A Board Resolution For Credit Facility is a crucial corporate document required when a company in Nigeria seeks to obtain any form of credit facility from a financial institution. This document demonstrates that the company's board of directors has properly considered and approved the credit arrangement in accordance with Nigerian law, particularly the Companies and Allied Matters Act (CAMA) 2020 and Central Bank of Nigeria regulations. The resolution typically includes details about the type and amount of facility, security arrangements, and authorized signatories. It serves multiple purposes: satisfying legal requirements for corporate decision-making, providing banks with necessary authorization documentation, and creating a corporate record of the approved borrowing. The document is particularly important in Nigeria's business environment where formal documentation of corporate authority is essential for financial transactions.
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1. Title and Meeting Details: Specifies the type of resolution, date, time, location of the meeting, and confirmation of quorum
2. Attendance: Lists all directors present at the meeting and those absent, including whether apologies were received
3. Notice and Quorum: Confirms proper notice was given and quorum requirements were met as per company's articles
4. Purpose of Resolution: States the purpose of considering and approving the credit facility
5. Details of Credit Facility: Specifies the type, amount, and key terms of the credit facility being approved
6. Bank Details: Identifies the lending institution and relevant account details
7. Board Authorization: Formal statement of board approval for the credit facility
8. Authorized Signatories: Names and designations of persons authorized to execute documents
9. Security Arrangements: Details of any security or collateral approved for the facility
10. Certification: Statement certifying the resolution as true and accurate, signed by Chair/Company Secretary
1. Recitals of Previous Resolutions: Include when the resolution is related to or amends previous credit facility resolutions
2. Corporate Seal Authorization: Include when company seal needs to be affixed to credit facility documents
3. Additional Banking Arrangements: Include when new bank accounts or additional banking services are required
4. Special Conditions: Include when there are specific conditions or covenants imposed by the lender requiring board acknowledgment
5. Delegation of Powers: Include when specific powers are being delegated to officers beyond standard signatory rights
1. Schedule A - Facility Terms: Detailed terms and conditions of the credit facility as proposed by the lender
2. Schedule B - Authorized Signatories: Detailed list of authorized signatories with specimen signatures and signing limits
3. Schedule C - Security Details: Comprehensive list and description of assets offered as security/collateral
4. Appendix 1 - Bank's Offer Letter: Copy of the bank's formal offer letter for the credit facility
5. Appendix 2 - Supporting Documents: List of additional documents required by the bank (e.g., financial statements, business plan)
Relevant legal definitions
Company
Board
Directors
Credit Facility
Facility Amount
Lender
Security
Authorized Signatories
Facility Documents
Meeting
Resolution
Corporate Seal
Articles of Association
Charge
Collateral
Facility Letter
Interest Rate
Tenor
Drawdown
Security Documents
Business Day
Governing Law
Material Adverse Effect
Offer Letter
Principal Amount
Repayment Terms
Company Secretary
Chairman
Board
Directors
Credit Facility
Facility Amount
Lender
Security
Authorized Signatories
Facility Documents
Meeting
Resolution
Corporate Seal
Articles of Association
Charge
Collateral
Facility Letter
Interest Rate
Tenor
Drawdown
Security Documents
Business Day
Governing Law
Material Adverse Effect
Offer Letter
Principal Amount
Repayment Terms
Company Secretary
Chairman
Clauses
Meeting Proceedings
Notice and Quorum
Resolution Authority
Credit Facility Terms
Security Authorization
Signatory Authorization
Document Execution
Bank Account Operation
Corporate Seal Usage
Certification
Filing Authorization
Previous Resolutions
Compliance Confirmation
Bank Instructions
Security Registration
Powers of Attorney
Board Acknowledgment
Implementation Authority
Recording Requirements
Legal Compliance
Notice and Quorum
Resolution Authority
Credit Facility Terms
Security Authorization
Signatory Authorization
Document Execution
Bank Account Operation
Corporate Seal Usage
Certification
Filing Authorization
Previous Resolutions
Compliance Confirmation
Bank Instructions
Security Registration
Powers of Attorney
Board Acknowledgment
Implementation Authority
Recording Requirements
Legal Compliance
Relevant Industries
Banking and Financial Services
Manufacturing
Real Estate
Construction
Agriculture
Oil and Gas
Telecommunications
Retail
Healthcare
Technology
Transportation and Logistics
Mining
Education
Hospitality
Relevant Teams
Legal
Finance
Corporate Secretariat
Treasury
Compliance
Risk Management
Corporate Governance
Board Secretariat
Executive Management
Relevant Roles
Chief Executive Officer
Managing Director
Chief Financial Officer
Finance Director
Company Secretary
Legal Counsel
Corporate Secretary
Board Chairman
Board Director
Financial Controller
Treasury Manager
Legal Manager
Compliance Officer
Risk Manager
Corporate Governance Officer
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