The Commercial Loan Term Sheet is a crucial preliminary document used in Australian commercial lending transactions to document the proposed terms of a loan facility before proceeding to full documentation. It is typically issued after initial commercial discussions but before detailed due diligence and documentation commence. The term sheet captures key commercial terms including facility amount, purpose, interest rate, security package, and major conditions precedent. While generally non-binding, it serves as a roadmap for the transaction and helps ensure all parties have a clear understanding of the proposed terms before incurring significant costs in due diligence and documentation. It's particularly important in complex commercial loans where multiple parties or facility types are involved, and helps streamline the subsequent documentation process.
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1. Parties: Identification of Lender and Borrower with full legal names and ACN/ABN
2. Background: Brief context of the loan purpose and relationship between parties
3. Key Commercial Terms: Core loan terms including facility amount, interest rate, term, and purpose
4. Repayment Terms: Details of repayment schedule, principal and interest payments, and prepayment provisions
5. Security Package: Overview of all security to be provided, including guarantees and asset security
6. Key Conditions Precedent: Essential conditions that must be satisfied before drawdown
7. Key Undertakings: Fundamental obligations of the borrower during the loan term
8. Events of Default: List of key events that would trigger default
9. Fees and Costs: All applicable fees, charges and cost recovery provisions
10. Governing Law: Specification of Australian law and relevant jurisdiction
1. Financial Covenants: Include when specific financial ratios or tests need to be maintained
2. Hedging Requirements: Include for floating rate facilities where hedging is required
3. Multiple Facility Lines: Include when offering multiple types of facilities (e.g., term loan plus working capital)
4. Syndication Provisions: Include for larger loans that may be syndicated
5. Security Trustee: Include when security is to be held by a security trustee
6. Review Events: Include when specific trigger events require loan review
7. Special Industry Terms: Include industry-specific provisions for regulated industries
1. Facility Limits Schedule: Detailed breakdown of facility limits and sub-limits
2. Security Assets Schedule: List of specific assets forming part of the security package
3. Pricing Schedule: Detailed pricing matrix including margin ratchets if applicable
4. Drawdown Schedule: For construction or progress payment facilities, schedule of planned drawdowns
5. Financial Covenant Calculations: Definitions and calculation methodologies for financial covenants
6. Required Insurance Schedule: Details of insurance requirements and minimum coverage
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate & Property
Manufacturing
Retail & Consumer
Healthcare
Technology
Agriculture
Mining & Resources
Construction
Infrastructure
Hospitality & Tourism
Transport & Logistics
Professional Services
Relevant Teams
Legal
Finance
Treasury
Credit
Risk Management
Compliance
Corporate Banking
Commercial Lending
Transaction Banking
Executive Leadership
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Corporate Banker
Relationship Manager
Credit Analyst
Legal Counsel
Finance Manager
Commercial Director
Risk Manager
Compliance Officer
Corporate Lawyer
Banking & Finance Lawyer
Financial Controller
Managing Director
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