33 CFR § 386.12 - Term sheets and approvals.

---
identifier: "/us/cfr/t33/s386.12"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "33 CFR § 386.12 - Term sheets and approvals."
title_number: 33
title_name: "Navigation and Navigable Waters"
section_number: "386.12"
section_name: "Term sheets and approvals."
chapter_name: "CORPS OF ENGINEERS, DEPARTMENT OF THE ARMY, DEPARTMENT OF DEFENSE"
part_number: "386"
part_name: "CREDIT ASSISTANCE FOR WATER RESOURCES INFRASTRUCTURE PROJECTS"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "33 U.S.C. 3901"
regulatory_source: "88 FR 32675, May 22, 2023, unless otherwise noted."
cfr_part: "386"
---


# 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.