Financial Sources. (a) Subject to subdivision (e) of this section 6.4.6, any person or entity extending financing, directly or indirectly, to a Tribe for a Gaming Facility or a Gaming Operation (a “Financial Source”) shall be licensed by the Tribal Gaming Agency prior to extending that financing. (b) A license issued under this section shall be reviewed at least every two (2) years for continuing compliance. In connection with such a review, the Tribal Gaming Agency shall require the Financial Source to update all information provided in the previous application. For purposes of sections 6.5.2 and 6.5.6, such a review shall be deemed to constitute an application for renewal. (c) Any agreement between the Tribe and a Financial Source shall be deemed to include a provision for its termination without further liability on the part of the Tribe, except for the bona fide repayment of all outstanding sums (exclusive of interest) owed as of the date of termination, upon revocation or non-renewal of the Financial Source’s license by the Tribal Gaming Agency based on a determination of unsuitability by the State Gaming Agency. The Tribe shall not enter into, or continue to make payments pursuant to, any contract or agreement for the provision of financing with any person whose application to the State Gaming Agency for a determination of suitability has been denied or has expired without renewal. (d) A Gaming Resource Supplier who provides financing exclusively in connection with the provision, sale or lease of Gaming Resources obtained from that Supplier may be licensed solely in accordance with licensing procedures applicable, if at all, to Gaming Resource Suppliers, and need not be separately licensed as a Financial Source under this section. (1) The Tribal Gaming Agency may, at its discretion, exclude from the licensing requirements of this section, the following Financial Sources under the circumstances stated. (A) A federally-regulated or state-regulated bank, savings and loan association, or other federally- or state- regulated lending institution. (B) An entity identified by Regulation CGCC-2, subdivision (f) (as in effect on the effective date of the Compact), of the California Gambling Control Commission, when that entity is a Financial Source solely by reason of being (i) a purchaser or a holder of debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation or (ii) the owner of a participation interest in any amount of indebtedness for which a Financial Source described in subdivision (e)(1)(A) is the creditor. (C) An investor who, alone or together with any person controlling, controlled by or under common control with such investor, holds less than ten percent (10%) of all outstanding debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation. (D) An agency of the federal, state or local government providing financing, together with any person purchasing any debt securities of the agency to provide such financing. (2) The following are not Financial Sources for purposes of this section. (A) An entity identified by Regulation CGCC-2, subdivision (h) (as in effect on the effective date of the Compact), of the California Gambling Control Commission. (B) A person or entity whose sole connection with a provision or extension of financing to the Tribe is to provide loan brokerage or debt servicing for a Financial Source at no cost to the Tribe or the Gaming Operation, provided that no portion of any financing provided is an extension of credit to the Tribe or the Gaming Operation by that person or entity. (C) A person or entity that the State Gaming Agency has determined does not require licensure pursuant to any process the State Gaming Agency deems necessary due to the nature of financing services provided, the existence of current and effective federal or state agency oversight or licensure, attenuated interests of the person or entity, such as passive investors without the ability to exert significant influence over the Gaming Operation, or other grounds which the State Gaming Agency determines appropriate, subject to its responsibilities under state law that alleviate the need for licensure. (f) In recognition of changing financial circumstances, this section shall be subject to good faith renegotiation by both parties in or after five (5) years from the effective date of this Compact upon request of either party; provided such renegotiation shall not retroactively affect transactions that have already taken place where the Financial Source has been excluded or exempted from licensing requirements.
Appears in 2 contracts
Samples: Tribal State Gaming Compact, Tribal State Gaming Compact
Financial Sources.
(a) Subject to subdivision (e) of this section Section 6.4.6, any person or or entity extending financing, directly or indirectly, to a Tribe for a Gaming Facility or a Gaming Operation (a “"Financial Source”") shall be licensed by the Tribal Gaming Agency prior to extending that financing.
(b) A license issued under this section Section shall be reviewed at least every two (2) years for continuing compliance. In connection with such a review, the Tribal Gaming Agency shall require the Financial Source to update all information provided in the previous application. For purposes of sections 6.5.2 and 6.5.6Section 6.5.2, such a review shall be deemed to constitute an application for renewal.renewal.
(c) Any agreement between the Tribe and a Financial Source shall be deemed to include a provision for its termination without further liability on the part of the Tribe, except for the bona fide repayment of all outstanding sums (exclusive of interest) owed as of the date of termination, upon revocation or non-renewal of the Financial Source’s 's license by the Tribal Triba] Gaming Agency based on a determination of unsuitability unsuitabi]ity by the State Gaming Agency. The Tribe shall not enter into, or continue to make payments pursuant to, any contract or agreement for the provision of financing with any person whose application to the State Gaming Agency Agency for a determination of suitability has been denied or has expired without renewal.
(d) A Gaming Resource Supplier who provides financing exclusively in connection with the provision, sale sale, or lease ]ease of Gaming Resources obtained from that Supplier may be licensed solely in accordance with licensing procedures applicable, if at all, to Gaming Resource Suppliers, and need not be separately licensed as a Financial Source under this section.section.
(1i) The Tribal Triba] Gaming Agency may, at its discretion, exclude from the licensing requirements of this section, the following Financial Sources under the circumstances stated.
(A) A federally-regulated or state-regulated bank, savings and loan association, or other federally- or state- state-regulated lending institution.institution.
(B) An entity identified by Regulation CGCC-2, subdivision subdivision
(f) (as in effect on the effective date of the Compact)July I, 2006) of the California Gambling Control Commission, when that entity is a Financial Source solely by reason of being (i) a purchaser or a holder of debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation or (ii) the owner of a participation interest in any amount of indebtedness for which a Financial Source described in subdivision (e)(1)(Ae)( I)(A) is the creditor.
(C) An investor who, alone or together with any person controlling, controlled by or under common control with such investor, holds less than ten percent (10%) of all outstanding debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation.
(D) An agency of the federal, state or local government providing financing, together with any person purchasing any debt securities of the agency to provide such financing.
(2) The following are not Financial Sources for purposes of this section.
(A) An entity identified by Regulation CGCC-2, subdivision (h) (as in effect on the effective date of the Compact), of the California Gambling Control Commission.
(B) A person or entity whose sole connection with a provision or extension of financing to the Tribe is to provide loan brokerage or debt servicing for a Financial Source at no cost to the Tribe or the Gaming Operation, provided that no portion of any financing provided is an extension of credit to the Tribe or the Gaming Operation by that person or entity.
(C) A person or entity that the State Gaming Agency has determined does not require licensure pursuant to any process the State Gaming Agency deems necessary due to the nature of financing services provided, the existence of current and effective federal or state agency oversight or licensure, attenuated interests of the person or entity, such as passive investors without the ability to exert significant influence over the Gaming Operation, or other grounds which the State Gaming Agency determines appropriate, subject to its responsibilities under state law that alleviate the need for licensure.
(f) In recognition of changing financial circumstances, this section shall be subject to good faith renegotiation by both parties in or after five (5) years from the effective date of this Compact upon request of either party; provided such renegotiation shall not retroactively affect transactions that have already taken place where the Financial Source has been excluded or exempted from licensing requirements.
Appears in 2 contracts
Samples: Tribal State Compact Amendment, Tribal State Compact
Financial Sources. (a) Subject to subdivision (e) of this section Section 6.4.6, any person or entity extending financing, directly or indirectly, to a the Tribe for a Gaming Facility or a Gaming Operation (a “Financial Source”) shall be licensed by the Tribal Gaming Agency prior to extending that financing.
(b) A license issued under this section Section shall be reviewed at least every two (2) years for continuing compliance. In connection with such a review, the Tribal Gaming Agency shall require the Financial Source to update all information provided in the previous application. For purposes of sections 6.5.2 and 6.5.6Section 6.5.2, such a review shall be deemed to constitute an application for renewal.
(c) Any agreement between the Tribe and a Financial Source shall be deemed to include a provision for its termination without further liability on the part of the Tribe, except for the bona fide repayment of all outstanding sums (exclusive of interest) owed as of the date of termination, upon revocation or non-renewal of the Financial Source’s license by the Tribal Gaming Agency based on a determination of unsuitability by the State Gaming Agency. The Tribe shall not enter into, or continue to make payments pursuant to, any contract or agreement for the provision of financing with any person whose application to the State Gaming Agency for a determination of suitability has been denied or has expired without renewal.
(d) A Gaming Resource Supplier who provides financing exclusively in connection with the provision, sale sale, or lease of Gaming Resources obtained from that Supplier may be licensed solely in accordance with licensing procedures applicable, if at all, to Gaming Resource Suppliers, and need not be separately licensed as a Financial Source under this sectionSection.
(1i) The Tribal Gaming Agency may, at its discretion, exclude from the licensing requirements of this sectionSection, the following Financial Sources under the circumstances stated.
(A) A federally-regulated or state-regulated bank, savings and loan association, or other federally- or state- state-regulated lending institution.
(B) An entity identified by Uniform Tribal Gaming Regulation CGCC-2, subdivision (f) (as in effect on the effective date of the Compact)July 1, 2006) of the California Gambling Control Commission, when that entity is a Financial Source solely by reason of being (i1) a purchaser or a holder of debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation or (ii2) the owner of a participation interest in any amount of indebtedness for which a Financial Source described in subdivision (e)(1)(Ae)(i)(A) is the creditor.
(C) An investor who, alone or together with any person controlling, controlled by or under common control with such investor, holds less than ten percent (10%) % of all outstanding debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation.
(D) An agency of the federal, state or local government providing financing, together with any person purchasing any debt securities of the agency to provide such financing.
(2ii) The following are not Financial Sources for purposes of this sectionSection.
(A) An entity identified by Uniform Tribal Gaming Regulation CGCC-2, subdivision (h) (as in effect on the effective date of the Compact)July 1, 2006) of the California Gambling Control Commission.
(B) A person or entity whose sole connection with a provision or extension of financing to the Tribe is to provide loan brokerage or debt servicing for a Financial Source at no cost to the Tribe or the Gaming Operation, provided that no portion of any financing provided is an extension of credit to the Tribe or the Gaming Operation by that person or entity.
(C) A person or entity that The holder of any Letter-of-Credit-Backed Bonds identified in Uniform Tribal Gaming Regulation CGCC-1 (as in effect on July 1, 2006), so long as the State criteria set forth in Uniform Tribal Gaming Agency has determined does not require licensure pursuant to any process the State Gaming Agency deems necessary due to the nature of financing services provided, the existence of current Regulations CGCC- 1(a)(1) and effective federal or state agency oversight or licensure, attenuated interests of the person or entity, such as passive investors without the ability to exert significant influence over the Gaming Operation, or other grounds which the State Gaming Agency determines appropriate, subject to its responsibilities under state law that alleviate the need for licensureCGCC-1(a)(2) are met.
(f) In recognition of changing financial circumstances, this section Section shall be subject to good faith renegotiation by both parties in or after five (5) years from the effective date of this Compact upon request of either party; provided such renegotiation shall not retroactively affect transactions that have already taken place where the Financial Source has been excluded or exempted from licensing requirements.
Appears in 2 contracts
Financial Sources. (a) Subject to subdivision (e) of this section Section 6.4.6, any person or entity extending financing, directly or indirectly, to a the Tribe for a Gaming Facility or a Gaming Operation (a “Financial Source”) shall be licensed by the Tribal Gaming Agency prior to extending that financing.
(b) A license issued under this section Section shall be reviewed at least every two (2) years for continuing compliance. In connection with such a review, the Tribal Gaming Agency shall require the Financial Source to update all information provided in the previous application. For purposes of sections 6.5.2 and 6.5.6Section 6.5.2, such a review shall be deemed to constitute an application for renewal.
(c) Any agreement between the Tribe and a Financial Source shall be deemed to include a provision for its termination without further liability on the part of the Tribe, except for the bona fide repayment of all outstanding sums (exclusive of interest) owed as of the date of termination, upon revocation or non-renewal of the Financial Source’s license by the Tribal Gaming Agency based on a determination of unsuitability by the State Gaming Agency. The Tribe shall not enter into, or continue to make payments pursuant to, any contract or agreement for the provision of financing with any person whose application to the State Gaming Agency for a determination of suitability has been denied or has expired without renewal.
(d) A Gaming Resource Supplier who provides financing exclusively in connection with the provision, sale sale, or lease of Gaming Resources obtained from that Supplier may be licensed solely in accordance with licensing procedures applicable, if at all, to Gaming Resource Suppliers, and need not be separately licensed as a Financial Source under this sectionSection.
(1i) The Tribal Gaming Agency may, at its discretion, exclude from the licensing requirements of this sectionSection, the following Financial Sources under the circumstances stated.
(A) A federally-regulated or state-regulated bank, savings and loan association, or other federally- or state- state-regulated lending institution.
(B) An entity identified by Uniform Tribal Gaming Regulation CGCC-2, subdivision (f) (as in effect on the effective date of the Compact)July 1, 2006) of the California Gambling Control Commission, when that entity is a Financial Source solely by reason of being (i1) a purchaser or a holder of debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation or (ii2) the owner of a participation interest in any amount of indebtedness for which a Financial Source described in subdivision (e)(1)(Ae)(i)(A) is the creditor.
(C) An investor who, alone or together with any person controlling, controlled by or under common control with such investor, holds less than ten percent (10%) % of all outstanding debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation.
(D) An agency of the federal, state or local government providing financing, together with any person purchasing any debt securities of the agency to provide such financing.
(2ii) The following are not Financial Sources for purposes of this sectionSection.
(A) An entity identified by Uniform Tribal Gaming Regulation CGCC-2, subdivision (h) (as in effect on the effective date of the Compact)July 1, 2006) of the California Gambling Control Commission.
(B) A person or entity whose sole connection with a provision or extension of financing to the Tribe is to provide loan brokerage or debt servicing for a Financial Source at no cost to the Tribe or the Gaming Operation, provided that no portion of any financing provided is an extension of credit to the Tribe or the Gaming Operation by that person or entity.
(C) A person or entity that The holder of any Letter-of-Credit-Backed Bonds identified in Uniform Tribal Gaming Regulation CGCC-1 (as in effect on July 1, 2006), so long as the State criteria set forth in Uniform Tribal Gaming Agency has determined does not require licensure pursuant to any process the State Gaming Agency deems necessary due to the nature of financing services provided, the existence of current Regulations CGCC-1(a)(1) and effective federal or state agency oversight or licensure, attenuated interests of the person or entity, such as passive investors without the ability to exert significant influence over the Gaming Operation, or other grounds which the State Gaming Agency determines appropriate, subject to its responsibilities under state law that alleviate the need for licensureCGCC-1(a)(2) are met.
(f) In recognition of changing financial circumstances, this section Section shall be subject to good faith renegotiation by both parties in or after five (5) years from the effective date of this Compact upon request of either party; provided such renegotiation shall not retroactively affect transactions that have already taken place where the Financial Source has been excluded or exempted from licensing requirements.
Appears in 2 contracts
Samples: Tribal State Compact, Tribal State Compact
Financial Sources. (a) Subject to subdivision (e) of this section Section 6.4.6, any person or entity extending financing, directly or indirectly, to a the Tribe for a Gaming Facility or a Gaming Operation (a “Financial Source”) shall be licensed by the Tribal Gaming Agency prior to extending that financing.
(b) A license issued under this section Section shall be reviewed at least every two (2) years for continuing compliance. In connection with such a review, the Tribal Gaming Agency shall require the Financial Source to update all information provided in the previous application. For purposes of sections 6.5.2 and 6.5.6Section 6.5.2, such a review shall be deemed to constitute an application for renewal.
(c) Any agreement between the Tribe and a Financial Source shall be deemed to include a provision for its termination without further liability on the part of the Tribe, except for the bona fide repayment of all outstanding sums (exclusive of interest) owed as of the date of termination, upon revocation or non-renewal of the Financial Source’s license by the Tribal Gaming Agency based on a determination of unsuitability by the State Gaming Agency. The Tribe shall not enter into, or continue to make payments pursuant to, any contract or agreement for the provision of financing with any person whose application to the State Gaming Agency for a determination of suitability has been denied or has expired without renewal.
(d) A Gaming Resource Supplier who provides financing exclusively in connection with the provision, sale sale, or lease of Gaming Resources obtained from that Supplier may be licensed solely in accordance with licensing procedures applicable, if at all, to Gaming Resource Suppliers, and need not be separately licensed as a Financial Source under this sectionSection.
(1i) The Tribal Gaming Agency may, at its discretion, exclude from the licensing requirements of this sectionSection, the following Financial Sources under the circumstances stated.
(A) A federally-regulated or state-regulated bank, savings and loan association, or other federally- or state- state-regulated lending institution.
(B) An entity identified by Uniform Tribal Gaming Regulation CGCC-2, subdivision (f) (as in effect on the effective date of the Compact)July 1, 2006) of the California Gambling Control Commission, when that entity is a Financial Source solely by reason of being (i1) a purchaser or a holder of debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation or (ii2) the owner of a participation interest in any amount of indebtedness for which a Financial Source described in subdivision (e)(1)(Ae)(i)(A) is the creditor.
(C) An investor who, alone or together with any person controlling, controlled by or under common control with such investor, holds less than ten percent (10%) % of all outstanding debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation.
(D) An agency of the federal, state or local government providing financing, together with any person purchasing any debt securities of the agency to provide such financing.
(2ii) The following are not Financial Sources for purposes of this sectionSection.
(A) An entity identified by Uniform Tribal Gaming Regulation CGCC-2, subdivision (h) (as in effect on the effective date of the Compact)July 1, 2006) of the California Gambling Control Commission.
(B) A person or entity whose sole connection with a provision or extension of financing to the Tribe is to provide loan brokerage or debt servicing for a Financial Source at no cost to the Tribe or the Gaming Operation, ; provided that no portion of any financing provided is an extension of credit to the Tribe or the Gaming Operation by that person or entity.
