Board Resolution for Loan Agreement
Prepared by: [YOUR NAME]
[YOUR EMAIL]
Date: December 16, 2050
I. Introduction
This Board Resolution is made to authorize the loan agreement between [YOUR COMPANY NAME] and the lender. It records the approval granted by the Board of Directors to secure funding for the company's expansion.
II. Loan Details
The Board of Directors of [YOUR COMPANY NAME] has approved a loan agreement with Envexa Bank to secure funding for company expansion. Below are the key details of the loan:
Detail | Information |
|---|
Loan Amount | $5,000,000 |
Loan Term | 5 years |
Interest Rate | 4.5% per annum |
Repayment Schedule | Quarterly payments |
Purpose | Expansion of operations in new markets |
III. Authorized Signatories
The Board hereby authorizes the following individuals to negotiate and execute the loan agreement with Envexa Bank:
Name | Position | Authority |
|---|
Jake Willms | Chief Executive Officer | Full authority to sign loan documents |
Maxwell Mante | Chief Financial Officer | Approval for loan terms and execution |
IV. Purpose of Loan
The loan is intended for the expansion of [YOUR COMPANY NAME] into new markets, as well as to support the development of additional products and services. This will include marketing, infrastructure, and operational costs. The Board has reviewed and agrees on the outlined purpose.
V. Security and Collateral
In accordance with the terms of the loan, the following collateral will be provided to Envexa Bank to secure the loan:
Patent Portfolio – Value: $2,000,000
Real Estate Property (HQ Building) – Value: $2,500,000
Equipment and Machinery – Value: $500,000
VI. Loan Terms and Conditions
The following terms and conditions are agreed upon by the Board:
The loan shall bear an interest rate of 4.5% annually, payable quarterly.
Repayment will commence on March 1, 2051, with quarterly payments due on the first of each month.
Prepayment of the loan is permitted without penalty.
The loan will be secured by the listed collateral and will be repaid in full by March 1, 2056.
VII. Conclusion
The Board of Directors affirms and approves the execution of this loan agreement. This resolution becomes effective as of December 16, 2050, and remains valid until the completion of the loan agreement. All actions related to this loan are authorized as outlined.
By signing below, the undersigned board members acknowledge their approval of this resolution and the loan agreement terms outlined herein.
Name | Title | Signature | Date |
|---|
Allene Tillman | Director | 
| December 16, 2050 |
Amelia Pagac | Director |
| December 16, 2050 |
Jasen Gaylord | Director |
| December 16, 2050 |
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