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
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