(C) A person or entity that The holder of any Letter-of-Credit-Backed Bonds identified in Uniform Tribal Gaming Regulation CGCC-1 (as in effect on July 1, 2006), so long as the State holder meets the criteria set forth in both paragraphs (1) and (2) of subdivision (a) of Uniform Tribal Gaming Agency has determined does not require licensure pursuant to any process the State Gaming Agency deems necessary due to the nature of financing services provided, the existence of current and effective federal or state agency oversight or licensure, attenuated interests of the person or entity, such as passive investors without the ability to exert significant influence over the Gaming Operation, or other grounds which the State Gaming Agency determines appropriate, subject to its responsibilities under state law that alleviate the need for licensureRegulations CGCC-1.
(f) In recognition of changing financial circumstances, this section Section shall be subject to good faith renegotiation by both parties in or after five one
(51) years year from the effective date of this Amended Compact upon request of either party; provided such renegotiation shall not retroactively affect transactions that have already taken place where the Financial Source has been excluded or exempted from licensing requirements.
Appears in 1 contract
Samples: Tribal State Gaming Compact
Financial Sources.
(a) Subject to subdivision (e) of this section Section 6.4.6, any person or entity extending financing, directly or indirectly, to a the Tribe for a Gaming Facility or a Gaming Operation (a “"Financial Source”") shall be licensed by the Tribal Gaming Agency prior to extending that financing.financing.
(b) A license issued under this section Section shall be reviewed at least every two (2) years for continuing compliance. In connection with such a review, the Tribal Gaming Agency shall require the Financial Source to update all information provided in the previous application. For purposes of sections 6.5.2 and 6.5.6Section 6.5.2, such a review shall be deemed to constitute an application for renewal.renewal.
(c) Any agreement between the Tribe and a Financial Source shall be deemed to include a provision for its termination without further liability on the part of the Tribe, except for the bona fide repayment of all outstanding sums (exclusive of interest) owed as of the date of terminationtemunation, upon revocation or non-renewal of the Financial Source’s 's license by the Tribal Gaming Xxxxxx Agency based on a determination of unsuitability by the State Gaming Agency. The Tribe shall not enter into, or continue to make payments pursuant to, any contract or agreement for the provision of financing with any person whose application to the State Gaming Agency for a determination of suitability has been denied or has expired without renewal.renewal.
(d) A Gaming Resource Supplier who provides financing exclusively in connection with the provision, sale sale, or lease of Gaming Resources obtained from that Supplier may be licensed solely in accordance with licensing procedures applicable, if at all, to Gaming Resource Suppliers, and need not be separately licensed as a Financial Source under this sectionSection.
(1i) The Tribal Gaming Agency may, at its discretion, exclude from the licensing requirements of this sectionSection, the following Financial Sources under the circumstances stated.stated.
(A) A federally-regulated or state-regulated bank, savings and loan association, or other federally- federally or state- state regulated lending institution.institution.
(B) An entity identified by Uniform Tribal Gaming Regulation CGCC-2, subdivision (f) (as in effect on the effective date of the Compact)July 1, of 2006) of the California Gambling Control CommissionConunission, when that entity is a Financial Source solely by reason of being (i1) a purchaser or a holder of debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation or (ii2) the owner of a participation interest in any amount of indebtedness for which a Financial Source described in subdivision (e)(1)(Ae)(i)(A) is the creditor.creditor.
(C) An investor who, alone or together with any person controlling, controlled controlle_d by or under common control with such investor, holds less than ten percent (10%) % of all outstanding debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation.Operation.
(D) An agency of the federal, state or local government government providing financing, together with any person purchasing any debt securities of the agency to provide such financing.
(2ii) The following are not Financial Sources for purposes of this section.Section.
(A) An entity identified by Uniform Tribal Gaming Regulation CGCC-2, subdivision (h) (as in effect on the effective date of the Compact)July 1, 2006) of the California Gambling Control Commission.Commission.
(B) A person or entity whose sole connection with a provision or extension of financing to the Tribe is to provide loan loan brokerage or debt servicing for a Financial Source at no cost to the Tribe or the Gaming Operation, provided that no portion of any financing provided is an extension of credit to the Tribe or the Gaming Operation by that person or entity.
(C) A person or entity that The holder of any Letter-of-Credit-Backed Bonds identified in Uniform Tribal Gaming Regulation CGCC-1 (as in effect on July 1, 2006), so long as the State criteria set forth in Uniform Tribal Gaming Agency has determined does not require licensure pursuant to any process the State Gaming Agency deems necessary due to the nature of financing services provided, the existence of current Regulations CGCC-
(a) ( l) and effective federal or state agency oversight or licensure, attenuated interests of the person or entity, such as passive investors without the ability to exert significant influence over the Gaming Operation, or other grounds which the State Gaming Agency determines appropriate, subject to its responsibilities under state law that alleviate the need for licensureCGCC-l(a)(2) are met.
(f) In recognition of changing financial circumstances, this section Section shall be subject to good faith renegotiation by both parties in or after five (5) years from the effective date of this Compact upon request of either party; party; provided such renegotiation shall not retroactively affect transactions that have already taken place where the Financial Source has been excluded or exempted from licensing requirements.
Appears in 1 contract
Samples: Tribal State Gaming Compact
Financial Sources. (a) Subject to subdivision (e) of this section Section 6.4.6, any person or entity extending financing, directly or indirectly, to a Tribe for a Gaming Facility or a Gaming Operation (a “Financial Source”) shall be licensed by the Tribal Gaming Agency prior to extending that financing.
(b) A license issued under this section Section shall be reviewed at least every two (2) years for continuing compliance. In connection with such a review, the Tribal Gaming Agency shall require the Financial Source to update all information provided in the previous application. For purposes of sections 6.5.2 and 6.5.6Section 6.5.2, such a review shall be deemed to constitute an application for renewal.
(c) Any agreement between the Tribe and a Financial Source shall be deemed to include a provision for its termination without further liability on the part of the Tribe, except for the bona fide repayment of all outstanding sums (exclusive of interest) owed as of the date of termination, upon revocation or non-renewal of the Financial Source’s license by the Tribal Gaming Agency based on a determination of unsuitability by the State Gaming Agency. The Tribe shall not enter into, or continue to make payments pursuant to, any contract or agreement for the provision of financing with any person whose application to the State Gaming Agency for a determination of suitability has been denied or has expired without renewal.
(d) A Gaming Resource Supplier who provides financing exclusively in connection with the provision, sale or lease of Gaming Resources obtained from that Supplier may be licensed solely in accordance with licensing procedures applicable, if at all, to Gaming Resource Suppliers, and need not be separately licensed as a Financial Source under this section.
(1) The Tribal Gaming Agency may, at its discretion, exclude from the licensing requirements of this section, the following Financial Sources under the circumstances stated.
(A) A federally-regulated or state-regulated bank, savings and loan association, or other federally- or state- state-regulated lending institution.
(B) An entity identified by Regulation CGCC-2, subdivision subdivision
(f) (as in effect on the effective date of the CompactJuly 1, 2004), of the California Gambling Control Commission, when that entity is a Financial Source solely by reason of being (i) a purchaser or a holder of debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation or (ii) the owner of a participation interest in any amount of indebtedness for which a Financial Source described in subdivision (e)(1)(A) is the creditor.
(C) An investor who, alone or together with any person controlling, controlled by or under common control with such investor, holds less than ten percent (10%) of all outstanding debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation.
(D) An agency of the federal, state or local government providing financing, together with any person purchasing any debt securities of the agency to provide such financing.
(2) The following are not Financial Sources for purposes of this section.
(A) An entity identified by Regulation CGCC-2, subdivision (h) (as in effect on the effective date of the Compact), of the California Gambling Control Commission.
(B) A person or entity whose sole connection with a provision or extension of financing to the Tribe is to provide loan brokerage or debt servicing for a Financial Source at no cost to the Tribe or the Gaming Operation, provided that no portion of any financing provided is an extension of credit to the Tribe or the Gaming Operation by that person or entity.
(C) A person or entity that the State Gaming Agency has determined does not require licensure pursuant to any process the State Gaming Agency deems necessary due to the nature of financing services provided, the existence of current and effective federal or state agency oversight or licensure, attenuated interests of the person or entity, such as passive investors without the ability to exert significant influence over the Gaming Operation, or other grounds which the State Gaming Agency determines appropriate, subject to its responsibilities under state law that alleviate the need for licensure.
(f) In recognition of changing financial circumstances, this section shall be subject to good faith renegotiation by both parties in or after five (5) years from the effective date of this Compact upon request of either party; provided such renegotiation shall not retroactively affect transactions that have already taken place where the Financial Source has been excluded or exempted from licensing requirements.
Appears in 1 contract
Samples: Tribal State Compact
Financial Sources. (a) Subject to subdivision (e) of this section Section 6.4.6, any person or entity extending financing, directly or indirectly, to a Tribe for a Gaming Facility or a Gaming Operation (a “Financial Source”) shall be licensed by the Tribal Gaming Agency prior to extending that financing.
