A Board Resolution for Credit Facility is a crucial corporate document required when a company seeks to obtain financing from a lending institution. This resolution, governed by U.S. federal and state corporate laws, formally documents the board's approval of the credit facility and authorizes specific individuals to act on the company's behalf. The document typically outlines the facility amount, purpose, security arrangements (if any), and designated signatories. It serves as evidence of proper corporate authorization and is typically required by lenders as part of their due diligence process.
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1. Title and Date: Formal identification of the resolution and date of meeting
2. Preamble: Company details and meeting particulars including legal name, jurisdiction, and meeting type
3. Attendance and Quorum: Record of directors present and confirmation that meeting meets quorum requirements
4. Purpose: Statement of the purpose for obtaining credit facility and business rationale
5. Resolution Details: Specific terms of the credit facility including amount, purpose, and key terms
6. Authorization: Names and titles of designated officers authorized to execute documents and take necessary actions
1. Collateral Details: Details of assets being pledged as security for secured credit facilities
2. Financial Covenants: Specific financial requirements, ratios and commitments required by lender
3. Subsidiary Guarantees: Details of any guarantees provided by subsidiary companies
1. Schedule A - Facility Details: Comprehensive terms of the credit facility including amount, interest rate, tenure, and repayment terms
2. Schedule B - Authorized Signatories: List of authorized signatories with their names, titles, and specific signing powers
3. Schedule C - Security Details: Detailed description of collateral or security being provided, including asset values and terms
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