Accounting and Records. A. Beginning on the Effective Date and throughout the remainder of the term of this Agreement, Franchisee shall maintain and preserve, for at least five (5) years from the dates of their preparation, full, complete and accurate books, records and accounts in accordance with generally accepted accounting principles consistently applied and in the form and manner prescribed in the Manual or otherwise in writing. Franchisee’s obligation to preserve such books, records and accounts shall survive the termination hereof. B. Franchisee shall, at Franchisee’s expense, submit to Franchisor by the fifteenth (15th) day of each Accounting Period after the Opening Date, including the first partial Accounting Period if the Opening Date is on other than the first day of an Accounting Period, a statement covering the immediately preceding Accounting Period in the form prescribed by Franchisor, accurately reflecting all gross room revenues, the source and amounts of all other revenues generated at the Hotel, room occupancy and rates, reservations data, and such other data or information as Franchisor may require. Additionally, Franchisor’s property management system may poll the Hotel’s room revenue results daily. C. Upon the request of Franchisor, Franchisee shall, at Franchisee’s expense, submit to Franchisor an unaudited quarterly and/or annual profit and loss statement for the Hotel (in the form prescribed by Franchisor) and a balance sheet within thirty (30) days of the end of each fiscal quarter and/or fiscal year during the term hereof. Each statement shall be signed by Franchisee attesting that it is true and correct. D. Franchisee shall, at its expense, submit to Franchisor, for review and audit, such other forms, periodic and other reports, records, information and data relating to Franchisee, the Hotel and the Hotel’s marketing, sales and guests as Franchisor may reasonably designate, in the form and at the times and places reasonably required by Franchisor, upon request and as specified in the Manual or otherwise in writing. Franchisor shall have the right to access the Hotel’s PMS and reservations system directly to obtain marketing, sales and guest information, and Franchisee shall take all actions necessary to provide such access. E. Franchisor or its designated agent shall have the right at all reasonable times, and upon reasonable notice to Franchisee, to examine and copy, at its expense, all books, records, accounts and tax returns of Franchisee related to the operation of the Hotel during the preceding five (5) years. Franchisor also shall have the right, at any time, and upon reasonable notice to Franchisee, to have an independent audit made of these books, accounts and records of Franchisee related to the operation of the Hotel. Franchisee shall provide lodging, if available, without charge to Franchisor’s agents during the time as may reasonably be necessary to complete such audits and to render such other assistance as may reasonably be requested. If an inspection should reveal that payments have been understated in any report to Franchisor, Franchisee shall immediately pay to Franchisor upon demand, the amount understated plus interest from the date such amount was due until paid. The rate of interest shall be one and one-half percent (1 1/2%) per Accounting Period or the maximum rate permitted by law, whichever is less, from the date such amount was due. If an inspection discloses an understatement of three percent (3%) or more for the period being inspected, Franchisee shall, in addition, reimburse Franchisor for any and all costs and expenses connected with the inspection (including, without limitation, reasonable accounting and attorneys’ fees). The foregoing remedies shall be in addition to any other remedies Franchisor may have. If an inspection should reveal that Franchisee has made overpayments to Franchisor, the amount of any such overpayment, without interest, shall be credited against future payments due and payable to Franchisor by Franchisee hereunder. F. Upon the request of Franchisor: (i) Franchisee, if a natural person or persons, shall submit to Franchisor a list of all owners of this franchise and the interest held by each; (ii) Franchisee, if a partnership, shall submit to Franchisor a list of all partners and the interest in Franchisee held by each; (iii) Franchisee, if a corporation, shall submit to Franchisor a list of all shareholders and the interest in Franchisee held by each; provided, however if Franchisee’s shares are publicly held, the list of shareholders required shall include only those who own five percent (5%) or more of the shares outstanding; or (iv) Franchisee, if a limited liability company, shall submit to Franchisor a list of all members of the limited liability company and the interest in Franchisee held by each.
Appears in 3 contracts
Sources: Franchise Agreement (Apple REIT Eight, Inc.), Franchise Agreement (Apple REIT Eight, Inc.), Franchise Agreement (Apple REIT Eight, Inc.)
Accounting and Records. A. Beginning on the Effective Date and throughout the remainder of 10.1. Franchisee shall maintain during the term of this Agreement, Franchisee and shall maintain and preserve, preserve for at least five four (54) years from the dates of their preparation, full, complete complete, and accurate books, records records, and accounts in accordance with generally accepted accounting principles consistently applied and in the form and manner prescribed by Franchisor from time to time in the Manual or otherwise in writing. Franchisee’s obligation to preserve such books, records and accounts shall survive the termination hereof.
B. 10.2. Franchisee shallshall prepare and maintain a business plan and operating budget in the manner prescribed by Franchisor, reflecting such information as Franchisor may specify, which may include, without limitation, operational data, personnel expense information, factors related to the costs of goods sold, capital expenditures, and revenue projections. Franchisee shall submit such business plan and operating budget to Franchisor at Franchisee’s expense, such times and places and in such form as may be prescribed by Franchisor.
10.3. Franchisee shall submit to Franchisor by Franchisor, no later than the fifteenth (15th) day of each Accounting Period after month during the Opening Dateterm of this Agreement, including the first partial Accounting Period if the Opening Date is on other than the first day of an Accounting Period, in a statement covering the immediately preceding Accounting Period in the form prescribed format and manner specified by Franchisor, accurately reflecting all monthly royalty and gross room revenues, the source and amounts of all other revenues generated at the Hotel, room occupancy and rates, reservations datasales reports, and such other data or information reports as Franchisor may require. Additionally, Franchisor reserves the right to require Franchisee to submit copies of all state sales tax returns for the Franchised Business to Franchisor’s property management system may poll the Hotel’s room revenue results daily.
C. Upon the request of Franchisor, Franchisee shall, at Franchisee’s expense, submit to Franchisor an unaudited quarterly and/or annual profit and loss statement for the Hotel (in the form prescribed by Franchisor) and a balance sheet within thirty (30) days of the end of each fiscal quarter and/or fiscal year during the term hereof10.4. Each statement shall be signed by Franchisee attesting that it is true and correct.
D. Franchisee shall, at its expense, provide to Franchisor, in a format specified by Franchisor, and in accordance with generally accepted accounting principles, a complete annual financial statement (including, without limitation, a profit and loss statement, cash flow statement and balance sheet), on a review basis, prepared by an independent certified public accountant satisfactory to Franchisor, within ninety (90) days after the end of each fiscal year of the Franchised Business showing the results of operations of the Franchised Business and the results of operations for any entity affiliated with the Franchised Business during said fiscal year. Franchisor reserves the right to require Franchisee to provide, at Franchisee's expense, an audited annual financial statement, prepared by an independent certified public accountant satisfactory to Franchisor.
10.5. Franchisor reserves the right to require Franchisee, at Franchisee's expense, to provide to Franchisor, in a format specified by Franchisor, quarterly or semi-annual financial statements (as described in Section 10.4 above), certified by an officer or accountant of Franchisee (and if specifically required by Franchisor, certified by an independent certified public accountant), and such other information as Franchisor may reasonably specify, showing the results of operations of the Franchised Business and the results of operations for any entity affiliated with the Franchised Business during said period. Franchisee shall submit such reports within forty-five (45) days following the end of each quarter or six-month period of each fiscal year of the Franchised Business during the term hereof.
10.6. Franchisee shall also submit to Franchisor, for review and auditor auditing, such other forms, periodic and other reports, records, information information, and data relating to Franchisee, the Hotel and the Hotel’s marketing, sales and guests as Franchisor may reasonably designaterequire, including but not limited to financial statements of each Franchisee and each Guarantor, in the form and at the times and places reasonably required by Franchisor, upon Franchisor's request and as specified from time to time in the Manual or otherwise in writing. Franchisor shall have reserves the right to access the Hotel’s PMS require each Franchisee and reservations system directly each Guarantor to obtain marketing, sales submit their respective federal and guest informationstate income tax returns to Franchisor for review. Franchisee agrees that Franchisor may, and specifically grants Franchisor the right to, divulge any and all information submitted by Franchisee shall take all actions necessary pursuant to provide such accessthis Section 10 or otherwise pertaining to Franchisee to third-party financing or lending sources being considered by Franchisee.
E. 10.7. Franchisor or its designated agent agents shall have the right at all reasonable times, and upon reasonable notice to Franchisee, times to examine and copy, at its Franchisor's expense, all the books, records, accounts and tax returns of Franchisee related to the operation of the Hotel during the preceding five (5) yearsFranchisee. Franchisor shall also shall have the right, at any time, and upon reasonable notice to Franchisee, to have an independent audit made of these books, accounts and records the books of Franchisee related to the operation of the Hotel. Franchisee shall provide lodging, if available, without charge to Franchisor’s agents during the time as may reasonably be necessary to complete such audits and to render such other assistance as may reasonably be requestedFranchisee. If an inspection should reveal that any payments to Franchisor or any affiliate have been understated in any report to Franchisor, or if Franchisee fails to expend any monies required under this Agreement, then Franchisee shall immediately pay to Franchisor upon demand, the amount understated, or expend the amount required, upon demand by Franchisor. In addition, Franchisee shall pay interest on the understated plus interest amount from the date such amount was due until paid. The , at the rate of interest shall to be one and one-half percent (1 1/2%) per Accounting Period determined by Franchisor from time to time, or the maximum rate permitted by law, whichever is less, from the date such amount was due. If an inspection discloses an understatement in any report of three two percent (32%) or more for more, or an underpayment of required expenditures (including, without limitation, royalties due pursuant to the period being inspectedAgreement) of two percent (2%) or more, Franchisee shall, in addition, reimburse Franchisor for any and all costs and expenses connected with the inspection (including, without limitation, travel, lodging and wage expenses, and reasonable accounting and attorneys’ feeslegal costs). The foregoing remedies shall be in addition to any other remedies Franchisor may have. If an inspection should reveal that Franchisee has made overpayments to Franchisor, the amount of any such overpayment, without interest, shall be credited against future payments due and payable to Franchisor by Franchisee hereunder.
