Board resolutoin for opening an escrow account

CERTIFIED TRUE COPY OF THE RESOLUTION PASSED IN THE FINANCE COMMITTEE OF THE BOARD OF DIRECTORS OF HELD

The Chairman informed the members of the Committee that the Bank, situated at 001 (hereinafter referred to as “Bank’) have at the request of the Company, agreed to grant to the Company, Term Loan of ì 100/- Crores ( ì One Hundred Crores only) on the terms and conditions mentioned below:
Nature of Facility
Amount of Facility
Object
Upfront Fee
Rate of Interest
Tenor
Repayment
Security
Collateral :


The Chairman requested members to pass the necessary resolution for accepting the secured term loan and execution of the documents. After discussion following resolution was passed:
“RESOLVED THAT the Company do borrow from Bank, situated at, by way of Term Loan of ì 100.00 Crores ( ì One Hundred Crores Only) as per bank sanction letter no. _________dated _________________ and that Mr. __________, Executive Chairman and Mr._____________-of the Company be and are hereby severally authorized to discuss and finalise the terms and conditions subject to which the said facility being sanctioned by the Bank.
RESOLVED FURTHER THAT Mr________ Executive Chairman and/or Mr. _____________, Vice Chairman and Managing Director of the Company and / or Mr._________, Vice President - Banking, be and are hereby severally authorized to sign and deliver on behalf of the Company all agreements, documents, deeds and forms relating to the above Secured loan including creation and / or modification of mortgage / security for the said facility and to do all such acts as may be required for the aforesaid purpose.
RESOLVED FURTHER THAT Company do hereby accord its approval to open a Escrow Account _______ Bank, situated at ___________ in the name of the Company for the term loan of ì. 100 Crores already sanctioned by the bank vide their sanction letter dated _______ and Mr. __________ Executive Chairman and/or Mr. _________ Vice Chairman and Managing Director of the Company be and are hereby severally authorised to operate the said Escrow account for the aforesaid loan.
RESOLVED FURTHER THAT the Common Seal of the Company if required be affixed to the fair stamped engrossment of the Indenture of Mortgage, deeds, documents, agreements and instruments relating to the mortgage/security in the presence of any one of Mr. _______, Executive Chairman, Mr. _______, Vice Chairman and Managing Director, Mr. ________, Chief Financial Officer, Mr.– Banking, or Mr._______Manager – Finance, of the Company who do sign the same in token thereof.”