The Commercial Loan Term Sheet is a crucial document in Canadian commercial lending transactions, typically used during the initial stages of loan negotiations between financial institutions and business borrowers. It serves as a roadmap for the more detailed loan agreement that follows, capturing the essential commercial terms agreed upon between the parties. The document needs to comply with Canadian federal and provincial lending regulations, including the Bank Act, Interest Act, and relevant provincial securities laws. While generally non-binding, the term sheet establishes the framework for the transaction and helps ensure all parties have a clear understanding of the proposed loan terms before proceeding with full documentation. It typically precedes the commitment letter and is used across various industries where commercial financing is required.
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1. Parties: Identification of Lender(s) and Borrower(s), including full legal names and addresses
2. Facility Type: Description of the loan type (term loan, revolving facility, etc.)
3. Principal Amount: The total amount of the loan facility being offered
4. Purpose: Specified use of loan proceeds
5. Interest Rate: Interest rate structure, including base rate and margins
6. Term: Duration of the loan and maturity date
7. Repayment Terms: Payment schedule, including principal and interest payment frequencies
8. Security: Overview of required security and collateral
9. Key Conditions Precedent: Essential conditions that must be met before funding
10. Key Covenants: Primary financial and operational covenants
11. Events of Default: Main events triggering default
12. Fees: All applicable fees including arrangement, commitment, and processing fees
13. Governing Law: Applicable jurisdiction and governing law
1. Guarantors: Details of any guarantors - include when personal or corporate guarantees are required
2. Syndication Rights: Terms for potential loan syndication - include for larger facilities that may be syndicated
3. Hedging Requirements: Interest rate or currency hedging obligations - include when hedging is required
4. Prepayment Terms: Voluntary and mandatory prepayment provisions - include when prepayment is allowed
5. Assignment Provisions: Terms for assignment of the loan - include for transferable facilities
6. Multi-Currency Option: Terms for drawing in different currencies - include for multi-currency facilities
7. Accordion Feature: Provisions for increasing facility size - include when facility may need to be expanded
8. Cash Sweep: Mandatory prepayment from excess cash flow - include for highly leveraged transactions
1. Security Package Details: Detailed list of all security items and their ranking
2. Financial Covenant Calculations: Detailed methodology for calculating financial covenants
3. Draw Down Schedule: If multiple draws are contemplated, schedule of availability
4. Fee Schedule: Detailed breakdown of all fees and their calculation methods
5. Repayment Schedule: Amortization schedule or detailed repayment terms
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Commercial Real Estate
Manufacturing
Retail
Technology
Healthcare
Construction
Energy
Agriculture
Transportation and Logistics
Hospitality
Mining and Resources
Telecommunications
Professional Services
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Corporate Banking
Commercial Lending
Investment
Due Diligence
Business Development
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Commercial Lending Officer
Credit Risk Manager
Corporate Banker
Relationship Manager
Legal Counsel
Corporate Finance Manager
Financial Controller
Investment Manager
Business Development Manager
Credit Analyst
Loan Officer
Compliance Officer
Due Diligence Officer
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