F. Upon the request of Franchisor: (i) Franchisee, if a natural person or persons, shall submit to Franchisor a list of all owners of this franchise and the interest held by each; (ii) Franchisee, if a partnership, shall submit to Franchisor a list of all partners and the interest in Franchisee held by each; (iii) Franchisee, if a corporation, shall submit to Franchisor a list of all shareholders and the interest in Franchisee held by each; provided, however if Franchisee’s shares are publicly held, the list of shareholders required shall include only those who own five percent (5%) or more of the shares outstanding; or (iv) Franchisee, if a limited liability company, shall submit to Franchisor a list of all members of the limited liability company and the interest in Franchisee held by each.
Appears in 3 contracts
Sources: Franchise Agreement (Davco Acquisition Holding Inc), Franchise Agreement (Friendco Restaurants Inc), Consent Agreement (Meritage Hospitality Group Inc /Mi/)
Accounting and Records. A. Beginning on Franchisee shall establish and maintain a bookkeeping, accounting and record keeping system conforming to the Effective Date requirements prescribed by Franchisor, including without limitation the use and throughout retention of sales tickets, purchase orders, invoices, payroll records, check stubs, sales tax records and returns, cash receipts and disbursements, journals and general ledgers. Franchisee shall preserve for a period of not less than three (3) years, during the remainder term of this Agreement and for not less than three (3) years following the term of this Agreement, Franchisee shall maintain and preserve, for at least five (5) years from the dates of their preparation, full, complete and accurate books, all accounting records and accounts in accordance with generally accepted accounting principles consistently applied and in supporting documentation relating to the form and manner prescribed in the Manual or otherwise in writing. Franchisee’s obligation to preserve such books, records and accounts shall survive the termination hereofFranchised Business.
B. Franchisee shall, at Franchisee’s expense, submit will supply to Franchisor by on or before the fifteenth (15th) day after the term of each Accounting Period after the Opening Datecalendar quarter, including the first partial Accounting Period if the Opening Date is on other than the first day of an Accounting Period, a statement covering the immediately preceding Accounting Period in the form prescribed approved by Franchisor, accurately reflecting all gross room revenues, the source and amounts of all other revenues generated at the Hotel, room occupancy and rates, reservations data, and such other data or information as Franchisor may require. Additionally, Franchisor’s property management system may poll the Hotel’s room revenue results daily.
C. Upon the request of Franchisor, Franchisee shall, at Franchisee’s expense, submit to Franchisor an unaudited quarterly and/or annual a profit and loss statement and balance sheet for the Hotel (in the form prescribed by Franchisor) and a balance sheet within thirty (30) days of the end of each fiscal quarter and/or fiscal year during the term hereoflast preceding calendar quarter. Each statement shall be signed by Franchisee attesting that it is true and correct.
D. Additionally, Franchisee shall, at its expense, submit to FranchisorFranchisor within ninety (90) days of the end of each fiscal year during the term of this Agreement, a profit and loss statement for review such fiscal year and audita balance sheet for the last date of such year. Such annual statements shall be prepared and reviewed by an independent certified public accountant, in accordance with generally accepted accounting principles applied on a consistent basis. Franchisor reserves the right to require Franchisee to submit audited financial statements.
C. Franchisee shall submit to Franchisor such other forms, periodic and other reports, recordsforms and records as specified, information and data relating to Franchisee, the Hotel and the Hotel’s marketing, sales and guests as Franchisor may reasonably designate, in the form manner and at the times and places reasonably required by Franchisor, upon request and time as specified in the Confidential Operations Manual or otherwise in writing. Franchisor shall have the right to access the Hotel’s PMS and reservations system directly to obtain marketing, sales and guest information, and Franchisee shall take all actions necessary to provide such access.
E. D. Franchisor or its designated agent agents shall have the right at all reasonable timesright, during normal business hours and upon reasonable notice to Franchiseewith or without prior notice, to examine and copy, at its expense, all the books, records, accounts and tax returns of Franchisee related to the operation of the Hotel during the preceding five (5) yearsFranchisee. Franchisor shall also shall have the right, right at any time, and upon reasonable notice to Franchisee, to have an independent audit made of these books, accounts and records the books of Franchisee related to the operation of the Hotel. Franchisee shall provide lodging, if available, without charge to Franchisor’s agents during the time as may reasonably be necessary to complete such audits and to render such other assistance as may reasonably be requestedFranchisee. If an inspection should reveal that any payments to Franchisor have been understated in any report to Franchisor, then Franchisee shall immediately pay to Franchisor the amount understated upon demand, the amount understated plus in addition to interest from the date such amount was due until paid. The rate of interest shall be one and one-half percent (1 1/2%) per Accounting Period or , at the maximum rate permitted by law, whichever is less, from the date such amount was due. If an inspection discloses an understatement in any report of three two percent (32%) or more for the period being inspectedmore, Franchisee shall, in addition, reimburse Franchisor for any and all costs and expenses connected with the inspection (including, without limitation, reasonable accounting and attorneys’ ' fees). The foregoing remedies shall be in addition to any other remedies Franchisor may have. If an inspection should reveal that Franchisee has made overpayments to Franchisor, the amount of any such overpayment, without interest, shall be credited against future payments due and payable to Franchisor by Franchisee hereunder.
F. Upon E. Franchisee acknowledges that nothing contained herein constitutes Franchisor's agreement to accept any payments after same are due or a commitment by Franchisor to extend credit to or otherwise finance Franchisee's operation of the request of Franchisor: (i) FranchiseeFranchised Business. Further, if a natural person or persons, Franchisee acknowledges that its failure to pay all amounts when due shall submit to Franchisor a list of all owners constitute grounds for termination of this franchise and the interest held by each; (ii) FranchiseeAgreement, if a partnership, shall submit to Franchisor a list of all partners and the interest in Franchisee held by each; (iii) Franchisee, if a corporation, shall submit to Franchisor a list of all shareholders and the interest in Franchisee held by each; as herein provided, however if Franchisee’s shares are publicly held, the list of shareholders required shall include only those who own five percent (5%) or more of the shares outstanding; or (iv) Franchisee, if a limited liability company, shall submit to Franchisor a list of all members of the limited liability company and the interest in Franchisee held by each.
Appears in 3 contracts
Sources: Franchise Agreement (Newriders Inc), Franchise Agreement (Newriders Inc), Franchise Agreement (Newriders Inc)
Accounting and Records. A. Beginning on the Effective Date and throughout the remainder of the term of this Agreement, Franchisee shall maintain and preserve, for at least five (5) years from the dates of their preparation, full, complete and accurate books, records and accounts in accordance with generally accepted accounting principles consistently applied and in the form and manner prescribed in the Manual or otherwise in writing. Franchisee’s obligation to preserve such books, records and accounts shall survive the termination hereof.
B. Franchisee shall, at Franchisee’s expense, submit to Franchisor by the fifteenth (15th) day of each Accounting Period month after the Opening Date, including the first partial Accounting Period month if the Opening Date is on other than the first day of an Accounting Perioda month, a statement covering the immediately preceding Accounting Period month in the form prescribed by Franchisor, accurately reflecting all gross room revenues, the source and amounts of all other revenues generated at the Hotel, room occupancy and rates, reservations data, and such other data or information as Franchisor may require. Additionally, Franchisor’s property management system may poll the Hotel’s room revenue results daily.
C. Upon the request of Franchisor, Franchisee shall, at Franchisee’s expense, submit to Franchisor an unaudited quarterly and/or annual profit and loss statement for the Hotel (in the form prescribed by Franchisor) and a balance sheet within thirty (30) days of the end of each fiscal quarter and/or fiscal year during the term hereof. Each statement shall be signed by Franchisee attesting that it is true and correct.
D. Franchisee shall, at its expense, submit to Franchisor, for review and audit, such other forms, periodic and other reports, records, information and data relating to Franchisee, the Hotel and the Hotel’s marketing, sales and guests as Franchisor may reasonably designate, in the form and at the times and places reasonably required by Franchisor, upon request and as specified in the Manual or otherwise in writing. Franchisor shall have the right to access the Hotel’s PMS and reservations system directly to obtain marketing, sales and guest information, and Franchisee shall take all actions necessary to provide such access.
E. Franchisor or its designated agent shall have the right at all reasonable times, and upon reasonable notice to Franchisee, to examine and copy, at its expense, all books, records, accounts and tax returns of Franchisee related to the operation of the Hotel during the preceding five (5) years. Franchisor also shall have the right, at any time, and upon reasonable notice to Franchisee, to have an independent audit made of these books, accounts and records of Franchisee related to the operation of the Hotel. Franchisee shall provide lodging, if available, without charge to Franchisor’s agents during the time as may reasonably be necessary to complete such audits and to render such other assistance as may reasonably be requested. If an inspection should reveal that payments have been understated in any report to Franchisor, Franchisee shall immediately pay to Franchisor upon demand, the amount understated plus interest from the date such amount was due until paid. The rate of interest shall be one and one-half percent (1 1/2%) per Accounting Period or the maximum rate permitted by law, whichever is less, from the date such amount was due. If an inspection discloses an understatement of three percent (3%) or more for the period being inspected, Franchisee shall, in addition, reimburse Franchisor for any and all costs and expenses connected with the inspection (including, without limitation, reasonable accounting and attorneys’ fees). The foregoing remedies shall be in addition to any other remedies Franchisor may have. If an inspection should reveal that Franchisee has made overpayments to Franchisor, the amount of any such overpayment, without interest, shall be credited against future payments due and payable to Franchisor by Franchisee hereunder.
