practice in accounting under management contracts generally so long as exceptions do not affect the determination of Gross Operating Profit. 12.02. Except for record keeping for Centralized Services which shall be ??? at the location where the principal activities occur, the books of income and all other records relating to the operation of the Hotel shall be kept at the Hotel and all such books of account at the Hotel shall be kept Owner or Operator and their respective representatives at all reasonable times for examination, audit, inspection and transportation. Upon expiration or termination of this Contract, all such books and records forthwith shall be returned over to Owner but shall be available to Operator at all reasonable times for inspection, audit, examination and transaction for a period of seven (7) years. 12.03. Operator shall deliver to Owner, within ten (10) working days following the end of each Fiscal Month, a financial statement, showing the results of the operation of the Hotel for the immediately preceding Fiscal Month and for the Fiscal Year to date. Such statements shall: (i) be in the customary form prepared by Operator for a managed hotel; (ii) be taken from the books and record maintained by Operator in the manner hereinabove specified; and (iii) follow the general form set forth in the Uniform System. Operator shall be available at reasonable times to discuss with Owner the results set forth in the financial statement and the operations of the Hotel generally. In addition, all financial statements shall be accompanied by a written report explaining the figures provided. 12.04. Within ninety (90) days following the end of each Fiscal Year Operator shall deliver to Owner a financial statement certified by the Independent Auditor registered in the PRC, showing the result of operations in the Hotel during such Fiscal Year, and the Gross Operating Profit (Loss) for such Fiscal Year. Owner shall be deemed to have waived any objections to and certified statements not specified to Operator in writing within forty-five (45) days or receipt thereof. Any dispute is to the contents of any such statement or any accounting matter hereunder shall be exclusively determined by the Independent Auditor.

Books Records and Statements. 12.01. Operator shall, on behalf for the account of Owner, keep full and adequate books of ??? account and other records reflecting the results of operation of the Hotel on an ??? accrual basis, in US currency and in local currency, in accordance within the requirements of the laws of the Country and all in accordance with generally accepted accounting practices in the Uniform System with such exceptions as may be required by hotel-restaurant industry. To the provisions of this??? as are consistent with ITTSC's standard practice in accounting under management contracts generally so long as exceptions do not affect the determination of Gross Operating Profit. 12.02. Except for record keeping for Centralized Services which shall be ??? at the location where the principal activities occur, extent Owner requires Operator to keep the books of income account and other records of the Hotel operations in compliance with any other standard, such as in accordance with any loan documents evidencing a loan to Owner secured by the Hotel (the “Loan Documents”), Owner shall reimburse Operator for any additional reasonable expenses actually incurred by Operator in compliance thereof. Tax accounting and year end review and audit services will be the responsibility of the Owner. The books of account and all other records relating to or reflecting the operation of the Hotel shall operations will be kept at the Hotel available to Owner and all such books of account at the Hotel shall be kept Owner or Operator and their respective its representatives at all reasonable times for examination, audit, inspection inspection, and transportationtranscription. Upon expiration or termination Operator shall provide to the Hotel and the Owner, solely with respect to the Hotel, centralized accounting and billing services as are furnished by Operator to other hotels owned and/or operated by the Operator to be consistent with the requirements of this Contract, all the Franchise Agreement. All of such books and records forthwith pertaining to the Hotel including, without limitation, books of accounts, guest records, and front office records at all times shall be returned over the property of Owner, and Owner shall have the right to inspect, audit, examine and transcribe any of the same, upon providing a reasonable notice to the Operator. Upon any termination of this Agreement, all of such books and records shall thereafter be delivered to Owner but shall be and made available to Operator at all reasonable times for inspection, audit, examination examination, and transaction transcription for a period of seven one (71) years. 