The Term Sheet is not a commitment to invest, and is conditioned on the completion of the conditions to closing set forth."
Fairfax Virginia Cash Receipts Sharing Financing Facility Term Sheet is a legal document outlining the terms and conditions of a financing facility agreement between the municipality of Fairfax, Virginia, and a funding source. This facility is designed to provide cash advances to the municipality based on its expected future cash receipts. The Cash Receipts Sharing Financing Facility Term Sheet typically includes various key provisions, such as the following: 1. Definitions: The term sheet defines relevant terms and parties involved, including the municipality, funding source, and the specific cash receipts to be considered for financing. 2. Payment Schedule: It specifies the schedule and frequency of cash receipt sharing between the municipality and the funding source. This outlines how the funding source will recoup the advanced funds, usually by deducting a certain percentage of future cash receipts. 3. Interest Rates and Fees: The term sheet details the interest rates, fees, and other charges to be applied to the cash advances. These rates may vary depending on the market conditions and the municipality's creditworthiness. 4. Duration: It establishes the term or duration of the financing facility, indicating the start and end dates of the agreement. 5. Security and Collateral: The term sheet may outline any security or collateral requirements that the municipality needs to provide to secure the facility. This could include assets, revenue sources, or guarantees from other parties to mitigate risks for the funding source. 6. Events of Default: It describes the circumstances under which the agreement may enter default and the remedies available to the funding source in case of default. 7. Representations and Warranties: The term sheet includes representations and warranties made by both parties regarding their authority to enter into the agreement, the accuracy of the provided information, and compliance with laws and regulations. 8. Termination: It specifies the conditions under which either party can terminate the facility agreement before its natural expiration. 9. Confidentiality and Non-Disclosure: The term sheet may include provisions addressing the confidential nature of the agreement and the restrictions on disclosing sensitive information to third parties. While there may not be different types of Fairfax Virginia Cash Receipts Sharing Financing Facility Term Sheets, variations can occur based on the specific needs and circumstances of the municipality and the funding source. It is essential for both parties to carefully review and negotiate the terms before signing the final agreement to ensure mutual understanding and legal compliance.