F. Upon the request of Franchisor: (i) Franchisee, if a natural person or persons, shall submit to Franchisor Franchisor, a list of all owners of this franchise and the interest held by each; (ii) Franchisee, if a partnership, shall submit to Franchisor Franchisor, a list of all partners and the interest in Franchisee held by each; (iii) Franchisee, if a corporation, shall submit to Franchisor a list of all shareholders and the interest in Franchisee held by each; provided, however if Franchisee’s shares are publicly held, the list of shareholders required shall include only those who own five percent (5%) or more of the shares outstanding; or (iv) Franchisee, if a limited liability company, shall submit to Franchisor a list of all members of the limited liability company and the interest in Franchisee held by each.
Appears in 2 contracts
Sources: Franchise Agreement, Franchise Agreement (Apple REIT Seven, Inc.)
Accounting and Records. A. Beginning on Franchisee shall establish and maintain a bookkeeping, accounting and record keeping system conforming to the Effective Date requirements prescribed by Franchisor, including, without limitation, the use and throughout retention of sales tickets, purchase orders, invoices, payroll records, check stubs, sales tax records and returns, cash receipts and disbursements, journals and general ledgers. Franchisee shall preserve for a period of not less than 3 years, during the remainder term of this Agreement and for not less than 3 years following the term of this Agreement, Franchisee shall maintain and preserve, for at least five (5) years from the dates of their preparation, full, complete and accurate books, all accounting records and accounts in accordance with generally accepted accounting principles consistently applied and in supporting documentation relating to the form and manner prescribed in the Manual or otherwise in writing. Franchisee’s obligation to preserve such books, records and accounts shall survive the termination hereofFranchised Retail Business.
B. Franchisee shall, at Franchisee’s expense, submit will supply to Franchisor by on or before the fifteenth (15th) 20th day after the term of each Accounting Period after the Opening Datecalendar quarter, including the first partial Accounting Period if the Opening Date is on other than the first day of an Accounting Period, a statement covering the immediately preceding Accounting Period in the form prescribed approved by Franchisor, accurately reflecting all gross room revenues, the source and amounts of all other revenues generated at the Hotel, room occupancy and rates, reservations data, and such other data or information as Franchisor may require. Additionally, Franchisor’s property management system may poll the Hotel’s room revenue results daily.
C. Upon the request of Franchisor, Franchisee shall, at Franchisee’s expense, submit to Franchisor an unaudited quarterly and/or annual a profit and loss statement and balance sheet for the Hotel (in the form prescribed by Franchisor) and a balance sheet within thirty (30) days of the end of each fiscal quarter and/or fiscal year during the term hereoflast preceding calendar quarter. Each statement shall be signed by Franchisee attesting that it is true and correct.
D. Additionally, Franchisee shall, at its expense, submit to FranchisorFranchisor within 90 days of the end of each fiscal year during the term of this Agreement, an income statement for review such fiscal year and audit, a balance sheet for the last date of such year. Such annual statements shall be prepared in accordance with generally accepted accounting principles applied on a consistent basis. Franchisor reserves the right to require Franchisee to submit financial statements which are either audited or reviewed by a Certified Public Accountant.
C. Franchisee shall submit to Franchisor such other forms, periodic and other reports, recordsforms and records as specified, information and data relating to Franchisee, the Hotel and the Hotel’s marketing, sales and guests as Franchisor may reasonably designate, in the form manner and at the times and places reasonably required by Franchisor, upon request and time as specified in the Confidential Operations Manual or otherwise in writing. Franchisor shall have the right to access the Hotel’s PMS and reservations system directly to obtain marketing, sales and guest information, and Franchisee shall take all actions necessary to provide such access.
E. D. Franchisor or its designated agent agents shall have the right at all reasonable times, and upon reasonable notice to Franchisee, times to examine and copy, at its expense, all the books, records, accounts and tax returns of Franchisee related to the operation of the Hotel during the preceding five (5) yearsFranchisee. Franchisor shall also shall have the right, at any time, and upon reasonable notice to Franchisee, to have an independent audit made of these books, accounts and records the books of Franchisee related to the operation of the Hotel. Franchisee shall provide lodging, if available, without charge to Franchisor’s agents during the time as may reasonably be necessary to complete such audits and to render such other assistance as may reasonably be requestedFranchisee. If an inspection should reveal that any payments to Franchisor have been understated in any report to Franchisor, then Franchisee shall immediately pay to Franchisor the amount understated upon demand, the amount understated plus in addition to interest from the date such amount was due until paid. The rate , at the lower of interest shall be one and one-half percent (1 1/2%) 18% per Accounting Period annum or the maximum rate permitted by law, whichever is less, from the date such amount was due. If an inspection discloses an understatement in any report of three percent (3%) 2% or more for the period being inspectedmore, Franchisee shall, in addition, reimburse Franchisor for any and all costs and expenses connected with the inspection (including, without limitation, reasonable accounting and attorneys’ ' fees). The foregoing remedies shall be in addition to any other remedies Franchisor may have. If an inspection should reveal that Franchisee has made overpayments to Franchisor, the amount of any such overpayment, without interest, shall be credited against future payments due and payable to Franchisor by Franchisee hereunder.
F. Upon E. Franchisee acknowledges that nothing contained herein constitutes Franchisor's agreement to accept any payments after same are due or a commitment by Franchisor to extend credit to or otherwise finance Franchisee's operation of the request of Franchisor: (i) FranchiseeFranchised Retail Business. Further, if a natural person or persons, Franchisee acknowledges that its failure to pay all amounts when due shall submit to Franchisor a list of all owners constitute grounds for termination of this franchise and the interest held by each; (ii) FranchiseeAgreement, if a partnership, shall submit to Franchisor a list of all partners and the interest in Franchisee held by each; (iii) Franchisee, if a corporation, shall submit to Franchisor a list of all shareholders and the interest in Franchisee held by each; as herein provided, however if Franchisee’s shares are publicly held, the list of shareholders required shall include only those who own five percent (5%) or more of the shares outstanding; or (iv) Franchisee, if a limited liability company, shall submit to Franchisor a list of all members of the limited liability company and the interest in Franchisee held by each.
Appears in 1 contract
Accounting and Records. A. Beginning on the Effective Date and throughout the remainder of the term of this Agreement, 14.1 Franchisee shall maintain and preserve, for at least five (5) years from the dates of their preparation, full, complete preserve any and accurate books, all records and accounts in accordance with generally accepted accounting principles consistently applied and in the form manner and manner for such time as required by the Internal Revenue Service of the United States.
14.2 Franchisee shall maintain a daily Motor Fuel meter reading and shall provide such daily meter reading to Franchisor on a monthly report as prescribed in the Manual or otherwise in writing. Franchisee’s obligation to preserve such books, records and accounts shall survive the termination hereofConfidential Operations Manual.
B. Franchisee shall, at Franchisee’s expense, submit to Franchisor by the fifteenth (15th) day of each Accounting Period after the Opening Date, including the first partial Accounting Period if the Opening Date is on other than the first day of an Accounting Period, a statement covering the immediately preceding Accounting Period in the form prescribed by Franchisor, accurately reflecting all gross room revenues, the source and amounts of all other revenues generated at the Hotel, room occupancy and rates, reservations data, and such other data or information as Franchisor may require. Additionally, Franchisor’s property management system may poll the Hotel’s room revenue results daily.
C. Upon the request of Franchisor, Franchisee shall, at Franchisee’s expense, submit to Franchisor an unaudited quarterly and/or annual profit and loss statement for the Hotel (in the form prescribed by Franchisor) and a balance sheet within thirty (30) days of the end of each fiscal quarter and/or fiscal year during the term hereof. Each statement shall be signed by Franchisee attesting that it is true and correct.
D. 14.3 Franchisee shall, at its expense, submit to Franchisor, for review within ninety (90) days of the end of each fiscal year during the term of this Agreement, annual financial statements, prepared by an independent certified public accountant in accordance with generally accepted accounting principles.
14.4 Franchisee shall provide Franchisor on or before the tenth (10th) day of each month a sales report specifying all Non-Fuel Revenue derived from and auditactual fuel gallonage purchased through the Franchised Business in a form approved by Franchisor. In order to assist Franchisor in monitoring the A/TS Network, Franchisee shall submit to Franchisor such other forms, periodic and other reports, records, information and data relating requested by Franchisor from time to Franchisee, time in the Hotel and format prescribed by Franchisor in the Hotel’s marketing, sales and guests Confidential Operations Manual or as Franchisor may shall otherwise reasonably designate, in the form and at the times and places reasonably required by Franchisor, upon request and as specified in the Manual or otherwise require in writing. Franchisor shall have the right to access the Hotel’s PMS , including, but not limited to, state and reservations system directly to obtain marketing, sales federal fuel tax records by location and guest information, and Franchisee shall take all actions necessary to provide such accessdaily Motor Fuel meter readings by location.
