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.
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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.
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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
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Related to Minimum Internal Controls

  • Internal Controls The Company shall maintain a system of internal accounting controls sufficient to provide reasonable assurances that: (i) transactions are executed in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary in order to permit preparation of financial statements in accordance with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

  • Internal Control Effective control and accountability must be maintained for all cash, real and personal property, and other assets. Grantee must adequately safeguard all such property and must provide assurance that it is used solely for authorized purposes. Grantee must also have systems in place that provide reasonable assurance that the information is accurate, allowable, and compliant with the terms and conditions of this Agreement. 2 CFR 200.303.

  • Disclosure Controls and Procedures; Deficiencies in or Changes to Internal Control Over Financial Reporting The Company has established and maintains disclosure controls and procedures (as defined in Rules 13a-15 and 15d-15 under the Exchange Act), which (i) are designed to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to the Company’s principal executive officer and its principal financial officer by others within those entities, particularly during the periods in which the periodic reports required under the Exchange Act are being prepared; (ii) have been evaluated by management of the Company for effectiveness as of the end of the Company’s most recent fiscal quarter; and (iii) are effective in all material respects to perform the functions for which they were established. Since the end of the Company’s most recent audited fiscal year, there have been no significant deficiencies or material weakness in the Company’s internal control over financial reporting (whether or not remediated) and no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. The Company is not aware of any change in its internal control over financial reporting that has occurred during its most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

  • Internal Control Over Financial Reporting The Company and each of its Subsidiaries maintain a system of internal control over financial reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act Regulations) that complies with the requirements of the Exchange Act and the Exchange Act Regulations and has been designed by the Company’s principal executive officer and principal financial officer and is sufficient to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP, including that (A) transactions are executed in accordance with management’s general or specific authorizations; (B) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (C) access to assets is permitted only in accordance with management’s general or specific authorization; (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and (E) the interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement is accurate and fairly presents the information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto. The systems of internal control over financial reporting of the Company and its Subsidiaries are overseen by the Audit Committee of the Board of Directors of the Company in accordance with Nasdaq rules and regulations. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, since the end of the Company’s most recent audited fiscal year, (i) there has been no material weakness in the Company’s internal control over financial reporting (whether or not remediated), (ii) there has been no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting and (iii) the Company has not been advised of (a) any significant deficiencies in the design or operation of internal controls that could adversely affect the ability of the Company or any Subsidiary to record, process, summarize and report financial data, or any material weakness in internal controls, or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the internal controls of the Company and each of the Subsidiaries.

  • Internal Controls and Procedures The Company has established and maintains disclosure controls and procedures and internal control over financial reporting (as such terms are defined in paragraphs (e) and (f), respectively, of Rule 13a-15 under the Exchange Act) as required by Rule 13a-15 under the Exchange Act. The Company’s disclosure controls and procedures are reasonably designed to ensure that all material information required to be disclosed by the Company in the reports that it files or furnishes under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that all such material information is accumulated and communicated to the Company’s management as appropriate to allow timely decisions regarding required disclosure and to make the certifications required pursuant to Sections 302 and 906 of the ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act of 2002 (the “▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act”). The Company’s management has completed an assessment of the effectiveness of the Company’s internal controls over financial reporting in compliance with the requirements of Section 404 of the ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act for the year ended December 31, 2010 and such assessment concluded that such controls were effective. Based on its most recent evaluation of internal controls over financial reporting prior to the date hereof, management of the Company has disclosed to the Company’s auditors and the audit committee of the Company Board (i) any significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting that are reasonably likely to adversely affect in any material respect the Company’s ability to report financial information and (ii) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting, and each such deficiency, weakness and fraud so disclosed to auditors, if any, has been disclosed to Parent prior to the date hereof.