Lessee’s Financial Records. Lessee will establish an operating entity that is unique to the operations of the Lessee in the Premises, as well as one or more bank accounts through which deposits of Gross Revenues generated from such operations will be made. The bank in which such deposits are made shall be based in the United States or shall have a large local presence. The said deposits of Gross Revenues will not be comingled with those from any other operations of the Lessee outside of the Premises or any other affiliated organizations. In addition and/or alternatively, Lessee will use an accounting system that will separately provide for a detailed accounting of Gross Revenues. The detailed accounting shall not be commingled with the Lessee’s other operations; and, should comply with federal income tax returns and state sales and use tax returns. Accordingly, Lessee shall prepare and keep full, complete and proper financial records and source documents in accordance with generally accepted accounting principles, of the Gross Revenues, whether for cash, credit or otherwise, of each separate department at any time operated in the Premises. The financial records and source documents to be kept by Lessee shall include, but shall not be limited to true copies of: (1) records of inventories and receipts of merchandise; (2) profit and loss statements; (3) variance reports; (4) arrearage reports; (5) balance sheets; (6) financial journals and sales summary records; (7) general ledgers; daily dated cash register tapes; (8) daily dated cash register summary tapes (“z” tapes); (9) prenumbered sales slips, including those for mail or telephone orders; daily sales and/or point of sale (pos) reports; (10) financial statements;
Lessee’s Financial Records. Lessee will establish an operating entity that is unique to the operations of the Lessee in the Premises, as well as one or more bank accounts through which deposits of gross revenues generated from such operations will be made. The said deposits of gross revenues will not be comingled with those from any other operations of the Lessee or any other affiliated organizations. In addition and/or alternatively, Lessee will use an accounting system that will separately provide for a detailed accounting of gross revenues. The detailed accounting shall not be commingled with the Lessee‟s other operations; and, should agree with federal income tax returns and state sales and use tax returns. Accordingly, Lessee shall prepare and keep full, complete and proper financial records and source documents in accordance with generally accepted accounting principles, of the Gross Revenues, whether for cash, credit or otherwise, of each separate department at any time operated in the Premises. The financial records and source documents to be kept by Lessee shall include, without limitation, true copies of all federal, state and local tax returns and reports, bank statements, records of inventories and receipts of merchandise, daily receipts from all sales and other pertinent original sales records and records of any other transactions conducted in or from the Premises by Lessee. Pertinent original sales records shall include, without limitation: (i) sales reports of back office systems fed from point of sale terminals, (ii) cash register tapes, including tapes from temporary registers, if any, (iii) serially pre-numbered sales slips, (iv) the original records of all mail, internet and telephone orders at and to the Premises, if any, (v) settlement report sheets of transactions with any person conducting business in the Premise, if any, (vi) original records indicating that merchandise returned by customers was purchased at the Premises by such customers, (vii) memorandum receipts or other records of merchandise taken out on approval,
