A Board Resolution For Borrowing is a crucial corporate governance document required when a company seeks to obtain external financing. It serves as evidence that the decision to borrow has been properly considered and approved at board level, in accordance with English and Welsh law. The resolution typically includes the loan amount, purpose, key terms, and designated signatories. It's essential for demonstrating to lenders that the company has followed proper internal procedures and has the authority to enter into the loan agreement. This document forms part of the company's official records and may need to be filed with Companies House if the borrowing involves registered charges.
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1. Title and Date: Specifies this is a board resolution and the date of the meeting
2. Company Details: Full legal name and registered office of the company
3. Attendance and Quorum: Lists directors present and confirms meeting is quorate
4. Background: Explains purpose and context of the borrowing requirement
5. Declaration of Interests: Directors' declarations of any interests in the proposed borrowing
6. Main Resolution: The actual borrowing resolution including amount, lender, and key terms
7. Authorization: Names of authorized signatories for the loan documentation
8. Closure: Confirmation of resolution passage and chairman's signature
1. Security Arrangements: Details of any security to be granted - include when borrowing is secured
2. Related Party Transactions: Details of any related party aspects - include when borrowing involves related parties
3. Subsidiary Considerations: Impact on group companies - include when borrowing affects subsidiaries
1. Copy of Facility Letter/Agreement: Draft or final version of the loan agreement
2. Security Documents: Copies of any security documents to be entered into
3. Articles Extract: Relevant sections of Articles of Association regarding borrowing powers
Relevant legal definitions
Company
Board
Directors
Meeting
Facility
Facility Agreement
Borrowing
Lender
Security
Authorized Signatories
Charge
Articles of Association
Quorum
Chairman
Resolution
Business Day
Relevant Documents
Subsidiary
Group
Loan Amount
Interest Rate
Repayment Terms
Security Documents
Financial Year
Register of Charges
Board
Directors
Meeting
Facility
Facility Agreement
Borrowing
Lender
Security
Authorized Signatories
Charge
Articles of Association
Quorum
Chairman
Resolution
Business Day
Relevant Documents
Subsidiary
Group
Loan Amount
Interest Rate
Repayment Terms
Security Documents
Financial Year
Register of Charges
Clauses
Meeting Details
Attendance
Quorum Declaration
Background Information
Declarations of Interest
Board Powers
Borrowing Authority
Loan Terms
Security Arrangements
Authorized Signatories
Document Execution
Filing Requirements
Corporate Benefit
Compliance Confirmation
Related Party Disclosures
Purpose of Borrowing
Board Confirmations
Directors' Approval
Certificate of Resolution
Attendance
Quorum Declaration
Background Information
Declarations of Interest
Board Powers
Borrowing Authority
Loan Terms
Security Arrangements
Authorized Signatories
Document Execution
Filing Requirements
Corporate Benefit
Compliance Confirmation
Related Party Disclosures
Purpose of Borrowing
Board Confirmations
Directors' Approval
Certificate of Resolution
Relevant Industries
Relevant Teams
Relevant Roles
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