Check your cross-default clause for a materiality floor
Without one, a minor default on an unrelated loan could theoretically trigger your entire facility.
The bank's EBITDA isn't the same as yours
Covenant calculations use the bank's definition — add-backs, one-off exclusions, equity adjustments. A 0.3x leverage gap is common.
Headline margin + fees + ratchets = your real cost
Origination fees, commitment charges, and conditional step-ups can add 25–80 bps above the quoted rate.
What to Look for in a Bank Term Sheet
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