Kan. Admin. Regs. § 112-101-11 - Material debt transaction
(a)
(1) No facility manager shall consummate a
material debt transaction that involves either of the following without the
prior approval of the commission:
(A) Any
agreement that provides for any borrowing for a purpose other than capital and
maintenance expenditures; or
(B) a
guarantee of debt of an affiliate, whether signing a note or otherwise, an
assumption of the debt of an affiliate, or an agreement to impose a lien on the
approved gaming facility to secure the debts of an affiliate.
(2) A transaction not specified in
this subsection shall not require the approval of the commission.
(b) In reviewing any material debt
transaction specified in paragraph (a)(1), whether the transaction would
deprive the facility manager of financial stability shall be considered by the
commission, taking into account the financial condition of the affiliate and
the potential impact of any default on the gaming facility manager.
Notes
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