12.03year. Operator shall deliver to Owner, within ten (10) working days following Owner at or prior to the end of each Fiscal Month, month or other accounting period used by Operator in accounting for the operations of the Hotel (but not less than quarterly): (a) a financial statement, profit and loss statement showing the results of the operation of the Hotel for the immediately preceding Fiscal Month month or other such accounting period and for the Fiscal Year to date; (b) a cash flow statement; (c) a balance sheet; (d) departmental schedules comparing actual to budgeted operating results; and (e) such other information as may be reasonably requested by Owner or required by Franchise Agreement. Such statements shall: (ia) shall be in the customary form and in the same detail as generally prepared by Operator for a managed hotel; other hotels owned and/or operated by it or other operators of similar hotels in the industry, and (iib) shall be taken from the books and record records maintained by Operator in the manner hereinabove specified; and (iii) follow the general form set forth in the Uniform System. Operator shall be available at reasonable times to discuss with Owner the results set forth in the financial statement and the operations of the Hotel generally. In addition, all financial statements shall be accompanied by a written report explaining the figures provided. 12.04. Within ninety sixty (9060) days following after the end of each Fiscal Year Year, Operator shall deliver to Owner a financial statement certified by the Independent Auditor registered reports described in the PRC, (a) through (d) above showing the result results for the Fiscal Year including any necessary year-end adjustments. After the close of operations in the Hotel during such a Fiscal Year, Owner may cause an accounting or audit of the books, records, and operations of the Hotel to be performed by any independent certified accounting firm selected by Owner, in accordance with generally accepted accounting practices in the hotel-restaurant industry, as modified by those accounting principles utilized by Operator in its financial reporting and planning for the Hotel operations, and approved by Owner. If the independent certified accounting firm selected by Owner is not one of the “Big Four” (or comparable) accounting firms, Operator shall have the right to approve the auditor if the auditor does not have substantial background in auditing of hotels. Operator shall have the right to review the auditor’s figures prior to such figures becoming final, and further to raise and present to the auditor and Owner any disagreements, explanations or discrepancies that Operator may have with respect to the auditor’s figures. In case the audit reveals errors of the Operator, which result in a difference in the reported revenue and the Gross Operating Profit actual revenue greater than five percent (Loss) 5%), Operator shall reimburse Owner for the cost of such Fiscal Yearaudit, provided that Operator shall not be liable for any discrepancies caused by data or information obtained from the Franchisor or through the Franchisor’s reporting system. Owner shall be deemed to have waived raise any objections to and certified statements not specified said statement to Operator in writing within forty-five one hundred twenty (45120) days or receipt thereofafter the end of Owner’s fiscal year. Any dispute is disputes as to the contents of any such statement or any accounting matter hereunder shall be exclusively determined by an Independent Certified Public Accountant selected by mutual consent by the Independent AuditorOwner and the Operator, whose decisions shall be final and conclusive on Operator and Owner.

Books Records and Statements. 12.0113.01. Operator shall, on behalf of Owner, keep full and adequate books of ??? ____ and other records reflecting the results of operation operations of the Hotel on an ??? normal basis, in US currency and in local currency, in accordance within with the requirements of the laws of the Country and in accordance with the Uniform System with ith such exceptions as may be required by the provisions of this??? this Contract, provided, however, that Operator may make such exceptions in such revenues as are consistent with ITTSCITTCS's standard practice in accounting under management contracts generally so long as such exceptions do not affect the determination of Gross Operating Profit. 12.0213.02. Except for record keeping for Centralized Services which shall be ??? available at the location where the principal activities occur, the books of income account and all other records relating to the operation of the Hotel shall be kept at the Hotel and all such books of account at the Hotel shall be kept available to Owner or Operator and their respective representatives at all reasonable times for examination, audit, inspection and transportationtranscription. Upon expiration or termination of this Contract, all such books and records forthwith shall be returned over to Owner but shall be available to Operator at all reasonable times for inspection, audit, examination and transaction for a period of seven (7) years. 