(b) A license issued under this section Section shall be reviewed at least every two (2) years for continuing compliance. In connection with such a review, the Tribal Gaming Agency shall require the Financial Source to update all information provided in the previous application. For purposes of sections 6.5.2 and 6.5.6Section 6.5.2, such a review shall be deemed to constitute an application for renewal.
(c) Any agreement between the Tribe and a Financial Source shall be deemed to include a provision for its termination without further liability on the part of the Tribe, except for the bona fide repayment of all outstanding sums (exclusive of interest) owed as of the date of termination, upon revocation or non-renewal of the Financial Source’s license by the Tribal Gaming Agency based on a determination of unsuitability by the State Gaming Agency. The Tribe shall not enter into, or continue to make payments pursuant to, any contract or agreement for the provision of financing with any person whose application to the State Gaming Agency for a determination of suitability has been denied or has expired without renewal.
(d) A Gaming Resource Supplier who provides financing exclusively in connection with the provision, sale sale, or lease of Gaming Resources obtained from that Supplier may be licensed solely in accordance with licensing procedures applicable, if at all, to Gaming Resource Suppliers, and need not be separately licensed as a Financial Source under this section.
(1) The Tribal Gaming Agency may, at its discretion, exclude from the licensing requirements of this section, the following Financial Sources under the circumstances stated.
(A) A federally-regulated or state-regulated bank, savings and loan association, or other federally- or state- state-regulated lending institution.
(B) An entity identified by Regulation CGCC-2, subdivision subdivision
(f) (as in effect on the effective date of the Compact)July 1, 2004) of the California Gambling Control Commission, when that entity is a Financial Source solely by reason of being (i) a purchaser or a holder of debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation or (ii) the owner of a participation interest in any amount of indebtedness for which a Financial Source described in subdivision (e)(1)(A) is the creditor.
(C) An investor who, alone or together with any person controlling, controlled by or under common control with such investor, holds less than ten percent (10%) of all outstanding debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation.
(D) An agency of the federal, state or local government providing financing, together with any person purchasing any debt securities of the agency to provide such financing.
(2) The following are not Financial Sources for purposes of this section.
(A) An entity identified by Regulation CGCC-2, subdivision (h) (as in effect on the effective date of the Compact), of the California Gambling Control Commission.
(B) A person or entity whose sole connection with a provision or extension of financing to the Tribe is to provide loan brokerage or debt servicing for a Financial Source at no cost to the Tribe or the Gaming Operation, provided that no portion of any financing provided is an extension of credit to the Tribe or the Gaming Operation by that person or entity.
(C) A person or entity that the State Gaming Agency has determined does not require licensure pursuant to any process the State Gaming Agency deems necessary due to the nature of financing services provided, the existence of current and effective federal or state agency oversight or licensure, attenuated interests of the person or entity, such as passive investors without the ability to exert significant influence over the Gaming Operation, or other grounds which the State Gaming Agency determines appropriate, subject to its responsibilities under state law that alleviate the need for licensure.
(f) In recognition of changing financial circumstances, this section shall be subject to good faith renegotiation by both parties in or after five (5) years from the effective date of this Compact upon request of either party; provided such renegotiation shall not retroactively affect transactions that have already taken place where the Financial Source has been excluded or exempted from licensing requirements.
Appears in 1 contract
Samples: Tribal State Compact
Financial Sources. (a) Subject to subdivision (e) of this section Section 6.4.6, any person or entity extending financing, directly or indirectly, to a Tribe for a Gaming Facility or a Gaming Operation (a “Financial Source”) shall be licensed by the Tribal Gaming Agency prior to extending that financing.
(b) A license issued under this section Section shall be reviewed at least every two (2) years for continuing compliance. In connection with such a review, the Tribal Gaming Agency shall require the Financial Source to update all information provided in the previous application. For purposes of sections 6.5.2 and 6.5.6Section 6.5.2, such a review shall be deemed to constitute an application for renewal.
(c) Any agreement between the Tribe and a Financial Source shall be deemed to include a provision for its termination without further liability on the part of the Tribe, except for the bona fide repayment of all outstanding sums (exclusive of interest) owed as of the date of termination, upon revocation or non-renewal of the Financial Source’s license by the Tribal Gaming Agency based on a determination of unsuitability by the State Gaming Agency. The Tribe shall not enter into, or continue to make payments pursuant to, any contract or agreement for the provision of financing with any person whose application to the State Gaming Agency for a determination of suitability has been denied or has expired without renewal.
(d) A Gaming Resource Supplier who provides financing exclusively in connection with the provision, sale sale, or lease of Gaming Resources obtained from that Supplier may be licensed solely in accordance with licensing procedures applicable, if at all, to Gaming Resource Suppliers, and need not be separately licensed as a Financial Source under this section.
(1i) The Tribal Gaming Agency may, at its discretion, exclude from the licensing requirements of this section, the following Financial Sources under the circumstances stated.
(A) A federally-regulated or state-regulated bank, savings and loan association, or other federally- or state- state-regulated lending institution.
(B) An entity identified by Regulation CGCC-2, subdivision subdivision
(f) (as in effect on the effective date of the Compact)July 1, 2006) of the California Gambling Control Commission, when that entity is a Financial Source solely by reason of being (i) a purchaser or a holder of debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation or (ii) the owner of a participation interest in any amount of indebtedness for which a Financial Source described in subdivision (e)(1)(A) is the creditor.
(C) An investor who, alone or together with any person controlling, controlled by or under common control with such investor, holds less than ten percent (10%) of all outstanding debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation.
(D) An agency of the federal, state or local government providing financing, together with any person purchasing any debt securities of the agency to provide such financing.
(2) The following are not Financial Sources for purposes of this section.
(A) An entity identified by Regulation CGCC-2, subdivision (h) (as in effect on the effective date of the Compact), of the California Gambling Control Commission.
(B) A person or entity whose sole connection with a provision or extension of financing to the Tribe is to provide loan brokerage or debt servicing for a Financial Source at no cost to the Tribe or the Gaming Operation, provided that no portion of any financing provided is an extension of credit to the Tribe or the Gaming Operation by that person or entity.
(C) A person or entity that the State Gaming Agency has determined does not require licensure pursuant to any process the State Gaming Agency deems necessary due to the nature of financing services provided, the existence of current and effective federal or state agency oversight or licensure, attenuated interests of the person or entity, such as passive investors without the ability to exert significant influence over the Gaming Operation, or other grounds which the State Gaming Agency determines appropriate, subject to its responsibilities under state law that alleviate the need for licensure.
(f) In recognition of changing financial circumstances, this section shall be subject to good faith renegotiation by both parties in or after five (5) years from the effective date of this Compact upon request of either party; provided such renegotiation shall not retroactively affect transactions that have already taken place where the Financial Source has been excluded or exempted from licensing requirements.
Appears in 1 contract
Samples: Tribal State Compact
Financial Sources. (a) Subject to subdivision (e) of this section Section 6.4.6, any person or entity extending financing, directly or indirectly, to a Tribe for a Gaming Facility or a Gaming Operation (a “Financial Source”) shall be licensed by the Tribal Gaming Agency prior to extending that financing.
(b) A license issued under this section Section shall be reviewed at least every two (2) years for continuing compliance. In connection with such a review, the Tribal Gaming Agency shall require the Financial Source to update all information provided in the previous application. For purposes of sections 6.5.2 and 6.5.6Section 6.5.2, such a review shall be deemed to constitute an application for renewal.
(c) Any agreement between the Tribe and a Financial Source shall be deemed to include a provision for its termination without further liability on the part of the Tribe, except for the bona fide repayment of all outstanding sums (exclusive of interest) owed as of the date of termination, upon revocation or non-non- renewal of the Financial Source’s license by the Tribal Gaming Agency based on a determination of unsuitability by the State Gaming Agency. The Tribe shall not enter into, or continue to make payments pursuant to, any contract or agreement for the provision of financing with any person whose application to the State Gaming Agency for a determination of suitability has been denied or has expired without renewal.
(d) A Gaming Resource Supplier who provides financing exclusively in connection with the provision, sale sale, or lease of Gaming Resources obtained from that Supplier may be licensed solely in accordance with licensing procedures applicable, if at all, to Gaming Resource Suppliers, and need not be separately licensed as a Financial Source under this section.
(1) The Tribal Gaming Agency may, at its discretion, exclude from the licensing requirements of this section, the following Financial Sources under the circumstances stated.
(A) A federally-regulated or state-regulated bank, savings and loan association, or other federally- or state- state-regulated lending institution.
(B) An entity identified by Regulation CGCC-2, subdivision (f) (as in effect on the effective date of the Compact)July 1, 2004) of the California Gambling Control Commission, when that entity is a Financial Source solely by reason of being (i) a purchaser or a holder of debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation or (ii) the owner of a participation interest in any amount of indebtedness for which a Financial Source described in subdivision (e)(1)(A) is the creditor.
(C) An investor who, alone or together with any person controlling, controlled by or under common control with such investor, holds less than ten percent (10%) % of all outstanding debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation.
(D) An agency of the federal, state or local government providing financing, together with any person purchasing any debt securities of the agency to provide such financing.
(2) The following are not Financial Sources for purposes of this sectionSection.
