The Bank Loan Term Sheet is a crucial preliminary document used in commercial lending transactions under United States law. It is typically issued after initial discussions between the lender and borrower but before the preparation of detailed facility documentation. The term sheet sets out the fundamental commercial and legal terms of the proposed loan facility, including amount, pricing, tenor, security package, and key covenants. While not typically legally binding (except for certain provisions such as confidentiality and exclusivity), it serves as a roadmap for the transaction and basis for preparing the detailed loan documentation. The document must comply with federal banking regulations and state-specific requirements, making it essential for both parties to have a clear understanding of the proposed terms before proceeding with the transaction.
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1. Parties: Identification of the lender(s) and borrower(s), including full legal names and addresses
2. Background: Brief context of the loan purpose and relationship between parties
3. Facility Details: Type of loan facility, amount, currency, and purpose
4. Interest and Fees: Interest rate, calculation method, payment periods, and all applicable fees
5. Drawdown: Conditions and procedures for drawing down the loan
6. Repayment Terms: Repayment schedule, prepayment provisions, and final maturity date
7. Security: Overview of required collateral and guarantees
8. Key Covenants: Financial and operational covenants the borrower must maintain
9. Conditions Precedent: Conditions that must be satisfied before the facility becomes available
10. Representations and Warranties: Standard declarations about the borrower's status and capacity
11. Events of Default: Circumstances that would trigger default and remedies available to the lender
12. Governing Law: Applicable law and jurisdiction for the loan agreement
1. Syndication Provisions: Include when the loan may be syndicated to multiple lenders
2. Accordion Feature: Include when there's an option to increase the facility amount
3. Multiple Currency Provisions: Include for facilities available in multiple currencies
4. Hedging Requirements: Include when interest rate or currency hedging is required
5. Green Loan Provisions: Include for environmentally-linked loan facilities
6. Additional Facility Options: Include when contemplating future additional facilities
7. Inter-creditor Provisions: Include when there are multiple classes of creditors
1. Schedule 1 - Definitions: Detailed definitions of terms used in the term sheet
2. Schedule 2 - Drawdown Schedule: Detailed timeline and conditions for loan disbursement
3. Schedule 3 - Fee Schedule: Comprehensive breakdown of all fees and charges
4. Schedule 4 - Financial Covenants Calculations: Formulas and methods for calculating financial covenants
5. Schedule 5 - Security Package Details: Detailed description of all required security and guarantees
6. Schedule 6 - Conditions Precedent Checklist: Detailed list of required documents and conditions
7. Appendix A - Form of Drawdown Notice: Template for borrower to request loan disbursement
8. Appendix B - Compliance Certificate: Template for periodic compliance reporting
Relevant legal definitions
Accordion Facility
Affiliate
Applicable Margin
Availability Period
Banking Day
Base Rate
Borrower
Break Costs
Business Day
Change of Control
Commitment
Compliance Certificate
Default
Default Interest
Disruption Event
Drawdown Date
Drawdown Notice
EBITDA
Event of Default
Facility
Facility Agent
Final Maturity Date
Finance Documents
Financial Indebtedness
Financial Statements
Group
Guarantor
Interest Payment Date
Interest Period
Lender
LIBOR/SOFR
Loan
Material Adverse Effect
Obligor
Permitted Security
Potential Default
Prepayment Fee
Reference Banks
Relevant Jurisdiction
Repayment Date
Repayment Schedule
Security
Security Documents
Security Interest
Subsidiary
Tax
Term Sheet
Total Commitments
Transaction Documents
Utilization
Affiliate
Applicable Margin
Availability Period
Banking Day
Base Rate
Borrower
Break Costs
Business Day
Change of Control
Commitment
Compliance Certificate
Default
Default Interest
Disruption Event
Drawdown Date
Drawdown Notice
EBITDA
Event of Default
Facility
Facility Agent
Final Maturity Date
Finance Documents
Financial Indebtedness
Financial Statements
Group
Guarantor
Interest Payment Date
Interest Period
Lender
LIBOR/SOFR
Loan
Material Adverse Effect
Obligor
Permitted Security
Potential Default
Prepayment Fee
Reference Banks
Relevant Jurisdiction
Repayment Date
Repayment Schedule
Security
Security Documents
Security Interest
Subsidiary
Tax
Term Sheet
Total Commitments
Transaction Documents
Utilization
Clauses
Facility Terms
Interest and Fees
Repayment
Prepayment
Security
Guarantees
Conditions Precedent
Representations and Warranties
Financial Covenants
Information Covenants
General Undertakings
Events of Default
Market Disruption
Increased Costs
Tax Gross-up
Currency Provisions
Assignment and Transfer
Confidentiality
Governing Law
Jurisdiction
Notices
Amendments and Waivers
Set-off
Pro Rata Sharing
Payment Mechanics
Break Costs
Indemnities
Costs and Expenses
Syndication
Agency Provisions
Interest and Fees
Repayment
Prepayment
Security
Guarantees
Conditions Precedent
Representations and Warranties
Financial Covenants
Information Covenants
General Undertakings
Events of Default
Market Disruption
Increased Costs
Tax Gross-up
Currency Provisions
Assignment and Transfer
Confidentiality
Governing Law
Jurisdiction
Notices
Amendments and Waivers
Set-off
Pro Rata Sharing
Payment Mechanics
Break Costs
Indemnities
Costs and Expenses
Syndication
Agency Provisions
Relevant Industries
Banking & Financial Services
Corporate Finance
Real Estate
Manufacturing
Retail
Technology
Healthcare
Energy
Infrastructure
Agriculture
Transportation & Logistics
Telecommunications
Construction
Hospitality
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Corporate Banking
Investment Banking
Operations
Risk Management
Executive Leadership
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Corporate Banker
Relationship Manager
Credit Risk Officer
Legal Counsel
Compliance Officer
Corporate Finance Manager
Financial Controller
Investment Banker
Loan Officer
Credit Analyst
Transaction Manager
Managing Director
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