A Corporate Resolution To Borrow Money is essential when a corporation needs to obtain financing from lenders in the United States. This document is typically required by financial institutions before extending credit to ensure proper corporate authorization exists for the borrowing. The resolution includes specific details about the authorized borrowing amount, permitted types of credit facilities, designated individuals who can execute loan documents, and any limitations on borrowing authority. It must comply with both federal and state corporate laws and should be maintained in the corporation's official records.
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1. Title and Date: Official title of the resolution and date of adoption
2. Recitals: Background information establishing the purpose and authority for the borrowing
3. Resolution Statement: Formal declaration of the board's decision to borrow
4. Borrowing Terms: Specific details about the amount, purpose, and terms of borrowing
5. Authorization: Names and titles of persons authorized to execute loan documents
1. Collateral Authorization: Optional section for when the loan requires security or specific assets to be pledged as collateral
2. Multiple Facility Authorization: Optional section for when borrowing includes multiple types of credit facilities
1. Authorized Signatories List: Detailed list of authorized persons with specimen signatures
2. Borrowing Limits Schedule: Specific limits and conditions for different types of borrowing
3. Certificate of Incumbency: Verification of current officers and their positions
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