The Bridge Loan Term Sheet is a crucial document used in time-sensitive financing situations where temporary funding is needed until permanent financing can be secured. It is commonly used in Canadian business transactions across various sectors, particularly in situations involving acquisitions, refinancing, or other corporate opportunities requiring quick access to capital. The term sheet provides a structured summary of the principal terms and conditions of the proposed bridge loan, including key commercial points such as loan amount, pricing, security, and conditions precedent. While primarily governed by Canadian federal banking laws and provincial securities regulations, the document serves as a roadmap for negotiating and documenting the final loan agreement. It is essential to note that while most provisions in a Bridge Loan Term Sheet are non-binding, they set important expectations for all parties involved and streamline the path to final documentation.
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1. Parties: Identification of the Lender(s) and Borrower(s)
2. Background: Brief context of the bridge financing requirement and purpose
3. Definitions: Key terms used throughout the term sheet
4. Loan Amount: Principal amount of the bridge loan
5. Purpose: Specified use of the loan proceeds
6. Term: Duration of the loan and maturity date
7. Interest Rate: Interest rate, calculation method, and payment frequency
8. Fees: All applicable fees including arrangement, commitment, and exit fees
9. Security: Description of collateral and security arrangements
10. Repayment Terms: Principal repayment schedule and prepayment provisions
11. Conditions Precedent: Conditions that must be met before loan disbursement
12. Representations and Warranties: Basic representations required from the borrower
13. Covenants: Key financial and operational covenants
14. Events of Default: Circumstances that would trigger default
15. Governing Law: Applicable jurisdiction and governing law
1. Conversion Rights: Terms for converting the loan to equity, if applicable
2. Syndication Rights: Lender's right to syndicate the loan, included for larger facilities
3. Exit Strategy: Defined exit mechanisms or refinancing requirements, included when specific exit is contemplated
4. Information Rights: Additional reporting requirements, included for more complex transactions
5. Intercreditor Provisions: Required when there are multiple lenders or existing debt
6. Material Adverse Change: MAC clause details, included in larger or more complex facilities
7. Tax Considerations: Specific tax-related provisions, included when tax implications are material
8. Currency and Exchange Provisions: Required for multi-currency facilities or cross-border transactions
1. Repayment Schedule: Detailed breakdown of repayment dates and amounts
2. Security Package Details: Comprehensive list of security items and their descriptions
3. Fee Schedule: Detailed breakdown of all fees and their calculation methods
4. Form of Draw Request: Template for loan disbursement requests
5. Financial Covenant Calculations: Formulas and methods for calculating financial covenants
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