it is easier, less time consuming, and less expensive. It is often not possible for the directors or other persons needed to attend a meeting, whether in person or by phone. This is especially the case for entities with large boards or public entities that may need to comply with certain securities laws requirements. By contrast, these persons can sign and return a written consent from their respective locations;

the timing of these transactions. Companies may meet annually, quarterly, or semiannually on scheduled dates for which the directors or other parties can plan. In certain circumstances (for example, to approve transactions that are out of the ordinary course, such as an M&A transaction or to unexpectedly replace an officer) the board may hold a special meeting. The entry into a loan transaction and related agreements for many companies is an unusual transaction for which a special meeting is usually required. These transactions also are not typically consummated on a schedule that allows the board to approve them at a regular meeting; and

no notice requirements. Directors must be given adequate notice of the meeting, although that can be waived. Depending on when the parties need to close the loan transaction, this may be an issue.