ANNUAL AUDIT PROCEDURES Sample Clauses

ANNUAL AUDIT PROCEDURES. Within (and in no event later than) one hundred eighty (180) days after the end of each Fiscal Year, Tenant, at Tenant's expense, shall cause a certified public accountant designated by Tenant (and approved by Landlord, such approval not to be unreasonably withheld), which CPA shall be licensed in Louisiana, and a member of AICPA, to audit Tenant's (and/or Subtenant's, licensee's or concessionaire's) books and records relevant to the calculation of Rents and other payments reported by Tenant during the preceding Fiscal Year. Landlord hereby approves ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ & Co. as such certified public accountant as long as such entity is licensed in Louisiana and is a member of the AICPA. In connection with such audit, Tenant shall provide to the auditor and to Landlord copies of all financial reports and tax returns furnished to the State of Louisiana in connection with the determination of Tenant's taxable gaming revenue. Further, Landlord shall have the right to audit the books and records of Tenant with respect to all Rents or other payments provided for in this Lease at any time upon reasonable Notice; provided, that Landlord agrees to exercise this special audit right not more frequently than once per Fiscal Year. Any audit shall be performed in accordance with generally accepted auditing standards, during ordinary business hours and without unreasonably interfering with Tenant's business. If such audit reveals that Adjusted Gross Revenue or other Rent was understated, then within thirty (30) days after receipt of the audit with appropriate backup documentation, Tenant shall pay the net additional Rent due on account of the audit corrections. If such audit reveals that Adjusted Gross Revenue or other Rent was overstated, then Tenant shall be entitled to a credit against the next payment(s) of Rent under this Lease in an amount equal to the previous overpayment revealed by the audit corrections. Any adjusting payment on account of previous overpayment or underpayment shall bear interest at the Prime Rate from the date it would have been paid (or the date of Tenant's previous overpayment, if applicable) had Tenant's Annual Statement been correct until the date actually paid or credited. If Rent was understated by more than 3% then Tenant shall pay the reasonable cost of the special audit disclosing such understatements; otherwise the special audit shall be conducted at Landlord's expense.