Board Resolution (Amending a Loan Agreement)

Summary

This precedent is a standard form of resolution of board directors and can be used in amending loan agreements. This document contains practical guidance and drafting notes. This is a standard form of a resolution of the board of directors of the corporation in terms of which the aforesaid board authorizes the corporation to enter into an amendment of a loan transaction and to perform certain obligations thereunder. A board resolution is staple document for all loan transactions. This document can be applied in all Canadian common law provinces, with careful consideration of provincial differences. For other related precedents, see Board Resolution (Amending a Loan Agreement) and Corporate Authority Certificate Amendments and Waivers Clause (Credit Agreement). For a practice note on amending a loan agreement, see Amendments and Lender Voting Rights Issues in Credit Agreements and LIBOR Replacement in Credit Agreements.