(A) An entity identified by Regulation CGCC-2, subdivision (h) (as in effect on the effective date of the Compact)July 1, 2004) of the California Gambling Control Commission.
(B) A person or entity whose sole connection with a provision or extension of financing to the Tribe is to provide loan brokerage or debt servicing for a Financial Source at no cost to the Tribe or the Gaming Operation, provided that no portion of any financing provided is an extension of credit to the Tribe or the Gaming Operation by that person or entity.
(C) A person or entity that the State Gaming Agency has determined does not require licensure pursuant to any process the State Gaming Agency deems necessary due to the nature of financing services provided, the existence of current and effective federal or state agency oversight or licensure, attenuated interests of the person or entity, such as passive investors without the ability to exert significant influence over the Gaming Operation, or other grounds which the State Gaming Agency determines appropriate, subject to its responsibilities under state law that alleviate the need for licensure.
(f) In recognition of changing financial circumstances, this section Section shall be subject to good faith renegotiation by both parties in or after five (5) years from the effective date of this Amended Compact upon request of either party; provided such renegotiation shall not retroactively affect transactions that have already taken place where the Financial Source has been excluded or exempted from licensing requirements.
Appears in 1 contract
Samples: Tribal State Compact
Financial Sources. (a) Subject to subdivision (e) of this section Section 6.4.6, any person or entity extending financing, directly or indirectly, to a the Tribe for a Gaming Facility or a Gaming Operation (a “"Financial Source”") shall be licensed by the Tribal Gaming Agency prior to extending that financing.financing.
(b) A license issued under this section Section shall be reviewed at least ]east every two (2) years for continuing compliance. In connection with such a review, the Tribal Gaming Agency shall require the Financial Source to update all information provided in the previous application. For purposes of sections 6.5.2 and 6.5.6Section 6.5.2, such a review shall be deemed to constitute an application for renewal.renewal.
(c) Any agreement between the Tribe and a Financial Source shall be deemed to include a provision for its termination without further liability on the part of the Tribe, except for the bona fide repayment of all outstanding sums (exclusive of interest) owed as of the date of termination, upon revocation or non-renewal of the Financial Source’s 's license by the Tribal Gaming Agency based on a determination of unsuitability by the State Gaming Agency. The Tribe shall not enter into, or continue to make payments pursuant to, any contract or agreement for the provision of financing with any person whose application to the State Gaming Agency for a determination detennination of suitability has been denied or has expired without renewal.renewal.
(d) A Gaming Resource Supplier who provides financing exclusively in connection with the provision, sale sale, or lease of Gaming Resources obtained from that Supplier may be licensed solely in accordance with licensing procedures applicable, if at all, to Gaming Resource Suppliers, and need not be separately licensed as a Financial Source under this section.Section.
(1i) The Tribal Gaming Agency may, at its discretion, exclude from the licensing requirements of this sectionSection, the following Financial Sources under the circumstances stated.stated.
(A) A federally-regulated or state-regulated bank, savings and loan association, or other federally- or state- regulated lending institution.institution.
(B) An entity identified by Uniform Tribal Gaming Regulation CGCC-2, subdivision (f) (as in effect on the effective date of the Compact)July 1, 2006) of the California Gambling Control Commission, when that entity is a Financial Source solely by reason of being (i1) a purchaser or a holder of debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation or (ii2) the owner of a participation interest in any amount of indebtedness for which a Financial Source described in subdivision (e)(1)(Ae)(i)(A) is the creditor.creditor.
(C) An investor who, alone or together with any person controlling, controlled by or under common control with such investor, holds less than ten percent (10%) % of all outstanding debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation.Operation.
(D) An agency of the federal, state or local government providing financing, together with any person purchasing any debt securities of the agency to provide such financing.financing.
(2ii) The following are not Financial Sources for purposes of this sectionSection.
(A) An entity identified by Uniform Tribal Gaming Regulation CGCC-2, subdivision (h) (as in effect on the effective date of the Compact)July 1, 2006) of the California Gambling Control Commission.Commission.
(B) A person or entity whose sole connection with a provision or extension of financing to the Tribe is to provide loan brokerage or debt servicing for a Financial Source at no cost to the Tribe or the Gaming Operation, ; provided that no portion of any financing provided is an extension of credit to the Tribe or the Gaming Operation by that person or entity.entity.
(C) A person or entity that The holder of any Letter-of-Credit-Backed Bonds identified in Uniform Tribal Gaming Regulation CGCC-1 (as in effect on July I, 2006), so long as the holder meets the State criteria set forth in both paragraphs (1) and (2) of subdivision (a) of Unifom1 Tribal Gaming Agency has determined does not require licensure pursuant to any process the State Gaming Agency deems necessary due to the nature of financing services provided, the existence of current and effective federal or state agency oversight or licensure, attenuated interests of the person or entity, such as passive investors without the ability to exert significant influence over the Gaming Operation, or other grounds which the State Gaming Agency determines appropriate, subject to its responsibilities under state law that alleviate the need for licensureRegulations CGCC-1.
(f) In recognition of changing financial circumstances, this section Section shall be subject to good faith renegotiation by both parties in or after five one (51) years year from the effective date of this Amended Compact upon request of either party; provided such renegotiation shall shall not retroactively affect transactions that have already taken place where the Financial Source has been excluded or exempted from licensing requirements.
Appears in 1 contract
Samples: Tribal State Gaming Compact
Financial Sources. (a) Subject to subdivision (e) of this section 6.4.6, any Any person or entity extending financing, directly or indirectly, to a Tribe for a the Tribe's Gaming Facility or a Gaming Operation (a “Financial Source”) shall be licensed by the Tribal Gaming Agency prior to extending that financing.
, provided that any person who is extending financing at the time of the execution of this Compact shall be licensed by the Tribal Gaming Agency within ninety (b90) A license issued under this section days of such execution. These licenses shall be reviewed at least every two (2) years for continuing compliance. In connection with such a review, the Tribal Gaming Agency shall require the Financial Source to update all information provided in the previous application. For purposes of sections 6.5.2 and 6.5.6Section 6.5.2, such a review shall be deemed to constitute an application for renewal.
(c) . Any agreement between the Tribe and a Financial Source shall be deemed to include a provision for its termination without further liability on the part of the Tribe, except for the bona fide repayment of all outstanding sums (exclusive of interest) owed as of the date of termination, upon revocation or non-renewal of the ofthe Financial Source’s 's license by the Tribal Gaming Agency based on a determination of unsuitability by the State Gaming Agency. The Tribe shall not enter into, or continue to make payments pursuant to, any contract or agreement for the provision of financing with any person whose application to the State Gaming Agency for a determination of suitability has been denied or has expired without renewal.
(d) . A Gaming Resource Supplier who provides financing exclusively in connection with the provision, sale or lease of Gaming Resources obtained from that Supplier may be licensed solely in accordance with licensing procedures applicable, if at all, to Gaming Resource Suppliers, and need not be separately licensed as a Financial Source under this section.
(1) . The Tribal Gaming Agency may, at its discretion, exclude from the licensing requirements of this section, the following Financial Sources under the circumstances stated.
(A) A federally-financing provided by a federally regulated or state-regulated bank, savings and loan associationloan, or other federally- or state- state-regulated lending institution.
(B) An entity identified by Regulation CGCC-2, subdivision (f) (as in effect on the effective date ; or any agency of the Compact)federal, of the California Gambling Control Commissionstate, when that entity is a Financial Source solely by reason of being (i) a purchaser or a holder of debt securities issued directly local government; or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation or (ii) the owner of a participation interest in any amount of indebtedness for which a Financial Source described in subdivision (e)(1)(A) is the creditor.
(C) An investor who, alone or together in conjunction with any person controlling, controlled by or under common control with such investorothers, holds less than ten percent (10%) % of all any outstanding debt securities indebtedness evidenced by bonds issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation.
(D) An agency of the federal, state or local government providing financing, together with any person purchasing any debt securities of the agency to provide such financing.
(2) The following are not Financial Sources for purposes of this section.
(A) An entity identified by Regulation CGCC-2, subdivision (h) (as in effect on the effective date of the Compact), of the California Gambling Control Commission.
(B) A person or entity whose sole connection with a provision or extension of financing to the Tribe is to provide loan brokerage or debt servicing for a Financial Source at no cost to the Tribe or the Gaming Operation, provided that no portion of any financing provided is an extension of credit to the Tribe or the Gaming Operation by that person or entity.
(C) A person or entity that the State Gaming Agency has determined does not require licensure pursuant to any process the State Gaming Agency deems necessary due to the nature of financing services provided, the existence of current and effective federal or state agency oversight or licensure, attenuated interests of the person or entity, such as passive investors without the ability to exert significant influence over the Gaming Operation, or other grounds which the State Gaming Agency determines appropriate, subject to its responsibilities under state law that alleviate the need for licensure.
(f) In recognition of changing financial circumstances, this section shall be subject to good faith renegotiation by both parties in or after five (5) years from the effective date of this Compact upon request of either party; provided such renegotiation shall not retroactively affect transactions that have already taken place where the Financial Source has been excluded or exempted from licensing requirements.Tribe.