E. 14.5 Franchisor or its designated agent agents shall have the right at all reasonable times, and upon reasonable notice to Franchisee, times to examine and copy, at its expense, all the books, records, accounts and tax returns of Franchisee related to the operation of the Hotel during the preceding five (5) yearsFranchisee. Franchisor shall also shall have the right, at any time, and upon reasonable notice to Franchisee, to have an independent audit made of these books, accounts the books and records of Franchisee related to the operation of the Hotel. Franchisee shall provide lodging, if available, without charge to at Franchisor’s agents during the time as may reasonably be necessary to complete such audits and to render such other assistance as may reasonably be requested's expense. If an inspection or audit should reveal that any payments due to Franchisor have been understated in any report to Franchisor, then Franchisee shall immediately pay to Franchisor the amount understated upon demand, the amount understated plus in addition to interest from the date such amount was due until paid. The , at the rate of interest shall be one and one-half eighteen percent (1 1/218%) per Accounting Period annum or the maximum rate permitted by law, whichever is less, from the date such amount was duelower. If an inspection or audit discloses an understatement in any report of three two percent (32%) or more for the period being inspectedmore, Franchisee shall, in addition, reimburse Franchisor for any and all costs and expenses connected with the inspection or audit (including, without limitation, reasonable accounting and attorneys’ ' fees). The foregoing remedies shall be in addition to any other remedies Franchisor may have. If an inspection should reveal that Franchisee has made overpayments , including, but not limited to, termination or non-renewal pursuant to Franchisor, the amount of any such overpayment, without interest, shall be credited against future payments due and payable to Franchisor by Franchisee hereunderParagraph XIX.
F. Upon 14.6 Franchisee acknowledges that nothing contained herein constitutes Franchisor's agreement to accept any payments after same are due or a commitment by Franchisor to extend credit to or otherwise finance Franchisee's operation of the request of Franchisor: (i) FranchiseeFranchised Business. Further, if Franchisee acknowledges that its failure to pay all amounts when due shall constitute a natural person or persons, shall submit to Franchisor a list of all owners materially significant default and grounds for termination of this franchise and the interest held by each; (ii) Franchisee, if a partnership, shall submit to Franchisor a list of all partners and the interest in Franchisee held by each; (iii) Franchisee, if a corporation, shall submit to Franchisor a list of all shareholders and the interest in Franchisee held by each; provided, however if Franchisee’s shares are publicly held, the list of shareholders required shall include only those who own five percent (5%) or more of the shares outstanding; or (iv) Franchisee, if a limited liability company, shall submit to Franchisor a list of all members of the limited liability company and the interest in Franchisee held by eachAgreement.
Appears in 1 contract
Accounting and Records. A. Beginning on the Effective Date and throughout the remainder of During the term of this Agreement, Franchisee shall maintain and preserve, for at least five six (56) years from the dates of their preparation, full, complete and accurate books, records and accounts accounts, in connection with the Franchised Business, in accordance with generally accepted accounting principles consistently applied or international financial reporting standards applicable in the Area of Responsibility and in the form and manner prescribed in the Manual or otherwise by Franchisor from time to time in writing. Franchisee’s obligation to preserve such books, records and accounts shall survive the termination hereof.
B. Franchisee shall, at Franchisee’s expense, shall submit to Franchisor Franchisor, on a monthly or other periodic basis prescribed by the fifteenth (15th) day of each Accounting Period after the Opening Date, including the first partial Accounting Period if the Opening Date is on other than the first day of an Accounting PeriodFranchisor, a statement covering the immediately preceding Accounting Period or statements in the form prescribed by Franchisor, accurately reflecting all gross room revenues, the source and amounts of all other revenues generated at the Hotel, room occupancy and rates, reservations data, and showing such other data or descriptive information as Franchisor may requirerequire of each item of equipment and other personal property in the Product Line owned, used, under repair or kept by Franchisee for use in the Franchised Business in the preceding month and the Gross Revenue generated by the Franchised Business, during such period. AdditionallySuch statements shall be signed by Franchisee. At the request of Franchisor and at Franchisee’s sole cost and expense, Franchisee agrees to swear to the truth of such statements by means of an affidavit executed before a Consul of the United States of America, or before a Notary Public and/or by providing Franchisor with a statement of a Certified Public or Chartered Accountant as deemed appropriate by Franchisor’s property management system may poll the Hotel’s room revenue results daily.
C. Upon Franchisee shall submit the request of following statements to Franchisor:
(1) As soon as available, Franchisee shall, at Franchisee’s expense, submit to Franchisor an unaudited quarterly and/or annual profit and loss statement for the Hotel but in any event within ninety (in the form prescribed by Franchisor) and a balance sheet within thirty (3090) days of after the end of each fiscal quarter and/or fiscal calendar year of the Franchised Business, a statement certified by a Certified Public or Chartered Accountant in a generally recognized international accounting firm, showing: (i) the total Product Line and the total amount of Gross Revenue generated by the Franchised Business during such calendar year or portion thereof; and (ii) a computation of the term hereofamount that Franchisee was required to spend under Paragraph X.C. below for advertising and promotion and the amount actually expended by Franchisee; and
(2) At Franchisor’s request, audited financial statements certified by a Certified Public or Chartered Accountant in a generally recognized international accounting firm for the Franchised Business within ninety (90) days after the end of each calendar year. Each statement Upon submission of such statements, Franchisee shall remit therewith all sums not theretofore paid which shall be signed by Franchisee attesting that it is true and correctdue to Franchisor in accordance with the provisions of this Agreement (including the payment of the minimum annual license fee required under Paragraph IV.A.(2) hereof). If any amounts are then overdue, such overdue sums shall be subject to late fees pursuant to Paragraph IV.C. hereof.
D. Franchisee shall, at its expense, shall also submit to Franchisor, for review and auditor auditing, to determine Franchisee’s compliance with this Agreement, such other forms, periodic and other reports, records, information and data relating to Franchisee, the Hotel and the Hotel’s marketing, sales and guests as Franchisor may reasonably designate, in the form manner and at the times and places reasonably required by Franchisor, upon request and as specified in the Manual or otherwise from time to time by Franchisor in writing. Franchisor shall have the right to access the Hotel’s PMS and reservations system directly to obtain marketing, sales and guest information, and Franchisee shall take all actions necessary to provide such access.
E. Franchisor or its Franchisor, Hertz and their designated agent agents shall have the right at all reasonable timestimes on reasonable prior written notice in order to determine Franchisee’s compliance with this Agreement, to examine, audit, and upon reasonable notice to Franchisee, to examine and copy, copy at its expense, all bookson the premises of the Franchised Business, records, accounts the books and tax returns records of Franchisee related to and/or the operation of the Hotel during the preceding five (5) yearsFranchised Business. Franchisor shall also shall have the right, at any time, and upon reasonable notice to Franchisee, to have an independent audit made of such books and records. If these booksexaminations or audits are conducted due to Franchisee’s failure to comply with this Agreement or any other agreement with Franchisor or its Affiliates, accounts or if Franchisee denies Franchisor access to the books and records of Franchisee related and/or the Franchised Business or otherwise takes action that results in the examination or audit not proceeding satisfactorily, Franchisor shall have the right to the operation of the Hotel. charge Franchisee shall provide lodging, if available, without charge to Franchisor’s agents during the time as may reasonably be necessary to complete such audits and to render such other assistance as may reasonably be requested. If an inspection should reveal that payments have been understated in any report to Franchisor, Franchisee shall immediately pay to Franchisor upon demand, the amount understated plus interest from the date such amount was due until paid. The rate of interest shall be one and one-half percent (1 1/2%) per Accounting Period or the maximum rate permitted by law, whichever is less, from the date such amount was due. If an inspection discloses an understatement of three percent (3%) or more for the period being inspected, Franchisee shall, in addition, reimburse Franchisor for any and all costs and expenses connected incurred in connection with the inspection (examinations and audits, including, without limitation, charges for Franchisor’s employees’ or agents’ travel expenses, room, board and compensation, and costs of enforcement of these provisions, and reasonable accounting and attorneys’ legal fees). The foregoing remedies shall be in addition to any other remedies Franchisor may have. If an inspection should reveal that Franchisee has made overpayments to Franchisor, the amount of any such overpayment, without interest, shall be credited against future payments due and payable to Franchisor by Franchisee hereunder.
F. Upon the request of Franchisor: (i) Franchisee, if a natural person or persons, shall submit to Franchisor a list of all owners of this franchise and the interest held by each; (ii) Franchisee, if a partnership, shall submit to Franchisor a list of all partners and the interest in Franchisee held by each; (iii) Franchisee, if a corporation, shall submit to Franchisor a list of all shareholders and the interest in Franchisee held by each; provided, however if Franchisee’s shares are publicly held, the list of shareholders required shall include only those who own five percent (5%) or more of the shares outstanding; or (iv) Franchisee, if a limited liability company, shall submit to Franchisor a list of all members of the limited liability company and the interest in Franchisee held by each.
Appears in 1 contract
Accounting and Records. A. Beginning on the Effective Date and throughout the remainder of 10.1. Franchisee shall maintain during the term of this Agreement, Franchisee and shall maintain and preserve, preserve for at least five four (54) years from the dates of their preparation, full, complete complete, and accurate books, records records, and accounts in accordance with generally accepted accounting principles consistently applied and in the form and manner prescribed by Franchisor from time to time in the Manual or otherwise in writing. Franchisee’s obligation to preserve such books, records and accounts shall survive the termination hereof.
B. 10.2. Franchisee shallshall prepare and maintain a business plan and operating budget in the manner prescribed by Franchisor, reflecting such information as Franchisor may specify, which may include, without limitation, operational data, personnel expense information, factors related to the costs of goods sold, capital expenditures, and revenue projections. Franchisee shall submit such business plan and operating budget to Franchisor at Franchisee’s expense, such times and places and in such form as may be prescribed by Franchisor.
10.3. Franchisee shall submit to Franchisor by Franchisor, no later than the fifteenth (15th) day of each Accounting Period after month during the Opening Dateterm of this Agreement, including the first partial Accounting Period if the Opening Date is on other than the first day of an Accounting Period, in a statement covering the immediately preceding Accounting Period in the form prescribed format and manner specified by Franchisor, accurately reflecting all monthly royalty and gross room revenues, the source and amounts of all other revenues generated at the Hotel, room occupancy and rates, reservations datasales reports, and such other data or information reports as Franchisor may require. Additionally, Franchisor reserves the right to require Franchisee to submit copies of all state sales tax returns for the Franchised Business to Franchisor’s property management system may poll the Hotel’s room revenue results daily.
C. Upon the request of Franchisor, Franchisee shall, at Franchisee’s expense, submit to Franchisor an unaudited quarterly and/or annual profit and loss statement for the Hotel (in the form prescribed by Franchisor) and a balance sheet within thirty (30) days of the end of each fiscal quarter and/or fiscal year during the term hereof10.4. Each statement shall be signed by Franchisee attesting that it is true and correct.
D. Franchisee shall, at its expense, provide to Franchisor, in a format specified by Franchisor, and in accordance with generally accepted accounting principles, a complete annual financial statement (including, without limitation, a profit and loss statement, cash flow statement and balance sheet), on a review basis, prepared by an independent certified public accountant satisfactory to Franchisor, within ninety (90) days after the end of each fiscal year of the Franchised Business showing the results of operations of the Franchised Business and the results of operations for any entity affiliated with the Franchised Business during said fiscal year. Franchisor reserves the right to require Franchisee to provide, at Franchisee’s expense, an audited annual financial statement, prepared by an independent certified public accountant satisfactory to Franchisor.
10.5. Franchisor reserves the right to require Franchisee, at Franchisee’s expense, to provide to Franchisor, in a format specified by Franchisor, quarterly or semi-annual financial statements (as described in Section 10.4 above), certified by an officer or accountant of Franchisee (and if specifically required by Franchisor, certified by an independent certified public accountant), and such other information as Franchisor may reasonably specify, showing the results of operations of the Franchised Business and the results of operations for any entity affiliated with the Franchised Business during said period. Franchisee shall submit such reports within forty-five (45) days following the end of each quarter or six-month period of each fiscal year of the Franchised Business during the term hereof. nufa-095 - 13 -
10.6. Franchisee shall also submit to Franchisor, for review and auditor auditing, such other forms, periodic and other reports, records, information information, and data relating to Franchisee, the Hotel and the Hotel’s marketing, sales and guests as Franchisor may reasonably designaterequire, including but not limited to financial statements of each Franchisee and each Guarantor, in the form and at the times and places reasonably required by Franchisor, upon Franchisor’s request and as specified from time to time in the Manual or otherwise in writing. Franchisor shall have reserves the right to access the Hotel’s PMS require each Franchisee and reservations system directly each Guarantor to obtain marketing, sales submit their respective federal and guest informationstate income tax returns to Franchisor for review. Franchisee agrees that Franchisor may, and specifically grants Franchisor the right to, divulge any and all information submitted by Franchisee shall take all actions necessary pursuant to provide such accessthis Section 10 or otherwise pertaining to Franchisee to third-party financing or lending sources being considered by Franchisee.
E. 10.7. Franchisor or its designated agent agents shall have the right at all reasonable times, and upon reasonable notice to Franchisee, times to examine and copy, at its Franchisor’s expense, all the books, records, accounts and tax returns of Franchisee related to the operation of the Hotel during the preceding five (5) yearsFranchisee. Franchisor shall also shall have the right, at any time, and upon reasonable notice to Franchisee, to have an independent audit made of these books, accounts and records the books of Franchisee related to the operation of the Hotel. Franchisee shall provide lodging, if available, without charge to Franchisor’s agents during the time as may reasonably be necessary to complete such audits and to render such other assistance as may reasonably be requestedFranchisee. If an inspection should reveal that any payments to Franchisor or any affiliate have been understated in any report to Franchisor, or if Franchisee fails to expend any monies required under this Agreement, then Franchisee shall immediately pay to Franchisor upon demand, the amount understated, or expend the amount required, upon demand by Franchisor. In addition, Franchisee shall pay interest on the understated plus interest amount from the date such amount was due until paid. The , at the rate of interest shall to be one and one-half percent (1 1/2%) per Accounting Period determined by Franchisor from time to time, or the maximum rate permitted by law, whichever is less, from the date such amount was due. If an inspection discloses an understatement in any report of three two percent (32%) or more for more, or an underpayment of required expenditures (including, without limitation, royalties due pursuant to the period being inspectedAgreement) of two percent (2%) or more, Franchisee shall, in addition, reimburse Franchisor for any and all costs and expenses connected with the inspection (including, without limitation, travel, lodging and wage expenses, and reasonable accounting and attorneys’ feeslegal costs). The foregoing remedies shall be in addition to any other remedies Franchisor may have. If an inspection should reveal that Franchisee has made overpayments to Franchisor, the amount of any such overpayment, without interest, shall be credited against future payments due and payable to Franchisor by Franchisee hereunder.
F. Upon the request of Franchisor: (i) Franchisee, if a natural person or persons, shall submit to Franchisor a list of all owners of this franchise and the interest held by each; (ii) Franchisee, if a partnership, shall submit to Franchisor a list of all partners and the interest in Franchisee held by each; (iii) Franchisee, if a corporation, shall submit to Franchisor a list of all shareholders and the interest in Franchisee held by each; provided, however if Franchisee’s shares are publicly held, the list of shareholders required shall include only those who own five percent (5%) or more of the shares outstanding; or (iv) Franchisee, if a limited liability company, shall submit to Franchisor a list of all members of the limited liability company and the interest in Franchisee held by each.
Appears in 1 contract
Accounting and Records. A. Beginning on the Effective Date and throughout the remainder of the term of this Agreement, 11.1 Franchisee shall maintain prepare, and preserve, shall preserve for at least five three (53) years from the dates of their preparation, full, complete and accurate books, records records, and accounts accounts, in accordance with generally accepted accounting principles.
11.2 All Gross Sales and all sales tax and other charges collected on behalf of third parties shall be recorded by Franchisee in accordance with the procedures prescribed in the Manuals on such point of sale systems as Franchisor may specify pursuant to Section 7.7 above.
11.3 Franchisee shall submit to Franchisor, at Franchisee's expense, in the form prescribed by Franchisor:
11.3.1 By no later than Monday of each week, a complete and accurate report of Gross Sales for the preceding week, and such other weekly data as Franchisor may reasonably require;
11.3.2 Within ninety (90) days after the end of each fiscal year of Franchisee, an income statement showing the results of Franchisee's operations during such fiscal year and a balance sheet as of the end of such fiscal year, both of which shall be prepared in accordance with generally accepted accounting principles consistently applied and in reviewed by an independent certified public accountant. If, however, the form foregoing income statements and manner prescribed in balance sheets are audited by an independent certified public accountant, then Franchisee shall furnish the Manual or otherwise in writing. Franchisee’s obligation to preserve such books, records audited income statements and accounts shall survive the termination hereof.
B. Franchisee shall, at Franchisee’s expense, submit to Franchisor by the fifteenth (15th) day of each Accounting Period after the Opening Date, including the first partial Accounting Period if the Opening Date is on other balance sheets rather than the first day of an Accounting Periodreviewed income statements and balance sheets; and
11.3.3 Interim unaudited income statements and balance sheets, a statement covering the immediately preceding Accounting Period in the form prescribed by Franchisornot less often than quarterly, accurately reflecting all gross room revenues, the source and amounts of all other revenues generated at the Hotel, room occupancy and rates, reservations data, and such other data or information as Franchisor may require. Additionally, Franchisor’s property management system may poll the Hotel’s room revenue results daily.
C. Upon the request of Franchisor, Franchisee shall, at Franchisee’s expense, submit to Franchisor an unaudited quarterly and/or annual profit and loss statement for the Hotel within forty-five (in the form prescribed by Franchisor) and a balance sheet within thirty (3045) days of after the end of each fiscal quarter and/or fiscal year during the term hereof. Each statement shall be signed by Franchisee attesting that it is true and correctperiod to which the statements relate.
D. Franchisee shall, at 11.4 Franchisor and its expense, submit to Franchisor, for review and audit, such other forms, periodic and other reports, records, information and data relating to Franchisee, the Hotel and the Hotel’s marketing, sales and guests as Franchisor may reasonably designate, in the form and at the times and places reasonably required by Franchisor, upon request and as specified in the Manual or otherwise in writing. Franchisor designated agents shall have the right to access the Hotel’s PMS and reservations system directly to obtain marketing, sales and guest information, and Franchisee shall take all actions necessary to provide such access.
