Minimum Internal Controls Clause Samples
Minimum Internal Controls. (a) Tenant represents and warrants that it has established, or caused to be established, administrative and accounting procedures for the purpose of determining the amount of Gross Gaming Payments and for the purpose of exercising effective control over the Casino's internal financial affairs in accordance with Section 2714 of Part III of Title 42 of the Louisiana Administrative Code (the "ICS"), and that the Gaming Authorities have approved Tenant's ICS that is in place as of the Effective Date.
(b) Tenant (prior to the consummation of the VICI Sale-Leaseback Transaction) and Casino Subtenant (following the consummation of the VICI Sale-Leaseback Transaction) shall comply with the requirements and procedures set forth in Section 2714 of Part III of Title 42 of the Louisiana Administrative Code, and any supplemental or successor provision thereto (the "ICS Regulation"). Tenant (prior to the consummation of the VICI Sale-Leaseback Transaction) or Casino Subtenant (following the consummation of the VICI Sale-Leaseback Transaction) shall notify Landlord in writing promptly following the completion of the most recently completed audit of the ICS required by the Act and/or the ICS Regulation (the "ICS Audit Report"). Upon Landlord's written request, Tenant (prior to the consummation of the VICI Sale-Leaseback Transaction) or Casino Subtenant (following the consummation of the VICI Sale-Leaseback Transaction) shall cause a complete copy of the ICS Audit Report to be available for review by Landlord at the offices of Tenant or Casino Subtenant (as applicable) during normal business hours, provided that Landlord shall keep the information contained in the ICS Audit Report confidential, shall treat such information as confidential in accordance with Section 14.4 of this Lease and shall not photocopy or take possession of the ICS Audit Report.
(c) The cost of complying with the requirements of this Section 19.12 shall be paid by Tenant.
Minimum Internal Controls. (a) Tenant shall establish or cause to be established administrative and accounting procedures for the purpose of determining the amount of Gross Gaming Payments and for the purpose of exercising effective control over the 191 Casino's internal financial affairs. The internal control system ("ICS") approved and required by the rules and regulations of the LGCB shall be deemed to satisfy this requirement and such supplemental ICS consistent therewith as may be required by Tenant's Accepted Auditor. If the Gaming Authorities do not require and approve an ICS, or require approval of its amendment, then Tenant shall prepare and submit the ICS, and any amendments, to Landlord's Accepted Auditor for approval prior to the Opening Date.
(b) Tenant shall cause to be prepared an annual report of the Casino Manager/Operator's compliance with procedures delineated in the ICS. The report shall be prepared by Tenant's Accepted Auditor. The report shall be addressed and submitted to Landlord and Tenant within one hundred twenty (120) days following the end of each Fiscal Year after the Opening Date. Within thirty (30) days following receipt of the report, Tenant shall submit a statement to Landlord addressing each item of non-compliance noted in the report and describing the corrective measures to be taken. This provision will be satisfied if the Act requires an annual report that is substantially similar to that specified and it, together with the statement regarding non-compliance, is submitted to Landlord in a timely manner. This annual report shall not be considered substantially similar if not prepared by an Accepted Auditor. 192
(c) The cost of complying with the requirements of this Section 19.13 shall be paid by Tenant.
Minimum Internal Controls. The Casino Operator shall establish or cause to be established a system of internal controls containing administrative and accounting procedures necessary for the complete and accurate calculation and reporting of financial data including the Louisiana Gross Gaming Revenue Share Payments (the "Internal Control