Written Consent of Members
(Borrower — Member-Managed LLC)


Summary

This is a form of Directors Action by Written Consent. It is a unanimous written consent of the member(s) or managing member of a borrower member-managed LLC, authorizing entry into the loan documents, related documents, and borrowings thereunder. This form 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, can take a variety of different formats. ...