Appears in 1 contract
Samples: Tribal State Compact
Financial Sources. (a) Subject to subdivision (e) of this section 6.4.6, any Any person or entity extending financing, directly or indirectly, to a Tribe for a the Tribe's Gaming Facility or a Gaming Operation (a “Financial Source”) shall be licensed by the Tribal Gaming Agency prior to extending that financing.
, provided that any person who is extending financing at the time of the execution of this Compact shall be licensed by the Tribal Gaming Agency within ninety (b90) A license issued under this section days of such execution. These licenses shall be reviewed at least every two (2) years for continuing compliance. In connection with such a review, the Tribal Gaming Agency shall require the Financial Source to update all information provided in the previous application. For purposes of sections 6.5.2 and 6.5.6Section 6.5.2, such a review shall be deemed to constitute an application for renewal.
(c) . Any agreement between the Tribe and a Financial Source shall be deemed to include a provision for its termination without further liability on the part of the Tribe, except for the bona fide repayment of all outstanding sums (exclusive of interest) owed as of the date of termination, upon revocation or non-renewal of the Financial Source’s 's license by the Tribal Gaming Agency based on a determination of unsuitability by the State Gaming Agency. The Tribe shall not enter into, or continue to make payments pursuant to, any contract or agreement for the provision of financing with any person whose application to the State Gaming Agency for a determination of suitability has been denied or has expired without renewal.
(d) . A Gaming Resource Supplier who provides financing exclusively in connection with the provision, sale or lease of Gaming Resources obtained from that Supplier may be licensed solely in accordance with licensing procedures applicable, if at all, to Gaming Resource Suppliers, and need not be separately licensed as a Financial Source under this section.
(1) . The Tribal Gaming Agency may, at its discretion, exclude from the licensing requirements of this section, the following Financial Sources under the circumstances stated.
(A) A federally-financing provided by a federally regulated or state-regulated bank, savings and loan associationloan, or other federally- or state- state-regulated lending institution.
(B) An entity identified by Regulation CGCC-2, subdivision (f) (as in effect on the effective date : or any agency of the Compact)federal, of the California Gambling Control Commissionstate, when that entity is a Financial Source solely by reason of being (i) a purchaser or a holder of debt securities issued directly local government; or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation or (ii) the owner of a participation interest in any amount of indebtedness for which a Financial Source described in subdivision (e)(1)(A) is the creditor.
(C) An investor who, alone or together in conjunction with any person controlling, controlled by or under common control with such investorothers, holds less than ten percent (10%) % of all any outstanding debt securities indebtedness evidenced by bonds issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming OperationTribe.
(D) An agency of the federal, state or local government providing financing, together with any person purchasing any debt securities of the agency to provide such financing.
(2) The following are not Financial Sources for purposes of this section.
(A) An entity identified by Regulation CGCC-2, subdivision (h) (as in effect on the effective date of the Compact), of the California Gambling Control Commission.
(B) A person or entity whose sole connection with a provision or extension of financing to the Tribe is to provide loan brokerage or debt servicing for a Financial Source at no cost to the Tribe or the Gaming Operation, provided that no portion of any financing provided is an extension of credit to the Tribe or the Gaming Operation by that person or entity.
(C) A person or entity that the State Gaming Agency has determined does not require licensure pursuant to any process the State Gaming Agency deems necessary due to the nature of financing services provided, the existence of current and effective federal or state agency oversight or licensure, attenuated interests of the person or entity, such as passive investors without the ability to exert significant influence over the Gaming Operation, or other grounds which the State Gaming Agency determines appropriate, subject to its responsibilities under state law that alleviate the need for licensure.
(f) In recognition of changing financial circumstances, this section shall be subject to good faith renegotiation by both parties in or after five (5) years from the effective date of this Compact upon request of either party; provided such renegotiation shall not retroactively affect transactions that have already taken place where the Financial Source has been excluded or exempted from licensing requirements.
Appears in 1 contract
Samples: Tribal State Gaming Compact (Chukchansi Economic Development Authority)
Financial Sources. (a) Subject to subdivision (e) of this section Section 6.4.6, any person or entity extending financing, directly or indirectly, to a Tribe for a Gaming Facility or a Gaming Operation (a “Financial Source”) shall be licensed by the Tribal Gaming Agency prior to extending that financing.
(b) A license issued under this section Section shall be reviewed at least every two (2) years for continuing compliance. In connection with such a review, the Tribal Gaming Agency shall require the Financial Source to update all information provided in the previous application. For purposes of sections 6.5.2 and 6.5.6Section 6.5.2, such a review shall be deemed to constitute an application for renewal.
(c) Any agreement between the Tribe and a Financial Source shall be deemed to include a provision for its termination without further liability on the part of the Tribe, except for the bona fide repayment of all outstanding sums (exclusive of interest) owed as of the date of termination, upon revocation or non-renewal of the Financial Source’s license by the Tribal Gaming Agency based on a determination of unsuitability by the State Gaming Agency. The Tribe shall not enter into, or continue to make payments pursuant to, any contract or agreement for the provision of financing with any person whose application to the State Gaming Agency for a determination of suitability has been denied or has expired without renewal.
(d) A Gaming Resource Supplier who provides financing exclusively in connection with the provision, sale or lease of Gaming Resources obtained from that Supplier may be licensed solely in accordance with licensing procedures applicable, if at all, to Gaming Resource Suppliers, and need not be separately licensed as a Financial Source under this section.
(1) The Tribal Gaming Agency may, at its discretion, exclude from the licensing requirements of this section, the following Financial Sources under the circumstances stated.
(A) A federally-regulated or state-regulated bank, savings and loan association, or other federally- or state- state-regulated lending institution.
(B) An entity identified by Regulation CGCC-2, subdivision subdivision
(f) (as in effect on the effective date of the Compact)July 1, 2004) of the California Gambling Control Commission, when that entity is a Financial Source solely by reason of being (i) a purchaser or a holder of debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation or (ii) the owner of a participation interest in any amount of indebtedness for which a Financial Source described in subdivision (e)(1)(A) is the creditor.
(C) An investor who, alone or together with any person controlling, controlled by or under common control with such investor, holds less than ten percent (10%) of all outstanding debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation.
(D) An agency of the federal, state or local government providing financing, together with any person purchasing any debt securities of the agency to provide such financing.
(2) The following are not Financial Sources for purposes of this section.
(A) An entity identified by Regulation CGCC-2, subdivision (h) (as in effect on the effective date of the Compact), of the California Gambling Control Commission.
(B) A person or entity whose sole connection with a provision or extension of financing to the Tribe is to provide loan brokerage or debt servicing for a Financial Source at no cost to the Tribe or the Gaming Operation, provided that no portion of any financing provided is an extension of credit to the Tribe or the Gaming Operation by that person or entity.
(C) A person or entity that the State Gaming Agency has determined does not require licensure pursuant to any process the State Gaming Agency deems necessary due to the nature of financing services provided, the existence of current and effective federal or state agency oversight or licensure, attenuated interests of the person or entity, such as passive investors without the ability to exert significant influence over the Gaming Operation, or other grounds which the State Gaming Agency determines appropriate, subject to its responsibilities under state law that alleviate the need for licensure.
(f) In recognition of changing financial circumstances, this section shall be subject to good faith renegotiation by both parties in or after five (5) years from the effective date of this Compact upon request of either party; provided such renegotiation shall not retroactively affect transactions that have already taken place where the Financial Source has been excluded or exempted from licensing requirements.
Appears in 1 contract
Samples: Tribal State Compact Amendment
Financial Sources. (a) Subject to subdivision (e) of this section 6.4.6, any person or entity extending financing, directly or indirectly, to a Tribe for a Gaming Facility or a Gaming Operation (a “Financial Source”) shall be licensed by the Tribal Gaming Agency prior to extending that financing.
(b) A license issued under this section shall be reviewed at least every two (2) years for continuing compliance. In connection with such a review, the Tribal Gaming Agency shall require the Financial Source to update all information provided in the previous application. For purposes of sections section 6.5.2 and 6.5.6, such a review shall be deemed to constitute an application for renewal.
(c) Any agreement between the Tribe and a Financial Source shall be deemed to include a provision for its termination without further liability on the part of the Tribe, except for the bona fide repayment of all outstanding sums (exclusive of interest) owed as of the date of termination, upon revocation or non-renewal of the Financial Source’s license by the Tribal Gaming Agency based on a determination of unsuitability by the State Gaming Agency. The Tribe shall not enter into, or continue to make payments pursuant to, any contract or agreement for the provision of financing with any person whose application to the State Gaming Agency for a determination of suitability has been denied or has expired without renewal.
(d) A Gaming Resource Supplier who provides financing exclusively in connection with the provision, sale or lease of Gaming Resources obtained from that Supplier may be licensed solely in accordance with licensing procedures applicable, if at all, to Gaming Resource Suppliers, and need not be separately licensed as a Financial Source under this section.
(1) The Tribal Gaming Agency may, at its discretion, exclude from the licensing requirements of this section, the following Financial Sources under the circumstances stated.
