The Debt Financing Term Sheet is a crucial preliminary document used in commercial lending transactions under U.S. law. It is typically employed when a borrower seeks debt financing from one or multiple lenders, serving as a roadmap for the transaction. The document outlines essential commercial and legal terms, including loan amount, pricing, security, and key conditions. While primarily non-binding, it forms the basis for negotiating definitive loan documentation and helps ensure all parties have a clear understanding of the proposed transaction structure. The term sheet is particularly important in complex financing arrangements where multiple parties need to align on key terms before proceeding with detailed documentation.
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1. Parties: Identification of lender(s) and borrower(s), including full legal names and addresses
2. Background: Brief context of the financing arrangement and relationship between parties
3. Definitions: Key terms used throughout the term sheet and their meanings
4. Facility Details: Loan amount, type of facility, and purpose of the financing
5. Interest and Fees: Interest rate, calculation method, payment frequency, and all applicable fees
6. Repayment Terms: Payment schedule, maturity date, and amortization structure
7. Security: Details of collateral, guarantees, and other security arrangements
8. Conditions Precedent: Requirements that must be satisfied before funding
9. Representations and Warranties: Standard statements of fact about the borrower's legal and financial condition
10. Covenants: Ongoing obligations of the borrower throughout the loan term
1. Financial Covenants: Specific financial ratios and requirements the borrower must maintain
2. Syndication Rights: Terms governing the lender's right to syndicate or transfer the loan
3. Market Flex: Provisions allowing the lender to modify terms based on market conditions
4. Events of Default: Circumstances that would trigger default and remedies available to the lender
5. Prepayment Provisions: Terms governing voluntary and mandatory prepayments, including any penalties
1. Schedule A - Drawdown Schedule: Detailed timeline and conditions for loan disbursements
2. Schedule B - Repayment Schedule: Detailed payment dates and amounts
3. Schedule C - Fee Schedule: Comprehensive list of all fees and their calculation methods
4. Schedule D - Required Documentation: List of all documents required for closing and ongoing compliance
5. Schedule E - Form of Drawdown Notice: Template for requesting loan disbursements
Relevant legal definitions
Borrower
Lender
Facility
Facility Amount
Interest Rate
LIBOR
SOFR
Margin
Maturity Date
Interest Period
Business Day
Default
Event of Default
Security
Collateral
Guarantor
Material Adverse Effect
Permitted Indebtedness
Permitted Liens
Financial Covenants
Change of Control
Drawdown
Drawdown Date
Availability Period
Commitment
Commitment Fee
Arrangement Fee
Prepayment
Mandatory Prepayment
Conditions Precedent
Security Documents
Financial Statements
Interest Payment Date
Principal Payment Date
Representations and Warranties
Syndication
Assignment and Transfer
Governing Law
Jurisdiction
Lender
Facility
Facility Amount
Interest Rate
LIBOR
SOFR
Margin
Maturity Date
Interest Period
Business Day
Default
Event of Default
Security
Collateral
Guarantor
Material Adverse Effect
Permitted Indebtedness
Permitted Liens
Financial Covenants
Change of Control
Drawdown
Drawdown Date
Availability Period
Commitment
Commitment Fee
Arrangement Fee
Prepayment
Mandatory Prepayment
Conditions Precedent
Security Documents
Financial Statements
Interest Payment Date
Principal Payment Date
Representations and Warranties
Syndication
Assignment and Transfer
Governing Law
Jurisdiction
Clauses
Purpose of Facility
Facility Amount
Interest and Fees
Repayment Terms
Security and Guarantees
Conditions Precedent
Representations and Warranties
Covenants
Financial Covenants
Information Covenants
Events of Default
Mandatory Prepayment
Voluntary Prepayment
Assignment and Transfer
Syndication
Costs and Expenses
Indemnification
Confidentiality
Notices
Amendments and Waivers
Governing Law
Jurisdiction
Break Costs
Market Disruption
Increased Costs
Tax Gross-Up and Indemnities
Security Agent Provisions
Pro Rata Sharing
Facility Amount
Interest and Fees
Repayment Terms
Security and Guarantees
Conditions Precedent
Representations and Warranties
Covenants
Financial Covenants
Information Covenants
Events of Default
Mandatory Prepayment
Voluntary Prepayment
Assignment and Transfer
Syndication
Costs and Expenses
Indemnification
Confidentiality
Notices
Amendments and Waivers
Governing Law
Jurisdiction
Break Costs
Market Disruption
Increased Costs
Tax Gross-Up and Indemnities
Security Agent Provisions
Pro Rata Sharing
Relevant Industries
Relevant Teams
Relevant Roles
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