Action by Written Consent of Directors (Borrower) (Corporation) (Lending)
Summary
This Action by Written Consent of Directors template is a unanimous written consent of the board of directors, or sole director, of a borrower corporation, authorizing entry into the loan documents, related documents, and borrowings thereunder. This template includes practical guidance, optional clauses, and drafting notes. When corporate entities enter into a financing transaction, the enforceability of the documents forming such transaction depends on the due authorization of the parties to enter into a financing transaction. The signatories of each of the parties must first obtain such authorization, and confirmation of this should be performed by counsel to the counter-party. Borrower's counsel must confirm the due authorization of the parties in order to issue a valid enforceability legal opinion. Business entity resolutions and unanimous written consent documents evidence this authorization. The documentation for a unanimous written consent, or resolutions, can take a variety of ...