Term sheets

Check a term sheet against the final agreement

Upload the term sheet and the agreement it led to. See every point where the agreement moves away from what was agreed, ranked by severity.

or drop a Word or PDF file here

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Up to 20 pages
Deleted after 24 hours, unless you keep it

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Senior Facilities Term Sheet

Margin

Facility B: 4.00 per cent. per annum, with a margin ratchet by reference to Leverage.

In lineRatchet included, as requested. The grid itself is still to be agreed.

Financial covenant

Leverage tested quarterly from the first full quarter after Closing, with no equity cure.

MajorNo right to cure a breach with fresh equity. Sponsors usually obtain at least two cures.

Change of control

Any change in the shareholding of the Parent triggers mandatory prepayment of all Facilities.

CriticalEven a minor share transfer would trigger full repayment. Limit it to a loss of control by the Sponsor.

Conditions precedent

Customary for a transaction of this type, including legal opinions and the structure memorandum.

What Destrier checks

Every term sheet point traced in the agreement
Numbers, dates and thresholds compared
Additions beyond the term sheet
Definitions that shift the meaning
Conditions precedent listed and compared

What you get

Can you sign it as is, what to negotiate first, when to walk away: a recommendation built from your documents and their analysis. Automated, not legal advice.

Your documents and the findings side by side, each highlighted down to the exact word or number. Defined terms open in place and linked clauses are one click away. Accept or reject findings, ask follow-up questions, have a finding reworded.

See which pages and paragraphs each check read, and watch the recommendation update as you accept or reject findings. Download your document in Word with every finding as a comment, or an audit table.

Results of a sample review: Do not sign it as is, with the red flags and the points to negotiate

More use cases

Loan and credit agreements Share purchase agreements Rental and lease contracts Supplier contracts Employment contracts Divorce agreements Confidentiality agreements (NDA)Shareholders’ agreements SAFEs and convertible notes Fund LPAs

Try it on your own document

Your first review is free, up to 20 pages. Watch it run, then create an account to read every finding.