Action by Written Consent of Directors (Subsidiary Guarantors) (Corporation) (Lending)
Summary
This is an Action by Written Consent of Directors template. It is the unanimous written consent of the board of directors of a group of guarantors with the same board of directors or sole director, authorizing guarantee of a loan and related documents. 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, can take a variety of different ...