Monroe Clause Samples
Monroe. The obligation of Monroe to consummate the Merger is subject to the satisfaction and fulfillment of each of the following conditions on or prior to the Effective Time, unless waived in writing by Monroe:
Monroe. Monroe shall be responsible for properly managing and accounting for all funds received from the Tribe under this Agreement. With regard to the Mitigation Payment, a special account or fund shall be created into which the funds shall be deposited. Commingling of Monroe funds from other sources shall be prohibited. All disbursements of money from this account or fund shall be specifically authorized by the City Council Board, which shall record such authorizations in minutes or other official written records of decision in sufficient detail to facilitate an audit and determine the entity to which the funds were disbursed and the purposes for which the funds were authorized. Within sixty (60) days after the close of Monroe’s fiscal year, Monroe shall provide the Tribe an annual accounting and narrative report setting forth of the obligations or disbursements made from the Revenue Share Fund and/or special needs funding. Such accounting shall have sufficient detail to establish that the funds were obligated and/or disbursed in accordance with the priorities set forth in Paragraph 2 above and consistent with the purposes for which tribal gaming revenues may lawfully be expended under the IGRA. If Monroe fails to submit the annual report to the Tribe, the Tribe shall be relieved of its obligations under Paragraph 4 until such time as the Report is submitted. If the City Council Board fails to abide by the limitations on the use of gaming revenues contained in IGRA, the Tribe shall reduce the amount of Monroe’s next revenue share payment by such amount.