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 releases guidance note on the Register of Overseas Entities regime (28 November 2022)

We have published 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. 

Updates to the LMA Intercreditor Agreement for Leveraged Acquisition Finance Transactions (17 November 2022)

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. 

Publication of Guidance Note on majority voting provisions (MVPs) for inclusion in new sovereign loan agreements (1 November 2022)

A document on majority voting provisions (MVPs) for inclusion in new sovereign loan agreements has been published as the output of the work undertaken by the UK HM Treasury convened Private Sector Working Group on MVPs. This Guidance and Explanatory Note includes the specimen clauses for use in new sovereign loan agreements. The key deliverable is a suggested majority voting threshold in sovereign loan agreements which, in the absence of an overarching international legal framework or treaty governing the restructuring of sovereign debt by all creditors or insolvency or bankruptcy regimes which apply to sovereigns, should facilitate, where necessary, the rescheduling of payments under sovereign loan agreements in certain situations, such as financial distress, with a view to minimising undue delays and holdout creditor risk.

Documents Index

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Guidance

Name of Document FormatsDate Revised Markup
Name of DocumentLMA Users Guide to Confidentiality Undertakings (English law)FormatsPDFDate Revised15/08/2018MarkupPDF
Name of DocumentLMA Front Running Letter of Undertaking Users GuideFormatsPDFDate Revised08/03/2018MarkupPDF
Name of DocumentExplanatory Memo relating to Mandate Letters, Commitment Letters, Front Running Letters, Syndication Closing Timeline & Syndication Decision ChartsFormatsPDFDate Revised24/02/2009MarkupPDF

Term sheets, mandate letters, commitment letters, front running undertakings, timeline and decision charts

Name of Document FormatsDate Revised Markup
Name of DocumentLMA Front Running Letter of UndertakingFormatsWordDate Revised28/05/2021MarkupPDF
Name of DocumentAgency Details FormFormatsWordDate Revised02/08/2018MarkupPDF
Name of DocumentAdministration Detail FormFormatsWordDate Revised31/05/2018MarkupPDF
Name of DocumentLMA Recommended Timeline for Settlement of Primary Syndication Incorporating Delayed Settlement CompensationFormatsPDFDate Revised30/01/2018MarkupPDF
Name of DocumentLMA Term SheetFormatsWordDate Revised28/02/2020MarkupPDF
Name of DocumentLMA Syndicate Member Commitment Letter for Primary Syndication - for initial commitment without approval of documentationFormatsWordDate Revised24/02/2009MarkupPDF
Name of DocumentLMA Syndicate Member Commitment Letter For Primary Syndication - for final commitment with approval of documentationFormatsWordDate Revised24/02/2009MarkupPDF
Name of DocumentSyndication Decision Chart - Unsuccessful SyndicationFormatsPDFDate Revised24/02/2009MarkupPDF
Name of DocumentSyndication Decision Chart - Successful SyndicationFormatsPDFDate Revised24/02/2009MarkupPDF
Name of DocumentLMA Mandate Letter - UnderwrittenFormatsWordDate Revised28/05/2021MarkupPDF
Name of DocumentLMA Confidentiality and Front Running Letter for Primary SyndicationFormatsWordDate Revised28/05/2021MarkupPDF
Name of DocumentLMA Confidentiality Undertaking for disclosure by potential initial lenders subscribers to credit protection providersFormatsWordDate Revised28/05/2021MarkupPDF
Name of DocumentLMA Mandate Letter - Best EffortsFormatsWordDate Revised28/05/2021MarkupPDF
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Guidance

Name of Document FormatsDate Revised Markup
Name of DocumentEU legislative references in LMA English law facility documentation FormatsPDFDate Revised18/11/2020MarkupPDF
Name of DocumentUsers Guide to Investment Grade Primary documentationFormatsPDFDate Revised28/02/2020MarkupPDF
Name of DocumentUsers Guide to LMA Finance Party Default Clauses in Conjunction with the LMA Recommended Form of Primary DocumentFormatsPDFDate Revised28/02/2020MarkupPDF
Name of DocumentSummary Note re Jan 2012 Changes to Swingline Options & Finance Party Default ClausesFormatsPDFDate Revised20/01/2012MarkupPDF
Name of DocumentSummary Note re Dec 2011 changes to LMA Primary Documents & Finance Party Default & Market Disruption ClausesFormatsPDFDate Revised23/12/2011MarkupPDF

