The Business Loan Term Sheet is a crucial preliminary document in commercial lending transactions within the Philippine jurisdiction. It is typically used when a financial institution and a business entity have reached an initial understanding regarding a proposed loan facility but need to document the key terms before proceeding with full loan documentation. The term sheet captures essential commercial terms, conditions precedent, security requirements, and other vital provisions that will form the foundation of the final loan agreement. Governed by Philippine banking regulations, including BSP circulars and the Truth in Lending Act, this document ensures transparency and sets clear expectations for both parties. While not typically legally binding in its entirety, certain provisions such as confidentiality and exclusivity may be specifically made binding. The document serves as a crucial tool for internal approvals, preliminary negotiations, and instructing legal counsel for the preparation of final documentation.
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1. Parties: Identification of the Lender and Borrower with complete legal names and addresses
2. Background: Brief context of the proposed loan facility and its purpose
3. Definitions: Key terms used throughout the term sheet
4. Facility Type and Amount: Specification of the loan type and principal amount
5. Purpose: Stated purpose of the loan and permitted uses of funds
6. Interest Rate: Interest rate structure, base rate, margins, and calculation method
7. Tenor and Repayment: Loan duration and repayment schedule
8. Security: Overview of collateral and security arrangements
9. Conditions Precedent: Conditions that must be satisfied before loan disbursement
10. Key Covenants: Essential financial and non-financial covenants
11. Events of Default: List of circumstances that would constitute default
12. Fees: All applicable fees including arrangement, commitment, and processing fees
13. Governing Law: Specification of Philippine law as governing law
14. Binding Effect: Statement on which terms are legally binding
1. Guarantees: Details of any personal or corporate guarantees - include when additional security is required
2. Insurance Requirements: Specific insurance requirements for the borrower - include when collateral requires insurance coverage
3. Syndication Provisions: Terms for loan syndication - include for larger loans that may be syndicated
4. Hedging Requirements: Interest rate or currency hedging obligations - include for floating rate or foreign currency loans
5. Change of Control: Provisions dealing with ownership changes - include for corporate borrowers
6. Subordination: Terms for subordinating other debt - include when there are multiple creditors
7. Green Loan Provisions: Specific requirements for green loans - include for environmentally focused projects
1. Schedule 1 - Repayment Schedule: Detailed amortization schedule showing principal and interest payments
2. Schedule 2 - Security Details: Detailed description of collateral and security arrangements
3. Schedule 3 - Conditions Precedent Checklist: Complete list of required documents and conditions
4. Schedule 4 - Fee Schedule: Breakdown of all applicable fees and charges
5. Appendix A - Financial Covenants Calculations: Formulas and methods for calculating financial covenants
6. Appendix B - Permitted Security Interests: List of existing and permitted security interests
7. Appendix C - Required Insurance Coverage: Detailed insurance requirements and minimum coverage amounts
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