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

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.

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LMA publishes updated Exposure Draft of Standard Terms and Conditions for secondary debt trading together with accompanying documentation to assist the secondary loan market with LIBOR transition (1 November 2021)

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 Exposure Draft, Explanatory Note and Trade Confirmations have been revised following engagement and feedback from market participants and systems providers and are intended to facilitate secondary loan market trading as the syndicated loan market transitions away from the use of LIBOR to risk-free rates.

LMA publishes term SOFR exposure draft and commentary for use in developing markets jurisdictions (27 October 2021)

We have published an exposure draft single currency term and revolving facilities agreement incorporating term SOFR for use in developing markets jurisdictions ("Term SOFR Exposure Draft"), alongside a commentary. The Term SOFR Exposure Draft and the accompanying commentary are intended to facilitate awareness of the issues involved in structuring syndicated loans for developing markets jurisdictions which reference CME term SOFR and the development of an approach to these issues by market participants. The Term SOFR Exposure Draft does not yet constitute a recommended form of the LMA given the absence of established market practice.

LMA publishes a new recommended form of borrowing base facility agreement (29 September 2021)

We 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. It was recognised that the nature of borrowing base financings was such that it would be very difficult to produce a document which was in any way "standard" document would need to be tailored to the particular transaction. However, it was still felt that a form of facility agreement would be a step forward in promoting the efficiency of the market.

Documents Index

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Guidance

Name of Document FormatsDate Revised Markup
Name of DocumentLIBOR transition considerations overview for wider LMA document suiteFormatsPDFDate Revised30/03/2021MarkupPDF
Name of DocumentLIBOR transition considerations in LMA export finance, developing market and pre-export finance documentationFormatsPDFDate Revised30/03/2021MarkupPDF
Name of DocumentConsiderations in respect of the use of forward-looking term SONIA reference rates FormatsPDFDate Revised26/03/2021MarkupPDF
Name of DocumentUser Guide to Developing Markets Facility AgreementFormatsPDFDate Revised20/03/2020MarkupPDF

Facility Agreements

Name of Document FormatsDate Revised Markup
Name of DocumentSingle Currency Revolving Facility Agreement with Letter of Credit for Developing Markets TransactionsFormatsWordDate Revised20/03/2020MarkupPDF
Name of DocumentSingle Currency Term Facility Agreement for Developing Markets TransactionsFormatsWordDate Revised20/03/2020MarkupPDF
Name of DocumentSingle Currency Revolving Facility Agreement for Developing Markets TransactionsFormatsWordDate Revised20/03/2020MarkupPDF
Name of DocumentSingle Currency Term and Revolving Facilities Agreement for Developing Markets Transactions FormatsWordDate Revised20/03/2020MarkupPDF
Name of DocumentDual Currency Term Facilities Agreement for Developing Markets TransactionsFormatsWordDate Revised20/03/2020MarkupPDF
Name of DocumentSecured Single Currency Term Facility Agreement for Developing Markets TransactionsFormatsWordDate Revised20/03/2020MarkupPDF
Name of DocumentDomestic Benchmark Slot-in SchedulesFormatsWordDate Revised28/02/2020MarkupPDF
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Facility Agreements

Name of Document FormatsDate Revised Markup
Name of DocumentSecured Single Currency Term Facility Agreement for Developing Markets Transactions without or with Observation ShiftFormatsWordDate Revised28/05/2021MarkupPDF
Name of DocumentLMA Exposure Draft Single Currency Term and Revolving Facilities Agreement Incorporating Term SOFR for use in Developing Market JurisdictionsFormatsWordDate Revised27/10/2021MarkupPDF
Name of DocumentCommentary to the Developing Markets Term SOFR Exposure DraftFormatsPDFDate Revised27/10/2021MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentDrafting Guide for Use in Relation to the Incorporation of Provisions Relating to the Use of Compounded Risk-Free Reference Rates into LMA DocumentationFormatsPDFDate Revised28/05/2021MarkupPDF

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.