(A) A federally-regulated or state-regulated bank, savings and loan association, or other federally- or state- state-regulated lending institution.
(B) An entity identified by Regulation CGCC-2, subdivision (f) (as in effect on the effective date of the CompactJuly 1, 2004), of the California Gambling Control Commission, when that entity is a Financial Source solely by reason of being (i) a purchaser or a holder of debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation or (ii) the owner of a participation interest in any amount of indebtedness for which a Financial Source described in subdivision (e)(1)(A) is the creditor.
(C) An investor who, alone or together with any person controlling, controlled by or under common control with such investor, holds less than ten percent (10%) % of all outstanding debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation.
(D) An agency of the federal, state or local government providing financing, together with any person purchasing any debt securities of the agency to provide such financing.
(2) The following are not Financial Sources for purposes of this section.
(A) An entity identified by Regulation CGCC-2, subdivision (h) (as in effect on the effective date of the Compact), of the California Gambling Control Commission.
(B) A person or entity whose sole connection with a provision or extension of financing to the Tribe is to provide loan brokerage or debt servicing for a Financial Source at no cost to the Tribe or the Gaming Operation, provided that no portion of any financing provided is an extension of credit to the Tribe or the Gaming Operation by that person or entity.
(C) A person or entity that the State Gaming Agency has determined does not require licensure pursuant to any process the State Gaming Agency deems necessary due to the nature of financing services provided, the existence of current and effective federal or state agency oversight or licensure, attenuated interests of the person or entity, such as passive investors without the ability to exert significant influence over the Gaming Operation, or other grounds which the State Gaming Agency determines appropriate, subject to its responsibilities under state law that alleviate the need for licensure.
(f) In recognition of changing financial circumstances, this section shall be subject to good faith renegotiation by both parties in or after five (5) years from the effective date of this Compact upon request of either party; provided such renegotiation shall not retroactively affect transactions that have already taken place where the Financial Source has been excluded or exempted from licensing requirements.subdivision
Appears in 1 contract
Samples: Tribal State Compact
Financial Sources.
(a) Subject to subdivision (e) of this section Section 6.4.6, any person or entity extending financing, directly or indirectly, to a Tribe for a Gaming Facility or a Gaming Operation (a “"Financial Source”") shall be licensed by the Tribal Gaming Agency prior to extending that financing.financing.
(b) A license issued under this section Section shall be reviewed at least every two (2) years for continuing compliance. In connection with such a a I review, the Tribal Gaming Agency shall require the Financial Source to l update all information provided in the previous application. For purposes of sections 6.5.2 and 6.5.6Section 6.5.2, such a review shall be deemed to constitute an application for renewal.
(c) Any agreement between the Tribe and a Financial Source shall be deemed to include a provision for its termination without further liability on the part of the Tribe, except for the bona fide repayment of all outstanding sums (exclusive of interest) owed as of the date of termination, upon revocation or non-renewal of the Financial Source’s 's license by the Tribal Gaming Agency based on a determination of unsuitability by the State Gaming Agency. The Tribe shall not enter into, or continue to make payments pursuant to, any contract or agreement for the provision of financing with any person whose application to the State Gaming Agency for a determination of suitability has been denied or has expired without renewal.renewal.
(d) A Gaming Resource Supplier who provides financing exclusively in connection with the provision, sale sale, or lease of Gaming Gaming Resources obtained from that Supplier may be licensed solely in accordance with licensing procedures applicable, if at all, to Gaming Resource Suppliers, and need not be separately licensed as a Financial Source under this sectionSection.
(1) The Tribal Gaming Agency may, at its discretion, exclude from the licensing requirements of this section, the following Financial Sources under the circumstances stated.
(A) A federally-regulated or state-regulated bank, savings and loan association, or other federally- or state- regulated lending institution.
(B) An entity identified by Regulation CGCC-2, subdivision (f) (as in effect on the effective date of the Compact), of the California Gambling Control Commission, when that entity is a Financial Source solely by reason of being (i) a purchaser or a holder of debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation or (ii) the owner of a participation interest in any amount of indebtedness for which a Financial Source described in subdivision (e)(1)(A) is the creditor.
(C) An investor who, alone or together with any person controlling, controlled by or under common control with such investor, holds less than ten percent (10%) of all outstanding debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation.
(D) An agency of the federal, state or local government providing financing, together with any person purchasing any debt securities of the agency to provide such financing.
(2) The following are not Financial Sources for purposes of this section.
(A) An entity identified by Regulation CGCC-2, subdivision (h) (as in effect on the effective date of the Compact), of the California Gambling Control Commission.
(B) A person or entity whose sole connection with a provision or extension of financing to the Tribe is to provide loan brokerage or debt servicing for a Financial Source at no cost to the Tribe or the Gaming Operation, provided that no portion of any financing provided is an extension of credit to the Tribe or the Gaming Operation by that person or entity.
(C) A person or entity that the State Gaming Agency has determined does not require licensure pursuant to any process the State Gaming Agency deems necessary due to the nature of financing services provided, the existence of current and effective federal or state agency oversight or licensure, attenuated interests of the person or entity, such as passive investors without the ability to exert significant influence over the Gaming Operation, or other grounds which the State Gaming Agency determines appropriate, subject to its responsibilities under state law that alleviate the need for licensure.
(f) In recognition of changing financial circumstances, this section shall be subject to good faith renegotiation by both parties in or after five (5) years from the effective date of this Compact upon request of either party; provided such renegotiation shall not retroactively affect transactions that have already taken place where the Financial Source has been excluded or exempted from licensing requirements.
Appears in 1 contract
Samples: Tribal State Compact
Financial Sources.
(a) Subject to subdivision (e) of this section Section 6.4.6, any person or entity extending financing, directly or indirectly, to a the Tribe for a Gaming Facility or a Gaming Operation (a “"Financial Source”") shall be licensed by the Tribal Gaming Agency prior to extending that financing.financing.
(b) A license issued under this section Section shall be reviewed at least every two (2) years for continuing compliance. In connection with such a review, the Tribal Gaming Agency shall require the Financial Source to update all information provided in the previous application. For purposes of sections 6.5.2 and 6.5.6Section 6.5.2, such a review shall be deemed to constitute an application for renewal.renewal.
(c) Any agreement between the Tribe and a Financial Source shall be deemed to include a provision for its termination terminatfon without further liability on the part of the Tribe, except for the bona fide repayment of all outstanding sums (exclusive of interest) owed as of the date of termination, upon revocation or non-renewal of the Financial Source’s 's license by the Tribal Gaming Agency based on a determination of unsuitability by the State Gaming Agency. The Tribe shall not enter into, or continue to make payments pursuant to, any contract or agreement for the provision of financing with any person whose application to the State Gaming Agency Agency for a determination of suitability has been denied or has expired without renewal.
(d) A Gaming Resource Supplier who provides financing exclusively in connection with the provision, sale sale, or lease of Gaming Resources obtained from that Supplier may be licensed solely in accordance with licensing procedures applicable, if at all, to Gaming Resource Suppliers, and need not be separately licensed as a Financial Source under this sectionSection.
(1i) The Tribal Gaming Agency may, at its discretion, exclude from the licensing requirements of this sectionSection, the following Financial Sources under the circumstances stated.stated.
(A) A federally-regulated or state-regulated bank, savings and loan association, or other federally- or state- state-regulated lending institution.institution.
(B) An entity identified by Uniform Tribal Gaming Regulation CGCC-2, subdivision (f) (as in effect on the effective date of the Compact)July 1, 2006) of the California Gambling Control Commission, when that entity is a Financial Source solely by reason of being (i1) a purchaser or a holder of debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation or (ii2) the owner of a participation interest in any amount of indebtedness for which a Financial Source described in subdivision (e)(1)(Ae)(i)(A) is the creditor.creditor.
(C) An investor who, alone or together with any person controlling, controlled by or under common control with such investor, holds less than ten percent (10%) % of all outstanding debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation.Operation.
(D) An agency of the federal, state or local government providing financing, together with any person purchasing any debt securities of the agency to provide such financing.financing.
(2ii) The following are not Financial Sources for purposes of this sectionSection.
(A) An entity identified by Uniform Tribal Gaming Regulation CGCC-2, subdivision (h) (as in effect on the effective date of the Compact)July 1, 2006) of the California Gambling Control Commission.Commission.
(B) A person or entity whose sole connection with a provision or extension of financing to the Tribe is to provide loan brokerage or debt servicing for a Financial Source at no cost to the Tribe or the Gaming Operation, provided that no portion of any financing provided is an extension of credit to the Tribe or the Gaming Operation by that person or entity.entity.
(C) A person or entity that The holder of any Letter-of-Credit-Backed Bonds identified in Uniform Tribal Gaming Regulation CGCC-1 (as in effect on July 1, 2006), so long as the State criteria set forth in Uniform Tribal Gaming Agency has determined does not require licensure pursuant to any process the State Gaming Agency deems necessary due to the nature of financing services provided, the existence of current Regulations CGCC- 1(a)(1) and effective federal or state agency oversight or licensure, attenuated interests of the person or entity, such as passive investors without the ability to exert significant influence over the Gaming Operation, or other grounds which the State Gaming Agency determines appropriate, subject to its responsibilities under state law that alleviate the need for licensure.CGCC-l(a)(2) are met.
