Action by Written Consent of Board of Managers (Borrower) (Manager-Managed LLC) (Lending)
Summary
This Action by Written Consent of Board of Managers template is a unanimous written consent of the board of directors or sole director of a borrower manager-managed limited liability company (LLC), authorizing entry into the loan documents, related documents, and borrowings thereunder. This template includes practical guidance 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, ...