Documents & Guidelines

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 Exposure Draft of Standard Terms and Conditions for secondary debt trading together with accompanying documentation to assist the secondary loan market with LIBOR transition (11 June 2021)

We published an Exposure Draft of 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.

LMA publishes updated reference rate selection agreement for use in legacy transactions (4 June 2021)

We published 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). The update reflects the LMA's core existing RFR-based documentation which are based on compounded risk-free rates from the outset, as well as the rate switch agreements, and the conventions reflected in those agreements.



LMA publishes further RFR documentation to assist the market with LIBOR transition (28 May 2021)

We published new Investment Grade and Developing Markets documentation based on compounded RFRs from the outset, and updated our existing RFR documentation. We also published updated versions of the investment grade: mandate letters; confidentiality and front running letter for primary syndication; front running letter of undertaking; and confidentiality undertaking for disclosure by potential initial lenders to credit protection providers. In addition we published an RFR drafting guide for our wider documentation suite.

Documents Index

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Name of Document FormatsDate Revised Markup
Name of DocumentGreen Loan PrinciplesFormatsPDFDate Revised11/02/2021MarkupPDF
Name of DocumentGuidance on Green Loan Principles FormatsPDFDate Revised11/02/2021MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentSocial Loan Principles FormatsWordDate Revised13/04/2021MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentSustainability Linked Loan PrinciplesFormatsPDFDate Revised27/05/2021MarkupPDF
Name of DocumentGuidance on Sustainability Linked Loan PrinciplesFormatsPDFDate Revised27/05/2021MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentGuidance on the application of the Green Loan Principles in the real estate finance (REF) investment lending context – Green buildingsFormatsPDFDate Revised13/11/2020MarkupPDF
Name of DocumentGuidance on the application of the Green Loan Principles in the real estate finance (REF) lending context – Retrofit projectsFormatsPDFDate Revised13/11/2020MarkupPDF
Name of DocumentGreen and Sustainable Lending Glossary of TermsFormatsPDFDate Revised12/11/2020MarkupPDF
Name of DocumentESG Diligence Questionnaire - Asset ManagerFormatsWordDate Revised04/06/2021MarkupPDF

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.