SHAREHOLDERS’ RESOLUTION FOR BORROWING ON ACCOUNTS RECEIVABLE
1WHEREAS, the ___________________________________, Inc. 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 __________________________________, Inc. Board of Directors is authorized to borrow ____________________ dollars ($__________) 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, ___________________, certify that I am the duly appointed secretary of _________________________, Inc. and that the above resolution was duly adopted at a shareholders meeting, convened and held in accordance with the laws of the State of ____________________ and the bylaws of the Corporation on __________________, and that such resolution is now in full force and effect.
IN WITNESS THEREOF, I certify by my hand and the seal of ___________________, Inc. that this is a true and correct copy.
______________________________ Secretary
SEAL: