We are pleased to have published our exposure draft term SOFR documentation as recommended form. The related term SOFR commentary has also been updated. The move to recommended form follows the increasing use in the market of the term SOFR provisions in the exposure drafts, market feedback received, the length of time since publication of the exposure drafts and the impending end-June 2023 deadline for US dollar LIBOR transition. 

We have published model provisions for sustainability-linked loans (SLLs).  These model provisions look to provide a proposed form of draft SLL provisions for inserting into LMA loan documentation, which are aligned with our Sustainability-Linked Loan Principles and accompanying Guidance notes.

We have published updated versions of the LMA intercreditor agreement for real estate finance transactions, and the LMA intercreditor agreement for real estate finance transactions (contractual subordination only). Amendments have been made to these documents to reflect the transition to risk-free rates as well as the UK's withdrawal from the European Union.  

We have today updated the corporate lending facility agreement available on the LMA.Automate platform to incorporate Term SOFR. This is part of the commitment to provide updated pre-automated LMA templates on the platform, including accommodation of the latest developments with respect to RFRs. 
  
 

The LMA is pleased to have published a note focusing on LMA facility documentation and the recommendations published by the working group on euro risk-free rates on EURIBOR fallback trigger events and €STR-based EURIBOR fallback rates (Euro WG Recommendations). Particularly, the note outlines the current approach taken to the Euro WG Recommendations in the LMA's recommended forms of English law multicurrency facility documentation which reference risk-free reference rates from the outset and aims to help market participants understand how they can use existing LMA RFR documentation to implement robust fallbacks to EURIBOR.    

We are pleased to have published a schedule for compounded in-arrear CORRA. This has been produced in response to demand from some participants in the syndicated lending market to provide a suggested form of drafting for use of compounded in-arrear CORRA in conjunction with the structure for use of compounded in-arrear risk-free reference rates contained in the LMA's existing compounded rate facilities agreements. As it is designed to work with the structure in the compounded rate facilities agreement, the schedule is largely technical in nature and follows the form of the other currency schedules already contained in the compounded rate facilities agreements. 

We have released a note which outlines the documentary implications for the replacement of TARGET2. Market participants may be aware that TARGET2, the Trans-European Automated Real-time Gross Settlement Express Transfer payment system, is due to be succeeded in March 2023 by a new real-time gross settlement system (to be called T2). After T2 becomes operational, the LMA intends to update its facility documentation in due course to expressly reference the new system. In the meantime, the note sets out the changes that the LMA plans to adopt in its definitions of relevant documentation once T2 has become operational. 

We have released a guidance note on the Register of Overseas Entities (ROE) regime. The ROE regime was established by the Economic Crime (Transparency and Enforcement) Act 2022 and came into force in two phases: on 1 August 2022 and 5 September 2022. The guidance note covers a range of key issues relating to the ROE regime and its impacts in the real estate finance (REF) context, including drafting for a new condition precedent to be included in LMA REF facility agreements that document deals to which the ROE regime applies. 

We have updated our Intercreditor Agreement for Leveraged Acquisition Finance Transactions (Senior/Mezzanine) (Compounded Rate/Term Rate) to fix a number of cross-references within the document. We have also produced a mark-up of this document against the LIBOR-referencing Intercreditor Agreement for Leveraged Acquisition Finance Transactions.

The LMA is pleased to have published a new exposure draft multicurrency term and revolving facilities agreement incorporating term SOFR (the IG Term SOFR Exposure Draft). The LMA has also released an updated expsoure draft single currency term and revolving facilities agreement incorporating term SOFR for use in developing markets jurisdictions, alongside an updated commentary (the Term SOFR Commentary), to reflect the IG Term SOFR Exposure Draft.

We are pleased to announce the publication of updated versions of our German Law Euro Term Facility Agreement for Real Estate Finance (REF) Multiproperty Investment Transactions (in both German and English). The latest updates to these documents follow changes to our primary documents to reflect the end of the Brexit transition period on 31st December 2020, as well as the removal of Reference Banks from the fallback waterfall. 

We have launched today automated LMA recommended form secondary trade confirmations on the LMA.Automate platform to support the secondary loan market.  Subscribers will now be able to generate secondary trade confirmations from an automated template incorporating all versions and options available in the latest static versions of the LMA recommended forms.  Secondary loan market participants should also note that the LMA recommended form confidentiality undertakings have already been automated and are available on the platform.  

The LMA is pleased to announce the publication of an updated version of its senior single currency term facility agreement for real estate finance multiproperty investment transactions (senior/mezzanine) which envisages the use of risk-free rates from the outset. A mark-up against the previous LIBOR referencing document has also been published at the same time so that members can see the changes that have been made.

The LMA, with the assistance of the Lloyd's Market Association ("Lloyd's") and the International Underwriting Association ("IUA"), has published a model form of Credit Risk Insurance Policy ("CRI Policy"). The CRI Policy is drafted: for the purposes of insuring single borrower credit risk arising from a loan agreement; and with a view to the CRR requirements for unfunded credit protection.

The CRI Policy was put together by an experienced working party, consisting of representatives from law firms, banks, brokers, insurers, Lloyd's and the IUA and was based on their first-hand experiences of undertaking such transactions.

On 20 June 2022, we published updates to our Real Estate Finance (REF) Investment Security Agreement, REF Development Security Agreement and REF Shareholder Security Agreement (the Security Agreements) following the enactment of the National Security and Investment Act 2021 (the NSIA).

The aim of the updates to the Security Agreements is to prevent finance parties from inadvertently finding themselves liable under the NSIA by blocking the automatic transfer of voting rights from the chargor to the security agent in circumstances where such transfer would otherwise amount to a notifiable acquisition under the NSIA. The relevant updates can be found in Clause 5.4 (Voting rights) of the Security Agreements. The accompanying user guides have also been updated to provide an explanation of the changes to the Security Agreements.

We are pleased to announce that, following detailed feedback received from our existing subscribers, we have today added an updated version of the corporate lending facility agreement and associated term sheet to the growing library of documents available on the LMA.Automate platform.
 

We have published revised versions of our real estate investment property facility agreement, development property facility agreement and associated term sheets which envisage the use of RFRs from the outset. Cumulative mark-ups against the previous LIBOR referencing documents have also been published so that members may see the changes which have been made.

We have published a security agreement and associated users guide for use in various common law African jurisdictions (these being Kenya, Nigeria, Tanzania, Uganda and Zambia) in the hopes that this will facilitate standardisation in cross border African deals by introducing a common framework and boilerplate across different legal systems.

The LMA is pleased to have published revised Trade Confirmations with an effective date of 18 February 2022. The revised Trade Confirmations incorporate amended wording in Other Terms of Trade tick-boxes for the exclusion of CAS and inclusion of zero floor options where Delayed Settlement Compensation applies. The revised Trade Confirmations (and amended wording for the tick-boxes) has not changed the position on these commercial issues and whether or not they apply to a particular trade must continue to be agreed by the parties at the time of trade. The Standard Terms & Conditions dated 4 January 2022 also remain unchanged.

The LMA is pleased to have published further documentation to assist the market with the transition to RFRs including a compounded TONA schedule, the French language version of the RFR French law document, an updated designated entity clause and updated RFR destination table.

The LMA is pleased to have published revised Standard Terms and Conditions, Trade Confirmations and forms of Participation Agreement to the Secondary Trading Documentation page under the LMA Documentation Index with an effective date of 4 January 2022. The revised Standard Terms and Conditions will therefore apply to all trades with a Trade Date on or after 4 January 2022 and will replace the previously published version.

The LMA has published its RFR Destination Table, which is intended to assist members in identifying the LMA RFR-referencing document which is most directly comparable to any given LMA LIBOR-referencing document. Where there is no direct equivalent, the table sets out the RFR-referencing document(s) which is/are most closely related and may be most helpful. The LMA has also published versions of the existing suite of German, Spanish and French law investment grade documentation based on compounded RFRs from the outset in place of LIBOR along with accompanying updated user guides.

The LMA has published versions of the existing suite of leveraged documentation, including facility and intercreditor agreements, based on compounded RFRs from the outset. Each facility agreement provides the option for users to select observation shift or not (rather than two versions being produced of each agreement). The commentary to the LMA compounded rate facilities agreements has also been updated.

In line with its core aim of improving liquidity in secondary syndicated loan markets, the LMA is pleased to have published an updated Exposure Draft of its Standard Terms and Conditions for secondary debt trading together with an accompanying Explanatory Note (and Example Settlement Calculations) and updated Trade Confirmations.

The LMA is pleased to have published an exposure draft single currency term and revolving facilities agreement incorporating term SOFR for use in developing markets jurisdictions alongside a commentary.

LMA.Automate is pleased to announce the addition of an automated corporate facility template to its existing suite of documents. Whilst also reflecting the transition from LIBOR to RFRs, this corporate facility template introduces more optionality than the current LMA IG facility documentation, facilitating a broader set of corporate lending scenarios. 

The LMA is pleased to have published a recommended form of revolving facilities agreement for use in borrowing base transactions (the "Borrowing Base Finance Document"). A user guide has been published alongside the Borrowing Base Finance Document.

The LMA is pleased to have published a note providing practical guidance for the documentary amendment process for parties transitioning legacy LIBOR syndicated loan facilities to compounded risk-free reference rates (RFRs).

Following publication on 19 July 2021, the LMA has today published a revised version of its Single Currency Term Facility Agreement for Real Estate Finance Multiproperty Investment Transactions with/without Observation Shift (the REF RFR Facility Agreement).

The LMA is pleased to have published a real estate finance facility agreement for investment property transactions to facilitate the syndicated loan market in transitioning away from the use of LIBOR to compounded risk-free rates ("RFRs").

The LMA is pleased to have published Exposure Drafts of LMA Trade Confirmation (Claims) and LMA Trade Confirmation (Risk Participation).

LMA.Automate, a wholly owned subsidiary of the Loan Market Association, has today launched a platform in respect of the automation of certain LMA recommended form documents, as well as other ancillary services. The platform aims to offer an end-to-end solution with a focus on the automation of LMA template documents, but with the functionality to cater for the entire document lifecycle, including negotiation and collaboration, documentation execution and comprehensive data extraction and reporting.

The LMA is pleased to have published an Exposure Draft of its Standard Terms and Conditions for secondary debt trading (the 'Exposure Draft') together with an accompanying Explanatory Note and updated Trade Confirmation (Bank Debt). The Exposure Draft, Explanatory Note and updated Trade Confirmation have been produced after engagement and feedback from market participants to facilitate secondary loan market trading as the syndicated loan market transitions away from the use of LIBOR to compounded risk-free rates.

The LMA is pleased to have published today an updated version of the reference rate selection agreement for use in legacy transactions transitioning from LIBOR to risk-free rates. The reference rate selection agreement has also been published as a recommended form following a process of market feedback (which has been open since October 2019).

We are delighted to announce the publication of our first ESG Diligence Questionnaire: "ESG Diligence Questionnaire – Asset Manager". This Questionnaire was developed together with the LSTA and ELFA and our respective working groups and is designed to be completed by asset managers and shared with investors.

The LMA is pleased to have published a further suite of documentation to facilitate the syndicated loan market in transitioning away from the use of LIBOR to compounded risk-free rates ("RFRs").

Following the launch of the Sustainability Linked Loan Principles (SLLP) in March 2019, there has been a staggering increase in the volume of sustainability linked loans seen across the syndicated loan market. The APLMA, LMA and LSTA have therefore taken this opportunity to reflect on recent market trends and are delighted to announce the publication of a revised version of the SLLP and accompanying Guidance on Sustainability Linked Loan Principles (SLLP Guidance).

The LMA, APLMA and LSTA today announced the publication of the Social Loan Principles (SLP). The SLP aim to create a high-level framework of market standards and guidelines, providing a consistent methodology for use across the social loan market, whilst allowing the loan product to retain its flexibility and preserving the integrity of the social loan market while it develops.

The LMA is pleased to have published its exposure draft RFR documentation as recommended forms. The documentation has also been updated to reflect, amongst other things, the recent updates to the £RFR Working Group's conventions supporting materials. The LMA has also published two new recommended form single currency RFR facilities agreements and updated the RFR Terms and notes outlining LIBOR transition considerations for the LMA's wider suite of documentation.

The LMA is pleased to announce the publication of a note outlining considerations for market participants relating to the use of forward-looking term SONIA reference rates ("TSRRs").

The LMA is pleased to announce the publication of a number of notes which outline, at a high level, considerations for market participants relating to the impact of LIBOR transition on LMA documentation outside of the context of English law investment grade documentation.

The LMA is pleased to announce the publication of two exposure draft multicurrency term and revolving facilities agreements incorporating backward-looking compounded rates and forward looking interbank term rates (the "Multicurrency Compounded Rate/Term Rate Facilities Agreements") accompanied by a term sheet and a commentary.

The LMA is pleased to announce the publication of several documents to further assist market participants when including active transition mechanisms in their loan documentation for LIBOR transition.

The LMA has published a note entitled "Documentary implications of the end of the Brexit transition period for LMA facility Documentation" ("Brexit Note") which consolidates and updates the earlier Brexit notes published in September 2016 and April 2019, as well as two EU legislative references destination tables.

This note is intended to highlight to market participants points to consider relating to inclusion, in the LMA's Revised Replacement of Screen Rate Clause, of a specific pre-cessation trigger relating to a benchmark rate no longer being representative.

The LMA is pleased to announce the publication of an exposure draft multicurrency term and revolving facilities agreement incorporating rate switch provisions ("Multicurrency Rate Switch Facility Agreement"). This exposure draft is based on lookback without observation shift.

This note discusses the April and July 2020 documentary recommendations and contains a supplement to the LMA's Revised Replacement of Screen Rate Clause designed to facilitate one means of potential satisfaction of the recommendations.

The LMA is pleased to announce the launch of two new security agreements intended for use on real estate finance transactions (the "New REF Security Documents"), as well as consequential changes to the LMA REF facility agreements.

The LMA has published a guidance note and optional riders relating to EU rules enacted under the Directive on Administrative Cooperation (commonly known as "DAC6").