The Loan Agreement Term Sheet is a crucial preliminary document used in Indian lending transactions to establish the fundamental terms of a proposed loan facility before proceeding with detailed documentation. It is typically prepared after initial commercial discussions but before comprehensive due diligence and final documentation. The term sheet captures essential elements such as loan amount, interest rate, tenure, security structure, and key covenants, providing a framework for the parties to proceed with the transaction. While most provisions are non-binding, it serves as a roadmap for lawyers drafting the final loan agreement and helps identify potential issues early in the transaction. The document must comply with Indian banking regulations, including Reserve Bank of India guidelines, and considers requirements under Indian contract law and financial regulations.
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1. Parties: Identification of the lender(s) and borrower(s) with full legal names and addresses
2. Background: Brief context of the proposed loan facility and its purpose
3. Definitions: Key terms used in the term sheet that require specific definition
4. Facility Type and Amount: Type of loan facility (term loan, revolving credit, etc.) and the principal amount
5. Interest Rate and Fees: Applicable interest rate, calculation method, and all associated fees
6. Tenor and Repayment: Duration of the loan and repayment schedule/terms
7. Conditions Precedent: Key conditions that must be satisfied before the loan can be drawn
8. Representations and Warranties: Key statements of fact that the borrower must confirm
9. Key Covenants: Essential financial and non-financial obligations of the borrower
10. Events of Default: Primary circumstances that would trigger a default
11. Governing Law and Jurisdiction: Specification of Indian law and relevant jurisdiction
12. Binding Effect: Statement on which terms are legally binding and which are subject to final documentation
1. Security Structure: Required for secured loans - details of collateral and security arrangements
2. Guarantees: Required when third-party guarantees are part of the credit support
3. Insurance Requirements: Needed for secured loans or where specific insurance coverage is required
4. Syndication Provisions: Required for loans that may be syndicated to multiple lenders
5. Tax Provisions: Detailed tax clauses needed for cross-border loans or complex tax structures
6. Assignment and Transfer: Required when transfer of loan participations is contemplated
7. Financial Covenants: Detailed financial metrics and ratios for corporate borrowers
8. Mandatory Prepayment: Required for cases where early repayment might be triggered by specific events
1. Term Sheet Summary: Brief summary of key commercial terms in tabular format
2. Indicative Repayment Schedule: Preliminary amortization schedule if applicable
3. Security Assets List: For secured loans - preliminary list of assets to be provided as security
4. Fee Structure: Detailed breakdown of all applicable fees and charges
5. Required Documentation List: List of documents required for final loan agreement execution
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