Minutes of the Board of Managers (Borrower) (Manager-Managed LLC) (Lending)
Summary
This template minutes of the board of managers of a borrower authorizes the borrowing of a loan and entry into related documents. This template can be used when the board of managers is required to convey this authorization at a meeting as opposed to by written consent. This template includes practical guidance, drafting notes, and alternate clauses. When entities enter into a financing transaction, the enforceability of the documents evidencing such transaction depends on the due authorization of the parties to enter into that transaction. The signatories of each of the parties to the financing documents must first obtain such authorization, and confirmation of this should be performed by counsel to the counterparty. Counsel to the borrower and other obligated parties must confirm the due authorization of the parties in order to issue a valid enforceability legal opinion. Business entity resolutions adopted at a meeting or via unanimous written consent documents can evidence this ...