The Credit Facility Term Sheet is a crucial document in the loan origination process, typically used in Hong Kong when a lender and borrower have reached preliminary agreement on the main commercial terms of a credit facility but before proceeding to full documentation. It captures the essential elements of the proposed facility, including amount, purpose, pricing, security, and key undertakings, while allowing flexibility for detailed negotiation in the final agreement. The document follows Hong Kong banking practices and regulatory requirements, serving as a roadmap for lawyers drafting the full facility agreement and for obtaining internal credit approvals. While mostly non-binding, it often includes certain binding provisions such as confidentiality, exclusivity, and cost arrangements. The term sheet is particularly important in complex financing transactions where multiple parties need to align on key terms before investing in full documentation.
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1. Parties: Identification of Lender(s) and Borrower(s), including registration details
2. Background: Brief context of the proposed facility and purpose
3. Key Commercial Terms: Essential terms including facility type, amount, currency, purpose, availability period
4. Interest and Fees: Interest rate, calculation basis, payment dates, arrangement fees, commitment fees
5. Repayment Terms: Repayment schedule, prepayment provisions, cancellation terms
6. Conditions Precedent: Key conditions to be satisfied before drawdown
7. Security Package: Overview of required security and guarantees
8. Key Covenants: Summary of main financial and operational covenants
9. Events of Default: List of key events triggering default
10. Governing Law: Specification of Hong Kong law as governing law
11. Confidentiality: Terms regarding confidentiality of the term sheet
12. Binding Effect: Clear statement of which provisions are binding/non-binding
1. Syndication Provisions: Include when the facility may be syndicated, outlining syndication process and requirements
2. Green Loan Provisions: Include for green loans, specifying sustainability targets and reporting requirements
3. Market Disruption: Include for HIBOR-based facilities to address market disruption scenarios
4. Tax Provisions: Include when cross-border elements exist or specific tax considerations apply
5. Insurance Requirements: Include when specific insurance coverage is required for the facility
6. Security Trustee Provisions: Include in syndicated facilities with security trustee arrangements
7. Hedging Requirements: Include when mandatory hedging is required
1. Repayment Schedule: Detailed breakdown of repayment dates and amounts
2. Financial Covenants Calculations: Formulae and definitions for financial covenant calculations
3. Security Assets Schedule: List of assets to be provided as security
4. CP Checklist: Detailed list of conditions precedent documents
5. Fee Schedule: Breakdown of all applicable fees and payment dates
6. Form of Drawdown Request: Template for drawdown requests
7. Know Your Customer Requirements: List of required KYC documentation
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