Board minutes: borrower facility agreement
Minutes of a meeting of the board of directors of a company to approve a facility agreement
BackgroundÂ
borrower facility agreement
The directors of a company which is entering into a facility agreement should approve the facility agreement at a duly convened board meeting. The lender is also likely to require that the facility agreement is approved by the board and that a copy of the meeting minutes is provided to the lender as a pre-condition to the first advance under the facility being made.
About these board minutes
These minutes are for a meeting of the board of directors of a company at which a facility agreement is approved.
Document features
Features include:
- Declaration of director’s interest (if applicable)
- Resolution to approve facility agreement
- Alternative language depending on whether the facility is secured or unsecured and, if secured, to approve security documents
Explanatory guidance
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