Enterprise Bank Accounts. The Business Board shall select, and the Tribal Council shall approve, a bank or banks for the deposit and maintenance of funds and shall establish in such bank or bank accounts as MPM deems appropriate and necessary in the course of business and as consistent with this Agreement (“Enterprise Bank Accounts”). Establishment of any Enterprise Bank Account shall be subject to the approval of the Tribal Council. The sum of money agreed to by the Business Board to be maintained in the Enterprise Bank Account(s) to serve as operating capital for Enterprise operations, shall include all sums needed for the House Bank, and all sums needed to accrue for payment of expenses not paid on a monthly basis (the “Minimum Balance”).
Enterprise Bank Accounts. Management Firm shall recommend, and Licensee shall approve (with such approval not to be unreasonably withheld, conditioned or delayed), a bank or banks for the deposit and maintenance of funds from the operation of the Enterprise, and Licensee shall use reasonable efforts to establish Enterprise Bank Accounts in such bank(s), for the benefit of Licensee and in the Enterprise’s name, for the management and operation of the Enterprise in the course of business and as consistent with this Agreement. The Enterprise Bank Accounts shall include, but are not limited to, a Depository Account and a Disbursement Account, as described below.
Enterprise Bank Accounts. The Operations Board shall select and approve a bank or banks for the deposit and maintenance of funds and shall establish in such bank or banks accounts as Manager deems appropriate and necessary in the course of business and as consistent with this Agreement (“Enterprise Bank Accounts”). Establishment of any Enterprise Bank Accounts shall be subject to the approval of the Operations Board. The sum of money agreed to by the Operations Board to be maintained in the Enterprise Bank Account(s) to serve as working capital for Enterprise operations shall include all sums needed for the House Bank and all sums needed to accrue for payment of expenses not paid on a monthly basis (the “Minimum Balance”). The Authority will execute Irrevocable Banking Instructions with regard to each Enterprise Bank Account to be in effect during the Term of this Agreement in form and substance satisfactory to the Authority, the Operations Board and the Manager.
Enterprise Bank Accounts. Manager and Owner shall agree upon a federally-insured financial institution in which Enterprise funds shall be deposited and maintained. A general operating checking account which bears interest at a reasonable commercial rate will be established for the purpose of paying day-to-day operating expenses. A separate payroll accounting system, such as a bank-administered payroll system, shall be utilized, and routine transfers of funds from the Enterprise's general account shall be made to payroll sufficient for Manager to pay all employees of the operation. Each month, from the general account, all direct and indirect costs of the operation shall be paid, and the balance each month shall be divided and distributed as provided in Article VI, Paragraph C. All checks drawn upon the account in excess of Twenty-Five Thousand ($25,000) Dollars shall require the signatures of a duly authorized representative of Manager and a duly authorized representative of Owner; provided, however, that checks for prizes will not require the signature of Owner's representative. Manager shall provide Owner with a monthly financial statement of all transactions affecting the general account. Upon agreement of Manager and Owner, cash in excess of that reasonably necessary to meet operating expenses and payroll between monthly distributions of profits may be invested and kept in interest-bearing accounts at one or more financial institutions insured by any agency of the federal government. All interest earned on Enterprise funds shall be included in the revenues of the Enterprise.
Enterprise Bank Accounts. The Company shall select a bank or banks for the deposit and maintenance of Enterprise funds and shall establish therein the accounts described in this Section 3.10 and such other accounts as the Manager may deem necessary and appropriate for the business of the Enterprise (the “Enterprise Bank Accounts”). All Enterprise Bank Accounts shall be accounts of the Enterprise opened in the name of the Enterprise. All disbursements from Enterprise Bank Accounts must be made by check or wire transfer drawn against an Enterprise Bank Account.
Enterprise Bank Accounts. 3.18.2 Daily Deposits to Depository Account. 3.18.3 Disbursement Account. 3.18.4 Transfers Between Accounts. 3.19
Enterprise Bank Accounts. The Authority shall select a bank or banks for the deposit and maintenance of funds and shall establish in such bank or banks accounts as Manager deems appropriate and necessary in the course of business and as consistent with this Agreement ("Enterprise Bank Accounts"). Establishment of any Enterprise Bank Account shall be subject to the approval of the Authority, and shall be consistent with the terms of the Loan Agreement. The sum of money agreed to by the Authority to be maintained in the Enterprise Bank Account(s) to serve as working capital for Enterprise operations, shall include all sums needed for the House Bank, and all sums needed to accrue for payment of expenses not paid on a monthly basis (the "Minimum Balance"). Manager will maintain funds in the Enterprise Bank Accounts equal to the Minimum Balance, and Manager may increase the Minimum Balance, in Manager's sole discretion, at any time during the first year following the Commencement Date to reflect unanticipated working capital needs revealed by actual Enterprise operations. Attached hereto as Exhibit C is the form of Irrevocable Banking Instructions to be executed by the Authority with regard to each Enterprise Bank Account and to be in effect during the Term of this Agreement.
Enterprise Bank Accounts. 23 3.17.2 Daily Deposits to Depository Account................................................. 24 3.17.3
Enterprise Bank Accounts. The Enterprise shall select a bank or banks for the deposit and maintenance of funds and shall establish in such bank or banks accounts as Manager deems appropriate and necessary in the course of business and as consistent with this Agreement, including, but not limited to, a Depository Account, Disbursement Account, a Working Capital Account and a Capital Replacement Reserve Account ("Enterprise Bank Accounts"). Establishment of any Enterprise Bank Account shall be subject to the approval of the Enterprise. The sum of money agreed upon by the Manager and the Enterprise to be maintained in the Working Capital Account to serve as working capital for Facility operations, shall include all sums needed for the House Bank, all sums needed to accrue Exhibit 10.10 for payment of expenses not paid on a monthly basis, and all sums needed to be reserved taking into account anticipated cash flow and Operating Expenses of the Facility based upon, among other things, seasonality (the "Minimum Balance"). The Manager may increase the Minimum Balance, in Manager's sole discretion, at any time during the first year following the Commencement Date to reflect unanticipated working capital needs revealed by actual Facility operations, and during the first and subsequent years to account for the seasonality of business operations. Attached hereto as Exhibit E is the form of Irrevocable Banking Instructions to be executed by the Enterprise with regard to each Enterprise Bank Account and to be in effect during the Term of this Agreement, other than with respect to the accounts maintained by the Enterprise with the "Collection Bank" and the "Depository Bank" pursuant to the Transfer and Deposit Agreement. Prior to the Commencement Date, the Enterprise shall transfer to the Working Capital Account an amount equal to the initial Minimum Balance. In the event the revenue of the Facility is insufficient at any time to maintain the Minimum Balance after the payment of Operating Expenses, the Enterprise shall transfer to the Working Capital Account funds in an amount equal to the difference between the Minimum Balance and the cash balance of the Working Capital Account prior to such transfer. The parties agree that so long as the Transfer and Deposit Agreement shall be in effect, the "Accounts" specified therein shall constitute the Disbursement Account of the Enterprise.
