A Board Resolution For Obtaining Loan From Bank is a crucial corporate governance document required by U.S. financial institutions before extending credit to companies. This resolution demonstrates that the company's board has properly authorized the loan transaction in accordance with corporate bylaws and state laws. It specifies the loan amount, designated officers, and scope of their authority. The document is particularly important for maintaining proper corporate records and satisfying both internal governance requirements and external regulatory compliance. It serves as protection for both the lending institution and the company by clearly documenting the board's approval and the parameters of the loan arrangement.
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1. Title and Date: Formal identification of the resolution and date of board meeting
2. Preamble: Company identification and meeting details including quorum confirmation
3. Recitals: Background information explaining the purpose and need for the loan
4. Resolution Statements: Specific authorizations for loan amount, terms, and designated officers
5. Authorization: Powers granted to specific officers to execute loan documents and related agreements
6. Certification: Secretary's certification of the resolution's validity and compliance with bylaws
1. Collateral Authorization: Special authorization for pledging specific company assets as collateral for secured loans
2. Multiple Facility Authorization: Additional provisions for multiple credit facilities or complex lending arrangements
3. Subsidiary Authorization: Special provisions when the loan involves or affects subsidiary companies
1. Schedule of Authorized Officers: Detailed list of officers authorized to execute loan documents with their titles and signing authority limits
2. Schedule of Collateral: Comprehensive list and description of assets being pledged as collateral for secured loans
3. Schedule of Existing Indebtedness: List of company's current loans, obligations, and other relevant financial commitments
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