Common use of Gross Rings Clause in Contracts

Gross Rings. For the period from the Sale Commencement Date until the Inventory Date for each Store, the Agent and the Merchant shall jointly keep (i) a strict count of gross register receipts less applicable Sales Taxes (“Gross Rings”) and (ii) cash reports of sales within such Stores. Register receipts shall show for each item sold the Retail Price for such item and the markdown or discount, if any, specifically granted by the Agent in connection with such Sale. All such records and reports shall be made available to the Agent and the Merchant during regular business hours upon reasonable notice. The Agent shall pay that portion of the Guaranteed Amount calculated on the Gross Rings basis, to account for shrinkage, on the basis of 102% of the aggregate Retail Price of Merchandise.

Gross Rings. For In the event that the Sale commences prior to the completion of the Inventory Taking at any Store, then for the period from the Sale Commencement Date until the Inventory Date for each such Store, the Agent and the Merchant shall jointly keep (i) a strict count of gross register receipts less applicable Sales Taxes and reports (collectively, the “Gross Rings”) and (ii) cash reports of sales within such Stores. Register receipts shall show for each item sold to determine the Retail Price for such item and Value of the markdown or discount, if any, specifically granted Merchandise sold by the Agent in connection with such SaleSKU. All such records and reports shall be made available to the Agent and the Merchant during regular business hours upon reasonable notice. The Any Merchandise included in the Sale using this Gross Rings method shall be included as Merchandise. Agent shall pay that portion of the Guaranteed Amount calculated on the Gross Rings basis, to account for shrinkage, on the basis of 102101% of the aggregate Retail Price Value of Merchandisethe Merchandise sold during the Sale Term.