Taxable Loans means, for any month during the Buyer Monthly Payment Period, the amount shown as the outstanding principal amount of loans under Seller's Credit Agreement on the monthly statement from Seller's Lenders. The amount of Taxable Loans as of the Effective Date is $120,572,335. The amount of Taxable Loans may be reduced from time to time by payments, credits or other reductions, but, except as otherwise set forth in this definition, the amount of the Taxable Loans, for purposes of calculating the Subsequent Monthly Periodic Fees, cannot be increased by any loans, advances, fees, interest or other charges; provided, that after November 1, 2013, for purposes of calculating the Subsequent Monthly Periodic Fees, Taxable Loans may be increased to account for loans made to Seller by Seller's Lenders to replace the proceeds of Tax-Exempt Bonds, other than Undisbursed Bond Proceeds, being redeemed because bond counsel has determined that such Tax-Exempt Bonds have lost their tax-exempt status solely due to the action or inaction of Buyer or Boyd Gaming Corporation.
Result will equal the Subsequent Monthly Periodic Fee for Taxable Loans.
The unpaid principal amount of all Taxable Loans from time to time outstanding shall bear interest at the rate or rates and be payable as provided in and calculated in the manner set forth in the Agreement.
Step 2 Add together the Subsequent Monthly Periodic Fee for Tax-Exempt Bonds, the Subsequent Monthly Periodic Fee for Taxable Loans and the Subsequent Monthly Periodic Fee for Sponsors' Advances and subtract from such sum an amount equal to 71.88% of the amount of interest income, calculated on an annual basis, earned by Seller on Undisbursed Bond Proceeds.
Subtract from such amount the gross proceeds from the sale of Seller Tangible Assets and the Cost of Missing Assets, which have not yet been credited against the Taxable Loans.
Step 1B Start with the outstanding principal amount of Taxable Loans for the month prior to the month in which the relevant Buyer Monthly Payment Date occurs.