E. Franchisor or its designated agent shall have the right at all reasonable times, and upon reasonable notice to Franchisee, to examine and copy, at its Franchisor's expense, all on reasonable notice and during normal business hours, the books, records, accounts accounts, and sales tax returns of Franchisee related to the operation of the Hotel during the preceding five (5) yearsFranchisee. Franchisor shall also shall have the right, at any time, and upon reasonable notice to Franchisee, to have an independent audit made of these books, accounts and records the books of Franchisee related to the operation of the Hotel. Franchisee shall provide lodging, if available, without charge to Franchisor’s agents during the time as may reasonably be necessary to complete such audits and to render such other assistance as may reasonably be requestedFranchisee. If an inspection should reveal or audit reveals that payments have any payment to Franchisor has been understated in any report to Franchisorunderstated, Franchisee shall immediately pay to Franchisor upon demand, the amount understated plus owed, together with daily interest from the date such amount was due until paid. The paid at the rate of interest shall be one and one-half eighteen percent (1 1/218%) per Accounting Period annum or the maximum rate permitted by law, whichever is less, from the date such amount was due. If an inspection discloses an understatement or audit reveals any underpayment by Franchisee of three two percent (32%) or more for the period being inspectedmore, Franchisee shall, in additionaddition to payment of monies owed with interest, reimburse Franchisor for any and all costs and expenses connected with the inspection or audit (including, without limitation, expenses for travel, lodging and wages, and reasonable accounting and attorneys’ feeslegal costs). The foregoing remedies shall be in addition to any other remedies Franchisor may have. If an inspection should reveal that Franchisee has made overpayments to Franchisor, the amount of any such overpayment, without interest, shall be credited against future payments due and payable to Franchisor by Franchisee hereunder.
F. Upon the request of Franchisor: (i) Franchisee, if a natural person or persons, shall submit to Franchisor a list of all owners of this franchise and the interest held by each; (ii) Franchisee, if a partnership, shall submit to Franchisor a list of all partners and the interest in Franchisee held by each; (iii) Franchisee, if a corporation, shall submit to Franchisor a list of all shareholders and the interest in Franchisee held by each; provided, however if Franchisee’s shares are publicly held, the list of shareholders required shall include only those who own five percent (5%) or more of the shares outstanding; or (iv) Franchisee, if a limited liability company, shall submit to Franchisor a list of all members of the limited liability company and the interest in Franchisee held by each.
Appears in 1 contract
Accounting and Records. A. Beginning on the Effective Date and throughout the remainder of During the term of this Agreement, Franchisee shall maintain and preserve, for at least five seven (57) years from the dates date of their preparation, full, complete and accurate books, records records, and accounts in accordance with generally accepted accounting principles consistently applied and in the form and manner prescribed by Franchisor from time-to-time in the Manual Manuals or otherwise in writing. Franchisee’s obligation to Franchisee shall record all sales at or from the restaurant using cash registers or other point-of-sale equipment and computer software meeting Franchisor's standards and specifications and approved by Franchisor. Franchisee shall maintain and preserve such books, all cash register tapes and/or computer records and accounts shall survive the termination hereoffor at least two (2) years.
B. Franchisee shall, at Franchisee’s expense, shall submit to Franchisor by Franchisor, no later than the fifteenth tenth (15thl0th) day of each Accounting Period month during the term of this Agreement, after the Opening Dateopening of the restaurant, including the first partial Accounting Period if the Opening Date is on other than the first day of an Accounting Periodunaudited profit and loss statement, a statement covering the immediately preceding Accounting Period in the form prescribed by Franchisor, accurately reflecting all gross room revenues, sales during the source and amounts of all other revenues generated at the Hotel, room occupancy and rates, reservations data, preceding month and such other data or information as Franchisor may require. Additionally, Franchisor’s property management system may poll the Hotel’s room revenue results daily.
C. Upon the request of Franchisor, Franchisee shall, at Franchisee’s expense, submit to Franchisor an unaudited quarterly and/or annual Each profit and loss statement for the Hotel (in the form prescribed by Franchisor) and a balance sheet within thirty (30) days of the end of each fiscal quarter and/or fiscal year during the term hereof. Each statement shall be signed by Franchisee attesting that it is true and correctcorrect to the best of Franchisee's knowledge.
C. Franchisee shall, at Franchisee's expense, submit to Franchisor an audited profit and loss statement and audited balance sheet prepared in accordance with generally accepted accounting principles, within one hundred twenty (120) days after the end of each fiscal year during the term hereof, showing the results of operations of the franchised business during said fiscal year.
D. Franchisee shallshall submit to Franchisor, at its expensewithin thirty (30) days of the filing of Franchisee's annual federal income tax return, a copy of Franchisee's federal income tax return and copies of monthly sales tax returns pertaining to the franchised business for the preceding fiscal year.
E. Franchisee shall submit to Franchisor, for review and auditor auditing, such other forms, periodic and other reports, books, tax returns, records, bank statements, federal and state unemployment compensation reports and workmen's compensation reports, withholding tax reports, purchasing records, cash register tapes, computer records, and such other information and data relating to Franchisee, the Hotel and the Hotel’s marketing, sales and guests as Franchisor may reasonably designate, in the form and at the times and places reasonably required by Franchisor, upon request and as specified from time to time in the Manual Manuals or otherwise in writing.
F. Franchisee shall, and does hereby, consent to the release of records, accounts, and such other information held by banks, credit reporting agencies, and suppliers of Franchisee as may be reasonably requested by Franchisor. Franchisee shall execute such documents as Franchisor shall have the right to access the Hotel’s PMS and reservations system directly deems necessary to obtain marketing, sales and guest such information, and Franchisee shall take all actions necessary to provide such access.
E. G. Franchisor or its designated agent agents shall have the right at all reasonable times, and upon reasonable notice times to Franchisee, to examine and copyexamine, at its expense, all the books, records, accounts and tax returns of Franchisee related to the operation of the Hotel during the preceding five (5) yearsFranchisee. Franchisor shall also shall have the right, at any time, and upon reasonable notice to Franchisee, to have an independent audit made of these books, accounts and records the books of Franchisee related to the operation of the Hotel. Franchisee shall provide lodging, if available, without charge to Franchisor’s agents during the time as may reasonably be necessary to complete such audits and to render such other assistance as may reasonably be requestedFranchisee. If an inspection should reveal that such payments have been understated in any report to Franchisor, then Franchisee shall pay Franchisor, immediately pay upon demand and in addition to Franchisor upon demand, the amount understated, a late fee of $75.00 and interest on the understated plus interest amount, from the date such the understated amount was due until paid. The rate of interest shall be , at one and one-half percent (1 1/2l l/2%) per Accounting Period month or the maximum rate permitted by law, whichever is less, from the date such amount was due. If an inspection discloses an understatement in any report of three percent (3%) or more for of the period being inspectedamount due to Franchisor, Franchisee shall, in addition, reimburse Franchisor for any and all costs and expenses connected with the inspection (including, without limitation, travel, lodging, wage expenses and reasonable accounting and attorneys’ ' fees). The foregoing remedies shall be in addition to any other remedies Franchisor may have. If an inspection should reveal that .
H. Franchisee has made overpayments shall, at its expense, submit to Franchisor, in conjunction with, and as a part of, the amount financial statements required under Section X.C. hereof, a complete and accurate accounting and a detailed description of any such overpayment, without interest, shall be credited against future payments due and payable to Franchisor all expenditures by Franchisee hereunderfor local advertising during the preceding fiscal year.
F. Upon the request of Franchisor: (i) Franchisee, if a natural person or persons, shall submit to Franchisor a list of all owners of this franchise and the interest held by each; (ii) Franchisee, if a partnership, shall submit to Franchisor a list of all partners and the interest in Franchisee held by each; (iii) Franchisee, if a corporation, shall submit to Franchisor a list of all shareholders and the interest in Franchisee held by each; provided, however if Franchisee’s shares are publicly held, the list of shareholders required shall include only those who own five percent (5%) or more of the shares outstanding; or (iv) Franchisee, if a limited liability company, shall submit to Franchisor a list of all members of the limited liability company and the interest in Franchisee held by each.
Appears in 1 contract
Sources: Area Development Agreement (Frischs Restaurants Inc)
Accounting and Records. A. Beginning on the Effective Date and throughout the remainder of the term of this Agreement, Franchisee shall maintain and preserve, for at least five (5) years from the dates of their preparation, full, complete and accurate books, records and accounts in accordance with generally accepted accounting principles consistently applied and in the form and manner prescribed in the Manual or otherwise in writing. Franchisee’s obligation to preserve such books, records and accounts shall survive the termination hereof.
B. Franchisee shall, at Franchisee’s expense, submit to Franchisor by the fifteenth (15th) day of each Accounting Period after the Opening Effective Date, including the first partial Accounting Period if the Opening Effective Date is on other than the first day of an Accounting Period, a statement covering the immediately preceding Accounting Period in the form prescribed by Franchisor, accurately reflecting all gross room revenues, the source and amounts of all other revenues generated at the Hotel, room occupancy and rates, reservations data, and such other data or information as Franchisor may require. Additionally, Franchisor’s property management system may poll the Hotel’s room revenue results daily.
C. Upon the request of Franchisor, Franchisee shall, at Franchisee’s expense, submit to Franchisor an unaudited quarterly and/or annual profit and loss statement for the Hotel (in the form prescribed by Franchisor) and a balance sheet within thirty (30) days of the end of each fiscal quarter and/or fiscal year during the term hereof. Each statement shall be signed by Franchisee attesting that it is true and correct.
D. Franchisee shall, at its expense, submit to Franchisor, for review and audit, such other forms, periodic and other reports, records, information and data relating to Franchisee, the Hotel and the Hotel’s marketing, sales and guests as Franchisor may reasonably designate, in the form and at the times and places reasonably required by Franchisor, upon request and as specified in the Manual or otherwise in writing. Franchisor shall have the right to access the Hotel’s PMS and reservations system directly to obtain marketing, sales and guest information, and Franchisee shall take all actions necessary to provide such access.
