A Board Resolution For Settlement of Loan is a crucial corporate document required under UAE law when a company decides to settle or restructure its loan obligations. This document demonstrates proper corporate governance and decision-making in accordance with UAE Federal Law No. 32 of 2021 and related regulations. It is typically used when a company has negotiated settlement terms with its lender and needs formal board approval to proceed. The resolution must include specific details about the original loan, settlement terms, and authorization for execution. It serves as protection for both the company and its officers by documenting proper corporate authorization and compliance with UAE legal requirements for such financial decisions.
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1. Header and Date: Company details, document type, and date of the resolution
2. Attendance and Quorum: List of board members present and confirmation of valid quorum as per Articles of Association
3. Background: Details of the existing loan agreement, including original terms, parties, and current status
4. Definitions: Key terms used in the resolution
5. Recitals: Statement of the board's authority and reason for the resolution
6. Resolution Details: Specific terms of the loan settlement including amount, payment terms, and conditions
7. Authorization: Authority granted to specific officers to execute settlement documents
8. Certification: Statement certifying the resolution's validity and compliance with company regulations
1. Waiver of Notice: Include when proper notice period wasn't given but all directors agree to proceed
2. Related Party Disclosures: Required if any board member has interest in the loan or settlement
3. Conditions Precedent: Include if settlement is subject to specific conditions being met
4. Security Release: Include if existing securities need to be released as part of settlement
5. Tax Considerations: Include if settlement has specific tax implications requiring board acknowledgment
1. Loan Agreement Details: Copy or summary of original loan agreement and amendments
2. Settlement Terms Schedule: Detailed breakdown of settlement amounts and payment schedule
3. Director Attendance Record: Detailed record of attending directors and voting
4. Authorization Matrix: Details of authorized signatories and their powers for settlement execution
5. Security Documents: List of security documents to be released or modified
Relevant legal definitions
Articles of Association
Board
Board Meeting
Company
Effective Date
Existing Loan Agreement
Facility
Final Settlement Amount
Lender
Loan
Original Loan Amount
Outstanding Amount
Principal
Release Date
Resolution
Securities
Settlement Agreement
Settlement Date
Settlement Payment
Settlement Terms
Signing Date
Security Documents
Working Day
Board
Board Meeting
Company
Effective Date
Existing Loan Agreement
Facility
Final Settlement Amount
Lender
Loan
Original Loan Amount
Outstanding Amount
Principal
Release Date
Resolution
Securities
Settlement Agreement
Settlement Date
Settlement Payment
Settlement Terms
Signing Date
Security Documents
Working Day
Clauses
Corporate Authority
Meeting Details
Quorum Confirmation
Resolution Purpose
Loan Description
Settlement Terms
Payment Provisions
Authorization Powers
Execution Rights
Security Release
Officer Designation
Documentation Requirements
Compliance Statement
Certification
Director Obligations
Related Party Disclosure
Governing Law
Authentication Requirements
Meeting Details
Quorum Confirmation
Resolution Purpose
Loan Description
Settlement Terms
Payment Provisions
Authorization Powers
Execution Rights
Security Release
Officer Designation
Documentation Requirements
Compliance Statement
Certification
Director Obligations
Related Party Disclosure
Governing Law
Authentication Requirements
Relevant Industries
Banking and Finance
Real Estate
Manufacturing
Trading
Construction
Healthcare
Retail
Technology
Energy
Transportation
Hospitality
Industrial
Commercial Services
Relevant Teams
Legal
Finance
Corporate Secretariat
Treasury
Compliance
Risk Management
Corporate Governance
Board Secretariat
Executive Management
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Company Secretary
Legal Counsel
Board Director
Finance Director
Treasury Manager
Corporate Governance Officer
Compliance Officer
Risk Manager
Board Chairman
Managing Director
Financial Controller
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