Common use of Review of Books and Records Clause in Contracts

Review of Books and Records. The acceptance by Landlord of payments of Percentage Rent or any Annual Report pursuant to Section 4.2(b) above shall not prejudice Landlord's right to examine Tenant's books, records and accounts in order to verify the amounts set forth thereon. Landlord may at any reasonable time during the Term (but not more frequently than once during any calendar year) cause a complete or partial audit to be made of Tenant's books, records and other documents relating to the Premises, including the books and records of any subtenant, licensee or concessionaire, for all or any part of the three (3) year period immediately preceding the day of the giving of such notice by Landlord to Tenant. Landlord or its duly authorized representatives shall have full and free access to such books and records and the right to require of Tenant, its agents and employees, such information or explanation with respect to such books and records as may be necessary for a proper examination and audit thereof. If such audit discloses an understatement in an Annual Report of Gross Sales, Tenant shall pay the deficiency in Percentage Rent with, interest thereon calculated at the Interest Rate, and, if Gross Sales have been understated in any Annual Report by four percent (4%) or more, Tenant shall pay to Landlord, as Rent, the cost of said audit, upon demand.

Review of Books and Records. The acceptance by Landlord of payments pay-ments of Percentage Rent or any Annual Report pursuant to Section 4.2(b) above shall not prejudice Landlord's right to examine Tenant's books, records and accounts in order to verify the amounts set forth thereon. Landlord may at any reasonable time during the Term (but not more frequently than once during any calendar year) cause a complete or partial audit to be made of Tenant's books, records and other documents relating to the Premises, including the books and records of any subtenant, licensee or concessionaire, for all or any part of the three (3) year period immediately preceding pre-ceding the day of the giving of such notice by Landlord to Tenant. Landlord or its duly authorized representatives representa-tives shall have full and free access to such books and records and the right to require of Tenant, its agents and employees, such information or explanation with respect to such books and records as may be necessary neces-sary for a proper examination and audit thereof. If such audit discloses an understatement in an Annual Report of Gross Sales, Tenant shall pay the deficiency in Percentage Percent-age Rent with, interest thereon calculated at the Interest Inter-est Rate, and, if Gross Sales have been understated in any Annual Report by four percent (4%) or more, Tenant shall pay to Landlord, as Rent, the cost of said audit, upon demand.

Review of Books and Records. The acceptance by Landlord of payments pay-ments of Percentage Rent or any Annual Report pursuant to Section 4.2(b) above shall not prejudice Landlord's right to examine Tenant's books, records and accounts in order to verify the amounts set forth thereon. Landlord may at any reasonable reason- able time during the Term (but not more frequently than once during any calendar year) cause a complete or partial audit to be made of Tenant's books, records and other documents relating to the Premises, including the books and records of any subtenant, licensee or concessionaire, for all or any part of the three (3) year period immediately preceding pre-ceding the day of the giving of such notice by Landlord to Tenant. Landlord or its duly authorized representatives representa-tives shall have full and free access to such books and records and the right to require of Tenant, its agents and employees, such information or explanation with respect to such books and records as may be necessary neces-sary for a proper examination and audit thereof. If such audit discloses an understatement in an Annual Report of Gross Sales, Tenant shall pay the deficiency in Percentage Percent-age Rent with, interest thereon calculated at the Interest Inter-est Rate, and, if Gross Sales have been understated in any Annual Report by four percent (4%) or more, Tenant shall pay to Landlord, as Rent, the cost of said audit, upon demand.