E. Franchisor or its designated agent shall have the right at all reasonable times, and upon reasonable notice to Franchisee, to examine and copy, at its expense, all books, records, accounts and tax returns of Franchisee related to the operation of the Hotel during the preceding five (5) years. Franchisor also shall have the right, at any time, and upon reasonable notice to Franchisee, to have an independent audit made of these books, accounts and records of Franchisee related to the operation of the Hotel. Franchisee shall provide lodging, if available, without charge to Franchisor’s agents during the time as may reasonably be necessary to complete such audits and to render such other assistance as may reasonably be requested. If an inspection should reveal that payments have been understated in any report to Franchisor, Franchisee shall immediately pay to Franchisor upon demand, the amount understated plus interest from the date such amount was due until paid. The rate of interest shall be one and one-half percent (1 1/2%) per Accounting Period or the maximum rate permitted by law, whichever is less, from the date such amount was due. If an inspection discloses an understatement of three percent (3%) or more for the period being inspected, . Franchisee shall, in addition, reimburse Franchisor for any and all costs and expenses connected with the inspection (including, without limitation, reasonable accounting and attorneys’ fees). The foregoing remedies shall be in addition to any other remedies Franchisor may have. If an inspection should reveal that Franchisee has made overpayments to Franchisor, the amount of any such overpayment, without interest, shall be credited against future payments due and payable to Franchisor by Franchisee hereunder.
F. Upon the request of Franchisor: (i) Franchisee, if a natural person or persons, shall submit to Franchisor a list of all owners of this franchise and the interest held by each; (ii) Franchisee, if a partnership, shall submit to Franchisor a list of all partners and the interest in Franchisee held by each; (iii) Franchisee, if a corporation, shall submit to Franchisor a list of all shareholders and the interest in Franchisee held by each; provided, however if Franchisee’s shares are publicly held, the list of shareholders required shall include only those who own five percent (5%) or more of the shares outstanding; or (iv) Franchisee, if a limited liability company, shall submit to Franchisor a list of all members of the limited liability company and the interest in Franchisee held by each.
Appears in 1 contract
Accounting and Records. A. Beginning on the Effective Date and throughout the remainder of During the term of this Agreement, Franchisee shall maintain and preserve, for at least five seven (57) years from the dates date of their preparation, full, complete and accurate books, records records, and accounts in accordance with generally accepted accounting principles consistently applied and in the form and manner prescribed by Franchisor from time-to-time in the Manual Manuals or otherwise in writing. Franchisee’s obligation to Franchisee shall record all sales at or from the restaurant using cash registers or other point-of-sale equipment and computer software meeting Franchisor's standards and specifications and approved by Franchisor. Franchisee shall maintain and preserve such books, all cash register tapes and/or computer records and accounts shall survive the termination hereoffor at least two (2) years.
B. Franchisee shall, at Franchisee’s expense, shall submit to Franchisor by Franchisor, no later than the fifteenth tenth (15thl0th) day of each Accounting Period month during the term of this Agreement, after the Opening Dateopening of the restaurant, including the first partial Accounting Period if the Opening Date is on other than the first day of an Accounting Periodunaudited profit and loss statement, a statement covering the immediately preceding Accounting Period in the form prescribed by Franchisor, accurately reflecting all gross room revenues, sales during the source and amounts of all other revenues generated at the Hotel, room occupancy and rates, reservations data, preceding month and such other data or information as Franchisor may require. Additionally, Franchisor’s property management system may poll the Hotel’s room revenue results daily.
C. Upon the request of Franchisor, Franchisee shall, at Franchisee’s expense, submit to Franchisor an unaudited quarterly and/or annual Each profit and loss statement for the Hotel (in the form prescribed by Franchisor) and a balance sheet within thirty (30) days of the end of each fiscal quarter and/or fiscal year during the term hereof. Each statement shall be signed by Franchisee attesting that it is true and correctcorrect to the best of Franchisee's knowledge.
C. Franchisee shall, at Franchisee's expense, submit to Franchisor an audited profit and loss statement and audited balance sheet prepared in accordance with generally accepted accounting principles, within one hundred twenty (120) days after the end of each fiscal year during the term hereof, showing the results of operations of the franchised business during said fiscal year.
D. Franchisee shallshall submit to Franchisor, at its expensewithin thirty (30) days of the filing of Franchisee's annual federal income tax return, a copy of Franchisee's federal income tax return and copies of monthly sales tax returns pertaining to the franchised business for the preceding fiscal year.
E. Franchisee shall submit to Franchisor, for review and auditor auditing, such other forms, periodic and other reports, books, tax returns, records, bank statements, federal and state unemployment compensation reports and worker's compensation reports, withholding tax reports, purchasing records, cash register tapes, computer records, and such other information and data relating to Franchisee, the Hotel and the Hotel’s marketing, sales and guests as Franchisor may reasonably designate, in the form and at the times and places reasonably required by Franchisor, upon request and as specified from time to time in the Manual Manuals or otherwise in writing.
F. Franchisee shall, and does hereby, consent to the release of records, accounts, and such other information held by banks, credit reporting agencies, and suppliers of Franchisee as may be reasonably requested by Franchisor. Franchisee shall execute such documents as Franchisor shall have the right to access the Hotel’s PMS and reservations system directly deems necessary to obtain marketing, sales and guest such information, and Franchisee shall take all actions necessary to provide such access.
E. G. Franchisor or its designated agent agents shall have the right at all reasonable times, and upon reasonable notice times to Franchisee, to examine and copyexamine, at its expense, all the books, records, accounts and tax returns of Franchisee related to the operation of the Hotel during the preceding five (5) yearsFranchisee. Franchisor shall also shall have the right, at any time, and upon reasonable notice to Franchisee, to have an independent audit made of these books, accounts and records the books of Franchisee related to the operation of the Hotel. Franchisee shall provide lodging, if available, without charge to Franchisor’s agents during the time as may reasonably be necessary to complete such audits and to render such other assistance as may reasonably be requestedFranchisee. If an inspection should reveal that such payments have been understated in any report to Franchisor, then Franchisee shall pay Franchisor, immediately pay upon demand and in addition to Franchisor upon demand, the amount understated, a late fee of $75.00 and interest on the understated plus interest amount, from the date such the understated amount was due until paid. The rate of interest shall be , at one and one-half percent (1 1/2l l/2%) per Accounting Period month or the maximum rate permitted by law, whichever is less, from the date such amount was due. If an inspection discloses an understatement in any report of three percent (3%) or more for of the period being inspectedamount due to Franchisor, Franchisee shall, in addition, reimburse Franchisor for any and all costs and expenses connected with the inspection (including, without limitation, travel, lodging, wage expenses and reasonable accounting and attorneys’ ' fees). The foregoing remedies shall be in addition to any other remedies Franchisor may have. If an inspection should reveal that .
H. Franchisee has made overpayments shall, at its expense, submit to Franchisor, in conjunction with, and as a part of, the amount financial statements required under Section X.C. hereof, a complete and accurate accounting and a detailed description of any such overpayment, without interest, shall be credited against future payments due and payable to Franchisor all expenditures by Franchisee hereunderfor local advertising during the preceding fiscal year.
F. Upon the request of Franchisor: (i) Franchisee, if a natural person or persons, shall submit to Franchisor a list of all owners of this franchise and the interest held by each; (ii) Franchisee, if a partnership, shall submit to Franchisor a list of all partners and the interest in Franchisee held by each; (iii) Franchisee, if a corporation, shall submit to Franchisor a list of all shareholders and the interest in Franchisee held by each; provided, however if Franchisee’s shares are publicly held, the list of shareholders required shall include only those who own five percent (5%) or more of the shares outstanding; or (iv) Franchisee, if a limited liability company, shall submit to Franchisor a list of all members of the limited liability company and the interest in Franchisee held by each.
Appears in 1 contract
Sources: Area Development Agreement (Frischs Restaurants Inc)
Accounting and Records. A. Beginning on the Effective Date and throughout the remainder of Franchisee shall maintain during the term of this Agreement, Franchisee and shall maintain and preserve, preserve for at least five (5) years from the dates of their preparationtime period specified in the Manual, full, complete and accurate books, records and accounts in accordance with generally accepted the standard accounting principles consistently applied and in the form and manner system prescribed by Franchisor in the Manual or otherwise in writing. Franchisee’s obligation Franchisee shall retain during the term of this Agreement and for three (3) years thereafter all books and records related to preserve such booksthe Franchised Business including, without limitation, sales checks, purchase orders, invoices, payroll records, check stubs, sales tax records and accounts shall survive the termination hereofreturns, cash receipts and disbursement journals, general ledgers and any other financial records designated by Franchisor or required by law.
B. Franchisee shall, at Franchisee’s expense, submit will supply to Franchisor by on or before the fifteenth (15th) day of each Accounting Period after the Opening Datefollowing calendar month, including the first partial Accounting Period if the Opening Date is on other than the first day of an Accounting Period, in a statement covering the immediately preceding Accounting Period in the form prescribed approved by Franchisor, accurately reflecting all gross room revenues, a balance sheet as of the source end of the last preceding calendar quarter and amounts of all other revenues generated at the Hotel, room occupancy and rates, reservations data, and such other data or information as Franchisor may require. Additionally, Franchisor’s property management system may poll the Hotel’s room revenue results daily.
