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