Action by Written Consent of Board of Managers (Holdings) (Manager-Managed LLC) (Lending)
Summary
This Action by Written Consent of Board of Managers template is a unanimous written consent of the directors of a borrower's manager-managed holding limited liability company (LLC), authorizing entry into the loan documents, related documents, and the guarantees thereof. 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 ...