Title
A RESOLUTION AUTHORIZING A CERTAIN LENDING TRANSACTIONS INVOLVING CHEROKEE NATION BUSINESSES, A CHEROKEE NATION TRIBAL LIMITED LIABILITY COMPANY AND AUTHORIZING A LIMITED WAIVER OF SOVEREIGN IMMUNITY
Body
WHEREAS, the Cherokee Nation since time immemorial has exercised the sovereign rights of self-government in behalf of the Cherokee people; and
WHEREAS, the Cherokee Nation is a federally recognized Indian Nation with a historic and continual government to government relationship with the United States of America; and
WHEREAS, Cherokee Nation Businesses, L.L.C. (“CNB”) is a for-profit limited liability company organized under the laws of the Cherokee Nation, is wholly owned by the Cherokee Nation and enjoys sovereign immunity from suit under federal law; and
WHEREAS, Cherokee Nation Enterprises, L.L.C. (“CNE”) is a for-profit limited liability company organized under the laws of the Cherokee Nation, is wholly owned by CNB and enjoys sovereign immunity from suit under federal law; and
WHEREAS, pledges or loans of credit and indebtedness of Cherokee Nation-owned entities, including CNB and CNE, require approval by the Tribal Council in accordance with Legislative Act 2-03; and
WHEREAS, Resolution 97-07 was passed by the Tribal Council on October 15, 2007, and signed by the Principal Chief on October 24, 2007, approving CNB’s and CNE’s entering into proposed loan or financing transactions with Bank of America, N.A. (“Bank of America”); and
WHEREAS, negotiations have advanced to the extent that changes to the proposed terms require approval by the Cherokee Nation; and
WHEREAS, the Cherokee Nation has determined it is both appropriate and necessary that CNB and CNE be permitted to (i) enter into and perform under certain proposed loan or financing transactions with Bank of America, and any other lenders, participants or indemnified parties in the syndication or transaction, consisting of senior secured credit facilities that consist of a Line A credit fa...
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