The Board Resolution Loan Agreement is a crucial document used when companies in India seek to obtain loans or financial facilities from banks or other financial institutions. It is specifically required under the Companies Act 2013, which mandates board approval for corporate borrowings. This document serves dual purposes: first, as a formal record of the board's resolution authorizing the loan, and second, as the actual loan agreement detailing the terms and conditions. It typically includes details of the board meeting where the borrowing was approved, the authorized borrowing limit, designated signatories, and comprehensive loan terms. The document is particularly important for ensuring compliance with corporate governance requirements and creating a legally binding borrowing arrangement.
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1. Parties: Details of the Company and the Lender(s)
2. Background: Context of the loan requirement and board's authority to approve the loan
3. Definitions: Definitions of key terms used in the agreement
4. Board Resolution: Formal resolution text approving the loan and authorizing specific officers
5. Loan Amount and Purpose: Specification of the loan amount and its intended use
6. Interest Rate and Payment Terms: Details of interest rate, calculation method, and payment schedule
7. Repayment Terms: Schedule and method of loan repayment
8. Representations and Warranties: Company's declarations regarding its legal status and authority
9. Covenants: Ongoing obligations of the company during the loan period
10. Events of Default: Circumstances constituting default and consequences
11. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
1. Security: Details of any collateral or security provided for the loan
2. Guarantees: Terms of any personal or corporate guarantees provided
3. Insurance Requirements: Specific insurance requirements for secured assets
4. Conditions Precedent: Conditions to be satisfied before loan disbursement
5. Prepayment Terms: Conditions and penalties for early repayment
6. Assignment and Transfer: Rights to assign or transfer the loan
7. Force Majeure: Provisions for unforeseen circumstances affecting loan terms
1. Schedule 1 - Board Meeting Details: Date, time, venue, and attendance details of the board meeting
2. Schedule 2 - Loan Terms Summary: Detailed breakdown of loan amount, interest, tenure, and repayment schedule
3. Schedule 3 - Authorized Signatories: List of officers authorized to execute loan documents
4. Schedule 4 - Required Documents: List of documents to be submitted with the agreement
5. Schedule 5 - Security Details: Detailed description of security/collateral if applicable
6. Appendix A - Form of Drawdown Notice: Template for requesting loan disbursement
7. Appendix B - Compliance Certificate: Template for periodic compliance reporting
Relevant legal definitions
Agreement
Applicable Law
Authorized Signatories
Board
Board Resolution
Business Day
Company
Companies Act
Conditions Precedent
Default Interest
Default Event
Directors
Drawdown
Drawdown Date
Drawdown Notice
Encumbrance
Facility
Financial Year
Governmental Authority
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Loan Amount
Material Adverse Effect
Maturity Date
Outstanding Amount
Prepayment
Principal Amount
Repayment Date
Repayment Schedule
Security
Security Documents
Statutory Approvals
Tax
Term
Working Day
Applicable Law
Authorized Signatories
Board
Board Resolution
Business Day
Company
Companies Act
Conditions Precedent
Default Interest
Default Event
Directors
Drawdown
Drawdown Date
Drawdown Notice
Encumbrance
Facility
Financial Year
Governmental Authority
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Loan Amount
Material Adverse Effect
Maturity Date
Outstanding Amount
Prepayment
Principal Amount
Repayment Date
Repayment Schedule
Security
Security Documents
Statutory Approvals
Tax
Term
Working Day
Clauses
Board Authorization
Loan Facility
Interest and Fees
Repayment
Security
Representations and Warranties
Covenants
Conditions Precedent
Events of Default
Remedies
Prepayment
Assignment and Transfer
Notices
Indemnification
Force Majeure
Confidentiality
Amendment and Modification
Governing Law
Dispute Resolution
Severability
Entire Agreement
Authority and Capacity
Registration and Stamp Duty
Compliance with Laws
Financial Reporting
Insurance
Security Enforcement
Cross Default
Set-off Rights
Costs and Expenses
Loan Facility
Interest and Fees
Repayment
Security
Representations and Warranties
Covenants
Conditions Precedent
Events of Default
Remedies
Prepayment
Assignment and Transfer
Notices
Indemnification
Force Majeure
Confidentiality
Amendment and Modification
Governing Law
Dispute Resolution
Severability
Entire Agreement
Authority and Capacity
Registration and Stamp Duty
Compliance with Laws
Financial Reporting
Insurance
Security Enforcement
Cross Default
Set-off Rights
Costs and Expenses
Relevant Industries
Banking & Financial Services
Manufacturing
Real Estate & Construction
Information Technology
Healthcare
Infrastructure
Retail & Consumer Goods
Energy & Utilities
Telecommunications
Transportation & Logistics
Relevant Teams
Legal
Finance
Corporate Secretarial
Treasury
Compliance
Risk Management
Corporate Governance
Board Secretariat
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Company Secretary
Legal Counsel
Finance Director
Corporate Treasurer
Board Director
Managing Director
Compliance Officer
Financial Controller
Risk Manager
Corporate Finance Manager
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