A Board Resolution to Borrow Loan from Bank is a crucial corporate governance document required when a company seeks to obtain financing from a banking institution. This resolution, mandated by U.S. corporate law and banking regulations, formally documents the board's approval of the loan transaction and specifically authorizes designated individuals to execute loan documents. It typically includes the loan amount, purpose, key terms, and any security being offered. Banks require this resolution as evidence that the borrowing has been properly authorized in accordance with the company's bylaws and applicable corporate law.
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1. Title and Date: Formal 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 borrow
4. Loan Details: Amount, terms, and purpose of the loan
5. Authorization: Named individuals authorized to execute loan documents
6. Certification: Secretary's certification of resolution's validity
1. Collateral Details: Used for secured loans - details of assets being pledged as security
2. Special Conditions: Used when bank requires specific commitments or covenants
3. Related Resolutions: Used when resolution relates to existing facilities or prior board decisions
1. Schedule of Authorized Signatories: List of individuals authorized to sign loan documents
2. Schedule of Existing Indebtedness: List of company's current loans and obligations
3. Schedule of Collateral: Detailed list of assets being pledged as security (for secured loans)
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