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Company Resolution To Borrow for the United States

Company Resolution To Borrow Template for United States

A Company Resolution To Borrow is a formal document used in the United States that evidences a company's board of directors' authorization to enter into a borrowing arrangement. It serves as official documentation of the board's approval for the company to incur debt, specifying the authorized amount, terms, and designated individuals who may execute the loan documents. This document is typically required by lenders as part of their due diligence process and complies with U.S. corporate governance requirements.

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Company Resolution To Borrow

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What is a Company Resolution To Borrow?

A Company Resolution To Borrow is essential when a business entity seeks to obtain financing from a lender in the United States. This document demonstrates that the company's governing body has properly authorized the borrowing transaction and designated specific individuals to act on its behalf. The resolution typically includes details about the maximum borrowing amount, the purpose of the loan, any security being offered, and the names and positions of authorized signatories. It serves as protection for both the company and the lender by ensuring proper corporate governance procedures have been followed.

What sections should be included in a Company Resolution To Borrow?

1. Title and Date: Formal identification of the resolution and date of adoption

2. Company Details: Legal name, registration details, and address of the company

3. Resolution Statement: Clear statement that this is an official board resolution

4. Borrowing Details: Specific amount, purpose, and terms of the proposed borrowing

5. Authorization: Named individuals authorized to execute loan documents

6. Certification: Secretary's certification of the resolution's validity

What sections are optional to include in a Company Resolution To Borrow?

1. Collateral Description: Details of any assets being pledged as security (used when the loan is secured)

2. Special Conditions: Any specific requirements or restrictions imposed by the lender

3. Multiple Facility Details: Details of different types of credit facilities (used when multiple loan types are involved)

What schedules should be included in a Company Resolution To Borrow?

1. Schedule A - Authorized Signatories: List of individuals authorized to sign loan documents

2. Schedule B - Collateral Details: Detailed description of pledged assets (for secured loans only)

3. Schedule C - Existing Loans: List of company's current borrowings (when required by lender)

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

United States

Document Type

Board Resolution

Cost

Free to use
Clauses

























Industries

Securities Exchange Act of 1934: Federal law governing securities trading and public company requirements, relevant if the borrowing company is publicly traded

Truth in Lending Act: Federal regulation requiring disclosure of key terms and costs in lending transactions

Sarbanes-Oxley Act: Federal law establishing standards for public company boards and management, including financial reporting requirements

State Corporation Acts: State-specific laws governing corporate formation, operation, and authority to borrow

State LLC Acts: State-specific laws governing Limited Liability Companies if the borrowing entity is an LLC

Corporate Bylaws Compliance: Internal company rules that may specify requirements for borrowing authorization

Bank Secrecy Act: Federal law requiring financial institutions to assist government agencies in detecting and preventing money laundering

Dodd-Frank Act: Federal law reforming financial regulation and consumer protection in the banking system

Internal Revenue Code: Federal tax laws affecting corporate debt and interest deductibility

Uniform Commercial Code Article 9: State-adopted uniform law governing secured transactions and corporate borrowing

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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