A Company Resolution To Borrow is essential when a business entity seeks to obtain financing from a lender in the United States. This document demonstrates that the company's governing body has properly authorized the borrowing transaction and designated specific individuals to act on its behalf. The resolution typically includes details about the maximum borrowing amount, the purpose of the loan, any security being offered, and the names and positions of authorized signatories. It serves as protection for both the company and the lender by ensuring proper corporate governance procedures have been followed.
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1. Title and Date: Formal identification of the resolution and date of adoption
2. Company Details: Legal name, registration details, and address of the company
3. Resolution Statement: Clear statement that this is an official board resolution
4. Borrowing Details: Specific amount, purpose, and terms of the proposed borrowing
5. Authorization: Named individuals authorized to execute loan documents
6. Certification: Secretary's certification of the resolution's validity
1. Collateral Description: Details of any assets being pledged as security (used when the loan is secured)
2. Special Conditions: Any specific requirements or restrictions imposed by the lender
3. Multiple Facility Details: Details of different types of credit facilities (used when multiple loan types are involved)
1. Schedule A - Authorized Signatories: List of individuals authorized to sign loan documents
2. Schedule B - Collateral Details: Detailed description of pledged assets (for secured loans only)
3. Schedule C - Existing Loans: List of company's current borrowings (when required by lender)
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