Kansas Administrative Regulations
Agency 112 - KANSAS RACING AND GAMING COMMISSION
Article 101 - FACILITY MANAGER CERTIFICATION
Section 112-101-11 - Material debt transaction
Universal Citation: KS Admin Regs 112-101-11
Current through Register Vol. 43, No. 39, September 26, 2024
(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.
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