The Board Resolution Loan Agreement is a crucial document used when an Australian company seeks to formalize both the board's approval and the terms of a loan arrangement in a single instrument. This document type is particularly relevant when corporate governance requirements necessitate explicit board authorization for borrowing activities, common in medium to large enterprises or in transactions involving significant loan amounts. It must comply with Australian corporate law, particularly the Corporations Act 2001 (Cth), and typically includes both the formal resolution language required for corporate records and comprehensive loan terms. The document is essential for demonstrating proper corporate authority, maintaining good governance practices, and establishing legally binding loan obligations.
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1. Parties: Identification of the company issuing the board resolution and the parties to the loan agreement
2. Background: Context of the loan arrangement and purpose of the board resolution
3. Definitions: Key terms used throughout the agreement
4. Board Resolution: Formal resolution text confirming board approval of the loan arrangement
5. Loan Details: Principal amount, purpose, and basic terms of the loan
6. Interest: Interest rate, calculation method, and payment terms
7. Repayment Terms: Schedule and method of repayment, including any early repayment provisions
8. Conditions Precedent: Conditions that must be satisfied before the loan becomes effective
9. Representations and Warranties: Standard company representations regarding authority, capacity, and compliance
10. Events of Default: Circumstances constituting default and consequences
11. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law
1. Security: Include when the loan is secured by company assets or third-party guarantees
2. Drawdown Mechanics: Include for facilities with multiple drawdown provisions
3. Financial Covenants: Include when specific financial ratios or conditions must be maintained
4. Special Conditions: Include when there are specific requirements unique to the loan arrangement
5. Related Party Provisions: Include when the loan is between related entities requiring special considerations
6. Tax Provisions: Include when there are specific tax implications requiring detailed treatment
7. Assignment and Transfer: Include when rights under the agreement may be transferred
8. Subordination: Include when the loan needs to be subordinated to other debt
1. Schedule 1 - Loan Terms Summary: Detailed breakdown of all key commercial terms
2. Schedule 2 - Repayment Schedule: Detailed amortization or repayment schedule if applicable
3. Schedule 3 - Form of Drawdown Notice: Standard form for requesting loan drawdowns if multiple drawdowns are permitted
4. Schedule 4 - Security Details: Description of any security or collateral if the loan is secured
5. Schedule 5 - Copy of Board Minutes: Extract or copy of the relevant board minutes approving the loan
6. Schedule 6 - Conditions Precedent Documents: List of required documents and conditions to be satisfied
7. Appendix A - Calculation Methods: Detailed explanation of interest calculations and financial covenant calculations if applicable
8. Appendix B - Compliance Certificate: Template for ongoing compliance reporting if required
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Corporate Services
Legal Services
Professional Services
Real Estate
Manufacturing
Retail
Technology
Mining
Agriculture
Healthcare
Education
Construction
Infrastructure
Relevant Teams
Legal
Finance
Corporate Secretariat
Treasury
Compliance
Risk Management
Corporate Governance
Board Secretariat
Credit Administration
Commercial Operations
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Company Secretary
Corporate Lawyer
Legal Counsel
Finance Director
Board Director
Managing Director
Treasury Manager
Financial Controller
Compliance Officer
Corporate Governance Manager
Risk Manager
Credit Manager
Commercial Director
Business Development Manager
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