Facility Agreements

Name of Document FormatsDate Revised Markup
Name of DocumentLMA Multicurrency Term and Revolving Facilities AgreementFormatsWordDate Revised28/02/2020MarkupPDF
Name of DocumentLMA Multicurrency Term and Revolving Facilities Agreement with Letter of CreditFormatsWordDate Revised28/02/2020MarkupPDF
Name of DocumentLMA Multicurrency Term and Revolving Facilities Agreement incorporating a Swingline facilityFormatsWordDate Revised28/02/2020MarkupPDF
Name of DocumentLMA Multicurrency Term Facility AgreementFormatsWordDate Revised28/02/2020MarkupPDF
Name of DocumentLMA Multicurrency Revolving Facility AgreementFormatsWordDate Revised28/02/2020MarkupPDF
Name of DocumentLMA Multicurrency Revolving Facilities Agreement incorporating a Swingline facilityFormatsWordDate Revised28/02/2020MarkupPDF
Name of DocumentLMA Single Currency Term and Revolving Facilities AgreementFormatsWordDate Revised28/02/2020MarkupPDF
Name of DocumentLMA Single Currency Term and Revolving Facilities Agreement incorporating a Swingline facilityFormatsWordDate Revised28/02/2020MarkupPDF
Name of DocumentLMA Single Currency Term Facility AgreementFormatsWordDate Revised28/02/2020MarkupPDF
Name of DocumentLMA Single Currency Revolving Facility AgreementFormatsWordDate Revised28/02/2020MarkupPDF
Name of DocumentLMA Single Currency Revolving Facilities Agreement incorporating a Swingline facilityFormatsWordDate Revised28/02/2020MarkupPDF
Name of DocumentDomestic Benchmark Slot-in SchedulesFormatsWordDate Revised28/02/2020MarkupPDF
Name of DocumentLMA Recommended Form of Designated Entity Clause and User GuideFormatsWordDate Revised28/02/2020MarkupPDF
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Guidance

Name of Document FormatsDate Revised Markup
Name of DocumentLMA Term SOFR CommentaryFormatsWordDate Revised12/10/2022MarkupPDF
Name of DocumentMember alertFormatsPDFDate Revised12/10/2022MarkupPDF
Name of DocumentCommentary to the LMA recommended forms of compounded rate facilities agreements (lookback without and with observation shift)FormatsPDFDate Revised15/12/2021MarkupPDF
Name of DocumentUsers Guide to LMA Finance Party Default Clauses in Conjunction with the LMA Recommended Form of Primary DocumentFormatsPDFDate Revised28/05/2021MarkupPDF

Facility Agreements

Name of Document FormatsDate Revised Markup
Name of DocumentLMA Exposure Draft Multicurrency Term and Revolving Facilities Agreement incorporating Term SOFRFormatsWordDate Revised12/10/2022MarkupPDF
Name of DocumentLMA Multicurrency Term and Revolving Facilities Agreement incorporating a Swingline Facility with/without Observation ShiftFormatsWordDate Revised28/05/2021MarkupPDF
Name of DocumentLMA Multicurrency Revolving Facility Agreement with/without Observation ShiftFormatsWordDate Revised28/05/2021MarkupPDF
Name of DocumentLMA Single Currency Revolving Facility Agreement with/without Observation ShiftFormatsWordDate Revised28/05/2021MarkupPDF
Name of DocumentLMA Recommended form of Designated Entity Clause and User GuideFormatsWordDate Revised28/05/2021MarkupPDF
Name of DocumentLMA Multicurrency Term Facility Agreement with/without Observation ShiftFormatsWordDate Revised28/05/2021MarkupPDF
Name of DocumentLMA Multicurrency Term and Revolving Facilities Agreement with Letter of Credit with/without Observation ShiftFormatsWordDate Revised28/05/2021MarkupPDF
Name of DocumentLMA Single Currency Term Facility Agreement with/without Observation ShiftFormatsWordDate Revised28/05/2021MarkupPDF

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 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.

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.