---
kind: "section"
citation: "33 C.F.R. § 386.12"
title: "33"
number: "386.12"
heading: "Term sheets and approvals."
url: "https://uscodex.org/cfr/33/386.12"
---

# §386.12. Term sheets and approvals.

- (a) The Corps, after review and evaluation of an application, and all other required documents submitted by a prospective borrower, may offer to such prospective borrower a written term sheet and/or a credit agreement, including detailed terms and conditions that must be met.
- (b) The issuance of a term sheet, upon execution by the Secretary, does not constitute a commitment by the Secretary to enter into the Loan Agreement or Loan Guarantee Agreement. Execution of the Loan Agreement or Loan Guarantee Agreement represents obligation by the Secretary.

## Notes

### Authority

Authority: 33 U.S.C. 3901 et seq.

### Source

Source: 88 FR 32675, May 22, 2023, unless otherwise noted.