C. Upon the request of Franchisor, Franchisee shall, at Franchisee’s expense, submit to Franchisor an unaudited quarterly and/or annual a profit and loss statement for the Hotel (in the form prescribed by Franchisor) such quarter and a balance sheet within thirty (30) days of the end of each Franchisee's fiscal quarter and/or fiscal year during the term hereofyear-to-date. Each statement shall be signed by Franchisee attesting that it is true and correct.
D. Additionally, Franchisee shall, at its expense, submit to FranchisorFranchisor within ninety (90) days of the end of each fiscal year during the term of this Agreement, a profit and loss statement for review such fiscal year and audita balance sheet as of the last day of such fiscal year, prepared on an accrual basis including all adjustments necessary for fair presentation of the financial statements. Such financial statements will be certified to be true and correct by Franchisee. Franchisor requires, at Franchisee's expense, annual financial statements, prepared in accordance with generally accepted accounting standards, reviewed or audited by an independent certified public accountant. Franchisee shall supply to Franchisor all federal and state income tax returns filed for the Franchised Business within thirty (30) days after such filing.
C. Franchisee shall submit to Franchisor such other forms, periodic and other reports, records, information forms and data relating to Franchisee, the Hotel and the Hotel’s marketing, sales and guests as Franchisor may reasonably designate, records in the form manner and at the times and places reasonably required by Franchisor, upon request and time as specified in the Manual or as Franchisor shall otherwise require in writing from time to time.
D. Franchisee shall record all sales on a computerized inventory system approved by Franchisor or as may be designated by Franchisor in the Manual or otherwise in writing. Franchisee acknowledges that Franchisor shall have the right to require Franchisee to utilize computerized inventory systems which are fully compatible with any program or system which Franchisor, in its discretion, may employ. If Franchisor requires such computerized inventory systems, all Gross Sales and all sales information shall be recorded on such equipment. Franchisor shall have full access the Hotel’s PMS to all of Franchisee's data, system and reservations system directly to obtain marketingrelated information by means of direct access whether in person, sales and guest information, and Franchisee shall take all actions necessary to provide such accessor by telephone/modem.
E. Franchisor or its designated agent agents shall have the right at all reasonable times, and upon reasonable notice to Franchisee, times to examine and copy, at its expense, all the books, records, accounts records and tax returns of Franchisee related to the operation of the Hotel during the preceding five (5) yearsFranchisee. Franchisor shall also shall have the right, at any time, and upon reasonable notice to Franchisee, to have an independent audit made of these books, accounts the books and records of Franchisee related to the operation of the Hotel. Franchisee shall provide lodging, if available, without charge to at Franchisor’s agents during the time as may reasonably be necessary to complete such audits and to render such other assistance as may reasonably be requested's expense. If an inspection or audit should reveal that any payments due to Franchisor have been understated in any report to Franchisor, Franchisee shall immediately pay to Franchisor the amount understated upon demand, the amount understated plus in addition to interest from the date such amount was due until paid. The , at the rate of interest shall be one and one-half eighteen percent (1 1/218%) per Accounting Period annum or the maximum rate permitted by law, whichever is less, from the date such amount was duegreater. If an inspection or audit discloses an understatement in any report of three two percent (32%) or more for the period being inspectedmore, Franchisee shall, in addition, reimburse Franchisor for any and all costs and expenses connected with the inspection or audit (including, without limitation, reasonable accounting and attorneys’ ' fees). The foregoing remedies shall be in addition to any other remedies Franchisor may have. If an inspection should reveal that Franchisee has made overpayments to Franchisor, the amount of any such overpayment, without interest, shall be credited against future payments due and payable to Franchisor by Franchisee hereunder.
F. Upon Franchisee acknowledges that nothing contained herein constitutes Franchisor's agreement to accept any payments after same are due or a commitment by Franchisor to extend credit to or otherwise finance Franchisee's operation of the request of Franchisor: (i) FranchiseeFranchised Business. Further, if Franchisee acknowledges that its failure to pay all amounts when due shall constitute a natural person or persons, shall submit to Franchisor a list of all owners material default and grounds for termination of this franchise and the interest held by each; (ii) Franchisee, if a partnership, shall submit to Franchisor a list of all partners and the interest in Franchisee held by each; (iii) Franchisee, if a corporation, shall submit to Franchisor a list of all shareholders and the interest in Franchisee held by each; provided, however if Franchisee’s shares are publicly held, the list of shareholders required shall include only those who own five percent (5%) or more of the shares outstanding; or (iv) Franchisee, if a limited liability company, shall submit to Franchisor a list of all members of the limited liability company and the interest in Franchisee held by eachAgreement.
Appears in 1 contract
Accounting and Records. A. Beginning on the Effective Date and throughout the remainder of the term of this Agreement, 12.1 Franchisee shall maintain prepare, and preserve, shall preserve for at least five three (53) years from the dates of their preparation, full, complete and accurate books, records records, and accounts accounts, in accordance with generally accepted accounting principles consistently applied principles.
12.2 All Gross Sales and all sales tax and other charges collected on behalf of third parties shall be recorded by Franchisee in accordance with the form and manner procedures prescribed in the Manual or otherwise in writing. Franchisee’s obligation Manuals on such point of sale systems as Franchisor may specify pursuant to preserve such books, records and accounts shall survive the termination hereofSection 8.7 above.
B. 12.3 Franchisee shallshall submit to Franchisor, at Franchisee’s 's expense, submit to Franchisor by the fifteenth (15th) day of each Accounting Period after the Opening Date, including the first partial Accounting Period if the Opening Date is on other than the first day of an Accounting Period, a statement covering the immediately preceding Accounting Period in the form prescribed by Franchisor:
12.3.1 By no later than Monday of each week, accurately reflecting all gross room revenues, a complete and accurate report of Gross Sales for the source and amounts of all other revenues generated at the Hotel, room occupancy and rates, reservations datapreceding week, and such other weekly data or information as Franchisor may reasonably require. Additionally, Franchisor’s property management system may poll the Hotel’s room revenue results daily.;
C. Upon the request of Franchisor, Franchisee shall, at Franchisee’s expense, submit to Franchisor an unaudited quarterly and/or annual profit and loss statement for the Hotel 12.3.2 Within ninety (in the form prescribed by Franchisor) and a balance sheet within thirty (3090) days of after the end of each fiscal quarter and/or year of Franchisee, an income statement showing the results of Franchisee's operations during such fiscal year during and a balance sheet as of the term hereof. Each statement end of such fiscal year, both of which shall be signed audited by Franchisee attesting that it is true an independent certified public accountant; and
12.3.3 Interim unaudited income statements and correctbalance sheets, not less often than quarterly, within forty-five (45) days after the end of the period to which the statements relate.
D. Franchisee shall, at 12.4 Franchisor and its expense, submit to Franchisor, for review and audit, such other forms, periodic and other reports, records, information and data relating to Franchisee, the Hotel and the Hotel’s marketing, sales and guests as Franchisor may reasonably designate, in the form and at the times and places reasonably required by Franchisor, upon request and as specified in the Manual or otherwise in writing. Franchisor designated agents shall have the right to access the Hotel’s PMS and reservations system directly to obtain marketing, sales and guest information, and Franchisee shall take all actions necessary to provide such access.
E. Franchisor or its designated agent shall have the right at all reasonable times, and upon reasonable notice to Franchisee, to examine and copy, at its Franchisor's expense, all on reasonable notice and during normal business hours, the books, records, accounts accounts, and sales tax returns of Franchisee related to the operation of the Hotel during the preceding five (5) yearsFranchisee. Franchisor shall also shall have the right, at any time, and upon reasonable notice to Franchisee, to have an independent audit made of these books, accounts and records the books of Franchisee related to the operation of the Hotel. Franchisee shall provide lodging, if available, without charge to Franchisor’s agents during the time as may reasonably be necessary to complete such audits and to render such other assistance as may reasonably be requestedFranchisee. If an inspection should reveal or audit reveals that payments have any payment to Franchisor has been understated in any report to Franchisorunderstated, Franchisee shall immediately pay to Franchisor upon demand, the amount understated plus owed, together with daily interest from the date such amount was due until paid. The paid at the rate of interest shall be one and one-half eighteen percent (1 1/218%) per Accounting Period annum or the maximum rate permitted by law, whichever is less, from the date such amount was due. If an inspection discloses an understatement or audit reveals any underpayment by Franchisee of three two percent (32%) or more for the period being inspectedmore, Franchisee shall, in additionaddition to payment of monies owed with interest, reimburse Franchisor for any and all costs and expenses connected with the inspection or audit (including, without limitation, expenses for travel, lodging and wages, and reasonable accounting and attorneys’ feeslegal costs). The foregoing remedies shall be in addition to any other remedies Franchisor may have. If an inspection should reveal that Franchisee has made overpayments to Franchisor, the amount of any such overpayment, without interest, shall be credited against future payments due and payable to Franchisor by Franchisee hereunder.
F. Upon the request of Franchisor: (i) Franchisee, if a natural person or persons, shall submit to Franchisor a list of all owners of this franchise and the interest held by each; (ii) Franchisee, if a partnership, shall submit to Franchisor a list of all partners and the interest in Franchisee held by each; (iii) Franchisee, if a corporation, shall submit to Franchisor a list of all shareholders and the interest in Franchisee held by each; provided, however if Franchisee’s shares are publicly held, the list of shareholders required shall include only those who own five percent (5%) or more of the shares outstanding; or (iv) Franchisee, if a limited liability company, shall submit to Franchisor a list of all members of the limited liability company and the interest in Franchisee held by each.
Appears in 1 contract