DIY Legal Forms

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Borrowing On Accounts Receivable

WHEREAS, the [Corporation] Board of Directors has determined that it is necessary to borrow money for corporate purposes, and that monies can only be obtained at favorable rates by borrowing against the accounts receivable of the Corporation, it is hereby

RESOLVED, that the [Corporation] Board of Directors is authorized to borrow $------ on the terms and conditions set out in the Promissory Note and Pledge Instruments, a copy of which the Secretary is directed to attach to the minutes of this meeting.

I, [Name], certify that I am the duly appointed secretary of this Corporation and that the above resolution was duly adopted at a shareholders meeting of the Corporation, convened and held in accordance with the laws of the State of [State] and the bylaws of the Corporation on [Date], and that this resolution is now in full force and effect.

IN WITNESS THEREOF, I certify by my hand and the seal of the [corporation], that this is a true and correct copy of the above resolution.

______________________

(Secretary)

Seal: