Microsites

Documents & Guidelines

We endeavour to keep our documentation under constant review to ensure that it continues to meet the aims and needs of the primary and secondary loan markets.

Our documentation is produced after extensive consultation with leading loan practitioners and law firms so as to represent an agreed common view of documentation structures. Standardisation of the "boiler plate" areas of the documents allows lenders and borrowers to focus on the more important commercial aspects of individual transactions.

We are widely regarded as the body that establishes guidelines for the EMEA syndicated loan market. These are, by their nature, wide-ranging and relate to both primary and secondary markets.

LMA publishes South African law revised replacement of screen rate language to assist with JIBAR transition (2 November 2023)

We have published a user guide and revised recommended form of replacement of screen rate clause for the LMA’s South African law documents (“SA revised replacement of screen rate clause”).

The SA revised replacement of screen rate clause is based on the LMA’s existing 2018 revised replacement of screen rate clause (as updated) produced in the context of LIBOR transition. However, it also has regard to the work of the MPG on sample reference language for bilateral loans and reflects specifics of the South African market and JIBAR transition. In order to provide additional context, there are footnotes explaining any differences in the LMA clause and the MPG sample clause.

LMA publishes updated CORRA Schedule and updated compounded TONA Schedule (31 October 2023)

We are pleased to have published an updated CORRA Schedule which provides drafting for term CORRA in addition to compounded CORRA.

In addition, we have updated both our CORRA Schedule and TONA Schedule to reflect the updated definition of the “Daily Rate” in the updated IG compounded rate documents to provide for an interim fallback to a historic rate (prior to the application of a central bank rate plus any adjustment spread). This addresses what is sometimes referred to as the “Good Friday issue”.

LMA publishes exposure draft term €STR rate switch document for member feedback and updated IG compounded rate documentation (26 October 2023)

We have published an exposure draft multicurrency term and revolving facilities agreement which incorporates term €STR fallbacks from EURIBOR. This is accompanied by a cover note and a separate commentary.

Given the lack of market practice for incorporating term €STR fallbacks from EURIBOR, we are inviting our members to provide comments on the exposure draft by 5pm (London time) on 8 December 2023 (see the Commentary for further details on how to respond).

We have also published updated versions of our investment grade compounded rate facilities agreements, along with updated versions of the related term sheets and commentaries.

Bail-in Clause

Name of Document	Formats	Date Revised	Markup
Name of DocumentThe LMA Recommended Form of Bail-in Clause and Users Guide	FormatsWord	Date Revised15/04/2021	MarkupPDF
Name of DocumentEU Bail-in Legislation Schedule	FormatsPDF	Date Revised10/03/2021	MarkupPDF
Name of DocumentJoint LMA and LSTA Statement on the Publication of the LMA and LSTA Bail-In Clauses	FormatsPDF	Date Revised22/12/2015	MarkupPDF
Name of DocumentLSTA Form of Bail-In Clause	FormatsWord	Date Revised01/04/2020	MarkupPDF
Name of DocumentEU Bail-in Legislation Schedule	FormatsPDF	Date Revised28/01/2019	MarkupPDF
Name of DocumentThe LMA Recommended Form of Bail-in Clause and Users Guide	FormatsWord	Date Revised24/04/2019	MarkupPDF

NOTE: There are documents on this page which may contain references to, or be based on, LIBOR. To the extent of such references, they are made available primarily for reference purposes only. Many LIBOR settings will cease to be published from 31 December 2021, and of those settings remaining, many regulatory authorities have warned against entering into any LIBOR-referencing contract after this date. Users should refer to the LMA RFR Destination Table for the risk-free reference rate equivalent to any given LMA facility document which contains references to LIBOR.

These Materials (which term includes, where the context permits, text, content, spreadsheets incorporating macros and electronic interfaces, and their underlying assumptions, conversions, formulae, algorithms, calculations and other mathematical and financial techniques) are made available to members of the Loan Market Association in accordance with the byelaws of the Loan Market Association (a copy of which is available here) to facilitate the documentation of transactions in the loan markets. None of the Loan Market Association, Allen & Overy, Clifford Chance or Webber Wentzel accept any responsibility for any use to which these Materials may be put or for any loss, damage or liability whatsoever arising from such use. None of the Loan Market Association, Allen & Overy, Clifford Chance or Webber Wentzel has reviewed the laws of any jurisdiction which may apply to either party to an agreement using these Materials and its subject matter. Members should therefore consider all the relevant legal, accounting and regulatory issues before using these Materials or entering into a transaction under them and, if appropriate, consult their professional advisers.

In relation to recommended form documents, members are responsible for ensuring that the precise form and content of the documentation for a particular transaction is appropriate. Members should therefore satisfy themselves that the documents and any modifications to them are appropriate in the circumstances and the economic intentions of the parties.

The Loan Market Association consents to the use, reproduction and transmission of these Materials by members of the Loan Market Association only for the Permitted Purpose as set out in the byelaws (a copy of which is available here). The Loan Market Association does not consent to the use, reproduction or transmission of these Materials for any other purpose, in any other manner or by any other person and expressly reserves all other rights.

For further information on members' rights and obligations in relation to these Materials, please refer to the articles of association and byelaws of the Loan Market Association (copies of which are available here) or contact the Loan Market Association at lma@lma.eu.com.

LIBOR IMPORTANT NOTICE

After 31 December 2021 and in light of the cessation of most LIBOR settings, please refer to the RFR Destination Table for the risk-free reference rate equivalent to any given LMA facility document which contains references to LIBOR.

Brexit Notice

The LMA recommended form primary documents and associated user guides are in the process of being updated to reflect the changes required as a result of the end of the Brexit transition period on 31st December 2020. Where documents are yet to be updated, for guidance on the Brexit related amendments that should be made to English law facility agreements entered or to be entered into from 1st January 2021, including in respect of EU legislative references and bail-in, please refer to the LMA Brexit Destination Tables and to the Note entitled "LMA Brexit documentary implications – Consolidated and Updated Note (19/11/2020). These can also be used as a reference point to amend other LMA recommended forms and, in particular, the bail-in clause can be adapted for use in any of the LMA recommended form documentation where applicable.