(f) In recognition of changing ofchanging financial circumstances, this section Section shall be subject to good faith renegotiation by both parties in or after five (5) years from the effective date of this Compact upon request of either party; provided such renegotiation shall not retroactively affect transactions that have already taken place where the Financial Source has been excluded or exempted from licensing requirements.requirements.
Appears in 1 contract
Samples: Tribal State Compact
Financial Sources.
(a) Subject to subdivision (e) of this section Section 6.4.6, any person or entity extending financing, directly or indirectly, to a the Tribe for a Gaming Facility or a Gaming Operation (a “"Financial Source”") shall be licensed by the Tribal Gaming Agency prior to extending that financing.financing.
(b) A license issued under this section Section shall be reviewed at least every two (2) years for continuing compliance. In connection with such a review, the Tribal Gaming Agency shall require the Financial Source to update all information provided in the previous application. For purposes of sections 6.5.2 and 6.5.6Section 6.5.2, such a review shall be deemed to constitute an application for renewal.renewal.
(c) Any agreement between the Tribe and a Financial Source shall be deemed to include a provision for its termination without further liability on the part of the Tribe, except for the bona fide repayment of all outstanding sums (exclusive of interest) owed as of the date of termination, upon revocation or non-renewal of the Financial Source’s 's license by the Tribal Gaming Agency based on a determination of unsuitability by the State Gaming Agency. The Tribe shall not enter into, or continue to make payments pursuant to, any contract or agreement for the provision of financing with any person whose application to the State Gaming Agency for a determination of suitability has been denied or has expired without renewal.renewal.
(d) A Gaming Resource Supplier who provides financing exclusively in connection with the provision, sale sale, or lease of Gaming Resources obtained from that Supplier may be licensed solely in accordance with licensing procedures applicable, if at all, to Gaming Resource Suppliers, and need not be separately licensed as a Financial Source under this section.Section.
(1i) The Tribal Gaming Agency may, at its discretion, exclude from the licensing requirements of this sectionSection, the following Financial Sources under the circumstances stated.stated.
(A) A federally-regulated or state-regulated bank, savings and loan association, or other federally- or state- state-regulated lending institution.institution.
(B) An entity identified by Uniform Tribal Gaming Regulation CGCC-2, subdivision (f) (as in effect on the effective date of the Compact)July 1, 2006) of the California Gambling Control Commission, when that entity is a Financial Source solely by reason of being (i1) a purchaser or a holder of debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation or (ii2) the owner of a participation interest in any amount of indebtedness for which a Financial Source described in subdivision (e)(1)(Ae)(i)(A) is the creditor.creditor.
(C) An investor who, alone or together with any person controlling, controlled by or under common control with such investor, holds less than ten percent (10%) % of all outstanding debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation.Operation.
(D) An agency of the federal, state or local government providing financing, together with any person purchasing any debt securities of the agency to provide such financing.financing.
(2ii) The following are not Financial Sources for purposes of this section.Section.
(A) An entity identified by Uniform Tribal Gaming Regulation CGCC-2, subdivision (h) (as in effect on the effective date of the Compact)July 1, 2006) of the California Gambling Control Commission.Commission.
(B) A person or entity whose sole connection with a provision or extension of financing to the Tribe is to provide loan brokerage or debt servicing for a Financial Source at no cost to the Tribe or the Gaming Operation, provided that no portion portion_ of any financing provided is an extension of credit to the Tribe or the Gaming Operation by that person or entity.entity.
(C) A person or entity that The holder of any Letter-of-Credit-Backed Bonds identified in Uniform Tribal Gaming Regulation CGCC-1 (as in effect on July 1, 2006), so long as the State criteria set forth in Uniform Tribal Gaming Agency has determined does not require licensure pursuant to any process the State Gaming Agency deems necessary due to the nature of financing services provided, the existence of current Regulations CGCC-l(a)(l) and effective federal or state agency oversight or licensure, attenuated interests of the person or entity, such as passive investors without the ability to exert significant influence over the Gaming Operation, or other grounds which the State Gaming Agency determines appropriate, subject to its responsibilities under state law that alleviate the need for licensure.CGCC-l(a)(2) are met.
(f) In recognition of changing financial circumstances, this section Section shall be subject to good faith renegotiation by both parties in or after five (5) years from the effective date of this Compact upon request of either party; party; provided such renegotiation shall not retroactively affect transactions that have already taken place where the Financial Source has been excluded or exempted from licensing requirements.
Appears in 1 contract
Samples: Tribal State Compact
Financial Sources.
(a) Subject to subdivision (e) of this section Section 6.4.6, any person or entity extending financing, directly or indirectly, to a the Tribe for a Gaming Facility or a Gaming Operation (a “"Financial Source”") shall be licensed by the Tribal Gaming Agency prior to extending that financing.financing.
(b) A license issued under this section Section shall be reviewed at least every two (2) years for continuing compliance. In connection with such a review, the Tribal Gaming Agency shall require the Financial Source to update all information provided in the previous application. For purposes of sections 6.5.2 and 6.5.6Section 6.5.2, such a review shall be deemed to constitute an application for renewal.renewal.
(c) Any agreement between the Tribe and a Financial Source shall be deemed to include a provision for its termination without further liability on the part of the Tribe, except for the bona fide repayment of all outstanding sums (exclusive of interest) owed as of the date of terminationtemunation, upon revocation or non-renewal of the Financial Source’s 's license by the Tribal Gaming Xxxxxx Agency based on a determination of unsuitability by the State Gaming Agency. The Tribe shall not enter into, or continue to make payments pursuant to, any contract or agreement for the provision of financing with any person whose application to the State Gaming Agency Agency for a determination of suitability has been denied or has expired without renewal.
(d) A Gaming Resource Supplier who provides financing exclusively in connection with the provision, sale sale, or lease of Gaming Resources obtained from that Supplier may be licensed solely in accordance with licensing procedures applicable, if at all, to Gaming Resource Suppliers, and need not be separately licensed as a Financial Source under this sectionSection.
(1i) The Tribal Gaming Agency may, at its discretion, exclude from the licensing requirements of this sectionSection, the following Financial Sources under the circumstances stated.stated.
(A) A federally-regulated or state-regulated bank, savings and loan association, or other federally- or state- state-regulated lending institution.institution.
(B) An entity identified by Uniform Tribal Gaming Regulation CGCC-2, subdivision (f) (as in effect on the effective date of the Compact)July 1, of 2006) of the California Gambling Control CommissionConunission, when that entity is a Financial Source solely by reason of being (i1) a purchaser or a holder of debt securities issued directly or indirectly by the Tribe for a Gaming Facility or by the Gaming Operation or (ii2) the owner of a participation interest in any amount of indebtedness for which a Financial Source described in subdivision (e)(1)(Ae)(i)(A) is the creditor.creditor.
(C) o An investor who, alone or together with any person persono controlling, controlled controlle_d by or under common control with witho such investor, holds less than ten percent (10%) % of all outstanding debt debto securities issued directly or indirectly by the Tribe for a ao Gaming Facility or by the Gaming Operation.Operation.o
(D) o An agency of the federal, state or local government governmento providing financing, together with any person purchasing purchasingo any debt securities of the agency to provide such financing.financing.o
(2ii) o The following are not Financial Sources for purposes of this section.thiso Section.o
(A) o An entity identified by Regulation Uniform Tribal Gaming Regulationo CGCC-2, subdivision (h) (as in effect on the effective date of the Compact)July 1, of 2006) ofo the California Gambling Control Commission.Commission.o
(B) o A person or entity whose sole connection with a provision provisiono or extension of financing to the Tribe is to provide loan loano brokerage or debt servicing for a Financial Source at no noo cost to the Tribe or the Gaming Operation, provided that thato no portion of any financing provided is an extension of ofo credit to the Tribe or the Gaming Operation by that person persono or entity.entity.o
(C) A person or entity that o The holder of any Letter-of-Credit-Backed Bondso identified in Uniform Tribal Gaming Regulation CGCC-1o (as in effect on July 1, 2006), so long as the State criteria seto forth in Uniform Tribal Gaming Agency has determined does not require licensure pursuant to any process the State Gaming Agency deems necessary due to the nature of financing services provided, the existence of current Regulations CGCC- 1 (a)( l) and effective federal or state agency oversight or licensure, attenuated interests of the person or entity, such as passive investors without the ability to exert significant influence over the Gaming Operation, or other grounds which the State Gaming Agency determines appropriate, subject to its responsibilities under state law that alleviate the need for licensure.CGCC-l(a)(2) are met.o
(f) o In recognition of changing financial circumstances, this section Sectiono shall be subject to good faith renegotiation by both parties in or after five (5) years from the effective date of this Compact upon request of either party; party; provided such renegotiation shall not retroactively affect transactions that have already taken place where the Financial Source has been excluded or exempted from licensing requirementsrequiren1ents.
Appears in 1 contract
Samples: Tribal State Gaming Compact
