Term Sheet
Name of Document | Formats | Date Revised | Markup |
---|---|---|---|
Name of DocumentLMA Pre-Export Finance Term Sheet | FormatsWord | Date Revised20/03/2020 | MarkupPDF |
LMA documentation is produced after extensive consultation with leading loan practitioners and law firms so as to represent an agreed common view of documentation structures
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.
We published 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. In addition to the overview note,
we published notes for REF, Leveraged Finance, Developing markets, export
finance and pre-export finance, and French, German and Spanish law documentation.
We published 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. One exposure draft is based on observation shift and the other without observation shift.
We have published revised Terms and Conditions incorporating a bail-in clause (which is based on the LMA recommended form of bail-in clause). Additionally, we have published revised forms of Secondary Confidentiality Letters which also now include a bail-in clause. These will apply to all trades entered into on or after 1st January 2021.
Name of Document | Formats | Date Revised | Markup |
---|---|---|---|
Name of DocumentLMA Pre-Export Finance Term Sheet | FormatsWord | Date Revised20/03/2020 | MarkupPDF |
Name of Document | Formats | Date Revised | Markup |
---|---|---|---|
Name of DocumentLIBOR transition considerations overview for wider LMA document suite | FormatsPDF | Date Revised03/02/2021 | MarkupPDF |
Name of DocumentLIBOR transition considerations in LMA export finance, developing market and pre-export finance documentation | FormatsPDF | Date Revised03/02/2021 | MarkupPDF |
Name of DocumentUser Guide to Pre-Export Finance Facility Agreement | FormatsPDF | Date Revised20/03/2020 | MarkupPDF |
Name of Document | Formats | Date Revised | Markup |
---|---|---|---|
Name of DocumentSingle Currency Term Facility Agreement for Pre-Export Finance Transactions | FormatsWord | Date Revised20/03/2020 | MarkupPDF |
Name of DocumentDomestic Benchmark Slot-in Schedules | FormatsWord | Date Revised28/02/2020 | MarkupPDF |
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 or Clifford Chance 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 or Clifford Chance 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.
We have updated our Data Protection Privacy Notice to clarify the service providers to whom the LMA can disclose personal data to (e.g. professional advisers).
A copy of the full LMA Data Protection Privacy Notice can be accessed here. This contains information about how we process and use your data and the rights that you have in respect of your personal data.
The LMA has recently become aware of unauthorised activity on an archived copy of its website, which it is in the process of investigating. We understand that names and email addresses of members have been accessed, but not passwords which were protected by encryption, or any other personal data.
As a precautionary measure, we would advise that members change their LMA password and passwords on any sites where they use the same password as for their members' LMA log-in.
We use cookies to provide you with increased website functionality and personalisation. If you consent to receiving all cookies on our website, please click don't show this message again. You can change your cookie settings at any time. More information can be found in our cookie policy which can be accessed here.
The LMA recommended form primary documents and associated user guides will be updated in the coming months to reflect the changes required as a result of the end of the Brexit transition period on 31st December 2020. In the meantime, 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. Please note that the LMA Standard Terms and Conditions for Par and Distressed Trade Transactions have been amended to take account of the end of the Brexit transition period and accordingly, those revised Terms and Conditions will apply to all trades entered into from 1st January 2021. Similarly, all of the secondary LMA recommended form confidentiality letters have already been amended to take account of the end of the Brexit transition period.
Please ensure that you refer to the separate rate switch facility agreements and notes in respect of the replacement of screen rate language which contain supplemental language for LIBOR transition.