The Commercial Loan Term Sheet is a crucial preliminary document used in U.S. commercial lending transactions to establish the fundamental terms of a proposed loan facility. It serves as a roadmap for the transaction, outlining key commercial and legal terms that will form the basis of the final loan documentation. While primarily non-binding, it helps parties align their expectations and forms the foundation for negotiating definitive agreements. The document typically precedes more detailed loan documentation and is particularly useful in complex commercial financing transactions where multiple parties or facilities are involved.
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1. Transaction Summary: Overview of key commercial terms including borrower, lender, facility type and purpose
2. Facility Details: Specific terms including loan amount, type, purpose, and term/maturity date
3. Pricing Terms: Interest rate, calculation basis, payment frequency, and fees structure
4. Security and Collateral: Description of assets securing the loan and any guarantees required
5. Conditions Precedent: Requirements that must be satisfied before loan funding
6. Representations and Warranties: Standard declarations about borrower's legal status and financial condition
7. Financial Covenants: Required financial ratios and metrics to be maintained
8. Events of Default: Circumstances that would trigger loan default and remedies
1. Syndication Rights: Terms for potential loan syndication, typically included for larger facilities
2. Accordion Feature: Provisions for potential future increase in facility size
3. Multi-Currency Provisions: Terms for borrowing in multiple currencies, if applicable
4. Hedging Requirements: Any required interest rate or currency hedging arrangements
5. Assignment and Participation: Terms governing transfer of loan interests
1. Schedule A - Financial Covenants: Detailed calculations and requirements for financial covenants
2. Schedule B - Fee Structure: Comprehensive breakdown of all applicable fees
3. Schedule C - Collateral Description: Detailed listing and description of all security and collateral
4. Schedule D - Draw Schedule: Timeline and conditions for loan disbursement phases
5. Schedule E - Required Documentation: List of all required documentation for closing and ongoing compliance
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