Action by Written Consent of Directors
(Guarantor — Corporation)


Summary

This is a form of Action by Written Consent of Directors. 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 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. ...