Action by Written Consent of Board of Directors
(Holdings — Corporation)


Summary

This Action by Written Consent of Board of Directors is a form of unanimous written consent of the board of directors, or sole director, of a borrower's holding company, authorizing entry into the loan documents, related documents, and the guarantees thereof. 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 ...