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Credit Facility Term Sheet

Credit Facility Term Sheet Template for England and Wales

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Key Requirements PROMPT example:

Credit Facility Term Sheet

"I need a Credit Facility Term Sheet for a £50 million revolving credit facility to be provided by a syndicate of three banks to our manufacturing company, with the facility to be secured against our UK property assets and including an accordion feature for potential expansion."

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Document background
The Credit Facility Term Sheet is a crucial preliminary document used in lending transactions to establish the framework for credit facilities. It is commonly used in England and Wales when parties need to document their initial agreement on key commercial terms before proceeding with detailed facility documentation. The document typically includes essential information about facility amount, pricing, security, conditions precedent, and key undertakings, serving as a roadmap for lawyers to draft the full facility agreement. While generally non-binding, it represents a significant milestone in the negotiation process and helps ensure all parties have a clear understanding of the proposed terms.
Suggested Sections

1. Parties: Details of lender(s) and borrower(s), including their registered addresses and company numbers

2. Background: Context of the facility and purpose of the financing

3. Definitions: Key terms and definitions used throughout the term sheet

4. Facility Details: Key terms including amount, purpose, availability period, and facility type

5. Interest and Fees: Interest rate structure, commitment fees, arrangement fees, and other costs

6. Repayment Terms: Repayment schedule, prepayment provisions, and mandatory prepayment events

7. Security: Overview of required security package and ranking

8. Key Conditions Precedent: Conditions that must be met before drawdown including documentation requirements

Optional Sections

1. Accordion Facility: Optional provisions for increasing facility size under pre-agreed terms

2. Multi-currency Options: Terms and conditions for drawings in different currencies including exchange rate mechanisms

3. Guarantor Provisions: Terms for guarantors including guarantee limitations and accession mechanics

4. Green Loan Provisions: Specific provisions for green/sustainable lending including KPIs and reporting requirements

Suggested Schedules

1. Financial Covenants Schedule: Detailed financial covenant calculations, ratios and testing periods

2. Security Schedule: Comprehensive list of security documents, secured assets and perfection requirements

3. Fees Schedule: Detailed breakdown of all applicable fees, calculations and payment dates

4. Form of Drawdown Notice: Template for requesting facility utilization including required information and notice periods

5. Conditions Precedent Schedule: Detailed list of all required conditions precedent documents and requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






























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Relevant Industries
Relevant Teams
Relevant Roles
Industries

Financial Services and Markets Act 2000: Primary legislation governing financial services regulation in the UK, including lending activities and regulatory framework for financial institutions

Consumer Credit Act 1974: Regulates consumer credit agreements and provides consumer protections in credit transactions, if applicable to consumer lending

Financial Services Act 2012: Updates to financial services regulation, including amendments to FSMA and establishment of FCA and PRA

Companies Act 2006: Relevant for corporate borrowers, governing company law and corporate transactions in the UK

FCA Handbook (CONC): Regulatory sourcebook containing detailed rules and guidance for consumer credit activities

PRA Rulebook: Prudential regulations for banks and financial institutions, including capital requirements

UK Money Laundering Regulations 2017: Anti-money laundering requirements and due diligence procedures for financial institutions

Financial Collateral Arrangements (No 2) Regulations 2003: Regulations governing financial collateral arrangements and security interests

Banking Act 2009: Framework for bank regulation and resolution, including provisions affecting lending activities

Small Business, Enterprise and Employment Act 2015: Relevant for SME lending, including provisions to improve access to finance for small businesses

Basel III Requirements: International banking standards affecting capital adequacy and risk management for lenders

UK Retained EU Law: Former EU regulations and directives retained in UK law post-Brexit affecting financial services

UK GDPR: Data protection requirements for handling personal information in lending transactions

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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