Definition of Taxable Loans

  1. 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.

Definition of Taxable Loans in Fee Agreement

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.