Common use of Statements of Gross Sales Clause in Contracts

Statements of Gross Sales. Tenant shall deliver to Landlord: (a) within ten (10) days after the close of each calendar month of the Term, a written report signed by Tenant or by an authorized officer or agent of Tenant, showing the Gross Sales made in the preceding calendar month and (b) within sixty (60) days after the close of each Rental Year a statement of Gross Sales for the preceding Rental Year which shall conform to and be in accordance with generally accepted accounting principles and Section 5.5. The annual statement shall be accompanied by the signed certificate of an independent Certified Public Accountant stating specifically that (i) he has examined the report of Gross Sales for the preceding Rental Year, (ii) his examination included such tests of Tenant's books and records as he considered necessary or appropriate under the circumstances, (iii) such report presents fairly the Gross Sales of the preceding Rental Year, and (iv) the Gross Sales conform with and are computed in compliance with the definition of Gross Sales contained in Section 5.5. hereof. If Tenant shall fail to deliver such annual statement and certificate to Landlord within said sixty (60) day period, Landlord shall have the right thereafter to employ an independent Certified Public Accountant to examine such books and records, including without limitation all records required by Section 5.7., as may be necessary to certify the amount of Tenant's Gross Sales for such Rental Year, and Tenant shall pay to Landlord the cost thereof as Additional Rental. If such audit shall disclose that Tenant's records, in the opinion of such independent Certified Public Accountant, are inadequate to disclose such Gross Sales, Landlord shall be entitled to collect, as Additional Rental, an equitable sum determined by such independent Certified Public Accountant but not exceeding fifty percent (50%) of the Annual Basic Rental payable by Tenant during the period in question.

Statements of Gross Sales. Tenant shall deliver to Landlord: (a) within ten fifteen (1015) days after the close of each calendar month of the Term, a written report signed by Tenant or by an authorized officer or agent of Tenant, showing the Gross Sales made in the preceding calendar month and (b) within sixty (60) days after the close of each Rental Year Year, a statement of Gross Sales (prior to excluding and deducting those items enumerated in the second paragraph of Section 5.2) and an itemization of any exclusions and deductions made by Tenant as permitted by Section 5.2 for the preceding Rental Year which shall conform to and be in accordance with generally accepted accounting principles and Section 5.55.2. The annual statement shall be accompanied by the signed certificate of an independent Certified Public Accountant or the chief financial officer of Tenant stating specifically that (i) he has examined the report of Gross Sales for the preceding Rental Year, (ii) his examination included such tests and the calculation of Tenant's books and records as he considered necessary or appropriate under the circumstances, (iii) such report presents fairly the Gross Sales of the preceding Rental Year, and (iv) the Gross Sales conform with and are computed has been made in compliance accordance with the definition of Gross Sales contained in Section 5.5. hereofthis Lease. If Tenant shall fail to deliver such annual statement and certificate to Landlord within said sixty (60) day period, Landlord shall have the right thereafter right, after ten (10) days notice to Tenant, to employ an independent Certified Public Accountant its authorized representative to examine such books and records, including without limitation all records required by Section 5.7.5.4, as may be necessary to certify the amount of Tenant's Gross Sales for such Rental Year, and Tenant shall pay to Landlord the reasonable cost thereof as Additional Rental. If such audit shall disclose that Tenant's records, in the opinion of such independent Certified Public Accountant, are inadequate to disclose such Gross 8 Sales, Landlord shall be entitled to collect, as Additional Rental, an equitable sum determined by such independent Certified Public Accountant but not exceeding fifty percent (50%) of the Annual Basic Rental payable by Tenant during the period in question.

Statements of Gross Sales. Tenant shall deliver to Landlord: Within fifteen (a) within ten (1015) days after the close of each calendar month of the Term, beginning with the first full calendar month after the Rental Commencement Date, Tenant shall deliver to Landlord a written report signed by Tenant or by an authorized officer or agent of Tenant, showing certifying the Gross Sales made in the preceding such calendar month and (b) within month. Within sixty (60) days after the close of each Rental Year and after the termination of the Lease, Tenant shall deliver to Landlord a statement of Gross Sales for the preceding Rental Year which shall conform to and be in accordance with generally accepted accounting principles and Section 5.5reflect all Gross Sales for such Rental Year. The annual statement shall be accompanied by the signed certificate of an independent Certified Public Accountant the chief financial officer of Tenant stating specifically that that: (i) he has examined the report of Gross Sales for the preceding such Rental Year, ; (ii) his examination included such tests of Tenant's books and records as he considered necessary or appropriate under the circumstances, circumstances to account for all Gross Sales; (iii) such report presents fairly the accurately and completely all Gross Sales of the preceding for such Rental Year, ; and (iv) the Gross Sales as so reported conform with and are computed in compliance with the definition of Gross Sales contained in Section 5.5. 5.4 hereof. Such annual report and accompanying certification are hereinafter referred to as the "Annual Certified Statement." If Tenant shall fail fails to timely deliver such annual statement and certificate the Annual Certified Statement to Landlord within said sixty (60) day periodfor any Rental Year, Landlord shall have the right thereafter may elect either to employ an independent Certified Public Accountant exercise its rights under Section 5.6(b), or to examine such books and records, including without limitation all records required by Section 5.7., as may be necessary to certify the amount of estimate Tenant's annual Gross Sales for such Rental Year. In making such estimate Landlord may take into account such factors as Landlord deems relevant, and provided that in any event Landlord may base its estimate on the average monthly Gross Sales as reported by Tenant shall pay to Landlord for the cost thereof as Additional Rentaltwelve (12) month period immediately preceding such estimate, or determined by prior examination under Section 5.6(b). If such audit shall disclose that TenantLandlord's records, in the opinion of such independent Certified Public Accountant, are inadequate to disclose such Gross Sales, Landlord estimate shall be entitled to collect, as Additional Rental, an equitable sum determined by such independent Certified Public Accountant but not exceeding fifty percent (50%) binding on Tenant and determinative of annual Gross Sales and Annual Percentage Rental due for the Annual Basic Rental payable by Tenant during the period Year in question.