Common use of Minimum Internal Controls Clause in Contracts

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.