A Board Resolution Loan Agreement is essential when a corporation needs to document formal board approval for borrowing funds. This document is commonly required in the United States to comply with corporate governance requirements and lender due diligence processes. It typically includes the loan amount, key terms, authorized signatories, and specific powers granted to execute the loan documentation. The resolution demonstrates that the company has followed proper internal procedures and provides protection for both the corporation and the lender.
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1. Parties: Identification of the corporation and its board making the resolution
2. Background/Recitals: Context of the loan agreement and board's authority to approve it
3. Definitions: Key terms used throughout the resolution and loan agreement
4. Resolution Statement: Formal declaration of the board's decision to enter into the loan agreement
5. Loan Terms: Principal amount, interest rate, repayment terms, and duration
6. Authorization: Specific powers granted to officers to execute the loan agreement
7. Certification: Secretary's certification of the resolution's validity
1. Security Provisions: Details of any collateral or security for the loan - include when the loan is secured
2. Covenant Requirements: Specific financial or operational covenants - include when lender requires specific performance metrics
3. Regulatory Compliance: Specific regulatory requirements acknowledgment - include when dealing with regulated industries or public companies
1. Schedule A - Loan Terms Sheet: Detailed breakdown of all loan terms and conditions
2. Schedule B - Security Details: Description of any collateral or security arrangements
3. Schedule C - Required Corporate Documents: List of corporate documents evidencing authority
4. Appendix 1 - Board Meeting Minutes: Minutes of the board meeting where resolution was passed
5. Appendix 2 - Officer Certificates: Certificates of incumbent officers authorized to execute
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