A Board Resolution For Loan Approval is a crucial corporate governance document required when a company seeks to obtain financing. This resolution demonstrates to lenders and other parties that the company, through its Board of Directors, has properly authorized the loan transaction in accordance with U.S. corporate law requirements and the company's bylaws. The document typically specifies the approved loan amount, key terms, authorized signatories, and any specific conditions. It serves as evidence of proper corporate authorization and is often required by lenders as a condition precedent to loan closing. The resolution must comply with state corporate law requirements and the company's governing documents.
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1. Title and Date: Official title of resolution and date of board meeting
2. Recitals: Background information and purpose of the loan
3. Resolution Statement: Formal declaration of board's decision to approve loan
4. Loan Details: Amount, terms, interest rate, and key conditions
5. Authorization: Named officers authorized to execute loan documents
6. Certification: Secretary's certification of resolution's adoption
1. Collateral Details: If loan is secured, details of assets pledged - use for secured loans only
2. Covenant Requirements: Specific financial or operational covenants - use when lender requires specific ongoing commitments
3. Related Party Provisions: Special provisions for related party loans - use when loan involves related parties
1. Term Sheet: Summary of key loan terms and conditions
2. Officer Certificate: Certificate confirming authorized signatories
3. Meeting Minutes: Minutes of board meeting where resolution was adopted
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