Ohio Administrative Code
Title 3772 - Casino Control Commission
Chapter 3772-29 - Debt Transactions
Section 3772-29-01 - Approval for debt transactions
Current through all regulations passed and filed through March 18, 2024
(A) In seeking approval for a debt transaction under section 3772.28 of the Revised Code, the casino operator must submit a written request at least thirty days in advance of any consideration at a meeting held under section 3772.02 of the Revised Code. "Debt" means, but is not limited to, any bond, loan, mortgage, trust, deed (when committed in any form as collateral), note, debenture, subordination, guaranty, letter of credit, security agreement, pledge, chattel mortgage, or any other form of indebtedness.
(B) The request must contain the following:
(C) A casino operator should clearly identify those portions of the request for approval of debt transaction that it deems to be confidential, proprietary commercial information, or trade secrets. The request for approval of debt transaction will be open to public inspection to the extent permitted by sections 149.43 and 3772.16 of the Revised Code.
(D) Upon approval of a debt transaction, the casino operator will report to the commission, on a quarterly basis, compliance with the payment terms of the debt transaction. Further, any default, breach, or acceleration under the terms, conditions, or covenants of a debt transaction must be reported immediately to the commission. In the event of a default, any enforcement of a security interest pursuant to the terms and conditions of a debt transaction previously approved by the commission shall be reported immediately to the commission by the person enforcing the security interest, the casino operator, and, if applicable, the entity managing the casino facility at the time of enforcement of the security interest.
(E) The casino operator will provide the commission copies of any proposed amendments to a debt transaction . Any material change, as determined by the commission, to the debt transaction is subject to further commission approval.
(F) Within fifteen days after closing of a debt transaction, and thereafter if requested by the commission, the casino operator must file with the commission the list of the initial lenders or noteholders as applicable.
(G) The commission may further request information not specifically requested in this rule or in addition to that which is provided in response to this rule. The casino operator will provide all information, documents, certifications, and materials at the casino operator's sole expense and cost.