12.0313.03. Operator shall deliver delvier to Owner, within ten (10) working days following the end of each Fiscal Month, a financial statement, statement showing the results of the operation of the Hotel for the immediately preceding Fiscal Month and for the Fiscal Year to date. Such statements shallahll: (i) be in the customary form prepared by Operator for a managed hotel; (ii) be taken from the books and record records maintained by Operator in the manner hereinabove specified; and (iii) follow the general form set forth in the eh Uniform System. Operator Operatgor shall be available at reasonable times to discuss with Owner the results set forth in the financial statement and the operations operation of the Hotel generally. In addition, all financial statements shall be accompanied by a written _____________ report explaining the figures provided. 12.0413.04. Within ninety nienty (90) days following the end of each Fiscal Year Year, Operator shall deliver to Owner a financial statement certified by the Independent Indpendnet Auditor registered in the PRC, showing the result results of operations in of the Hotel during such Fiscal Yearyear, and the Gross Operating Profit (Loss) for such Fiscal Year. Owner shall be deemed to have hafe waived any objections to and certified statements not specified to Operator in writing within fortyforthy-five (45) days or dfays of receipt thereof. Any dispute is as to the contents teh conent of any such statement or and any accounting matter hereunder shall be exclusively conclusively determined by the Independent Auditor. 13.05. Both Owenr and Operator shall have the right to engage independent accountants and auditors to review the operational records and accounting books of the Hotel as necessary. On termination of the Contract or the expiration of the management terms, an accounting firm registered in the PRC acceptable to Owner and Operator shall conduct a notarised audit of the operational results of the Hotel.

Books Records and Statements. 12.0113.01. Operator shall, on behalf of Owner, keep full and adequate books of ??? of_____ and other records reflecting the results of operation operations of the Hotel on an ??? normal basis, in US currency and in local currency, in accordance within with the requirements of the laws of the Country and in accordance with the Uniform System with ith such exceptions as may be required by the provisions of this??? this Contract, provided, however, that Operator may make such exceptions in such revenues as are consistent with ITTSCITTCS's standard practice in accounting under management contracts generally so long as such exceptions do not affect the determination of Gross Operating Profit. 12.0213.02. Except for record keeping for Centralized Services which shall be ??? available at the location where the principal activities occur, the books of income account and all other records relating to the operation of the Hotel shall be kept at the Hotel and all such books of account at the Hotel shall be kept available to Owner or Operator and their respective representatives at all reasonable times for examination, audit, inspection and transportationtranscription. Upon expiration or termination of this Contract, all such books and records forthwith shall be returned over to Owner but shall be available to Operator at all reasonable times for inspection, audit, examination and transaction for a period of seven (7) years. 12.0313.03. Operator shall deliver delvier to Owner, within ten (10) working days following the end of each Fiscal Month, a financial statement, statement showing the results of the operation of the Hotel for the immediately preceding Fiscal Month and for the Fiscal Year to date. Such statements shallahll: (i) be in the customary form prepared by Operator for a managed hotel; (ii) be taken from the books and record records maintained by Operator in the manner hereinabove specified; and (iii) follow the general form set forth in the eh Uniform System. Operator Operatgor shall be available at reasonable times to discuss with Owner the results set forth in the financial statement and the operations operation of the Hotel generally. In addition, all financial statements shall be accompanied by a written _____________ report explaining the figures provided. 12.0413.04. Within ninety nienty (90) days following the end of each Fiscal Year Year, Operator shall deliver to Owner a financial statement certified by the Independent Indpendnet Auditor registered in the PRC, showing the result results of operations in of the Hotel during such Fiscal Yearyear, and the Gross Operating Profit (Loss) for such Fiscal Year. Owner shall be deemed to have hafe waived any objections to and certified statements not specified to Operator in writing within fortyforthy-five (45) days or dfays of receipt thereof. Any dispute is as to the contents teh conent of any such statement or and any accounting matter hereunder shall be exclusively conclusively determined by the Independent Auditor. 13.05. Both Owenr and Operator shall have the right to engage independent accountants and auditors to review the operational records and accounting books of the Hotel as necessary. On termination of the Contract or the expiration of the management terms, an accounting firm registered in the PRC acceptable to Owner and Operator shall conduct a notarised audit of the operational results of the Hotel.