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 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.

LMA publishes practical guidance for the documentary amendment process when transitioning legacy LIBOR facilities (3 August 2021)

We have published a note providing practical guidance for the documentary amendment process for parties transitioning legacy LIBOR syndicated loan facilities to compounded risk-free reference rates (RFRs). Specifically, in relation to amendments to legacy LIBOR syndicated loan facilities to provide for the transition to the use of compounded RFRs, the importance of clearly identifying those elements of the amendment documentation related to such transition (and explicitly highlighting any deviation from published LMA RFR facility documentation) has been emphasised.

LMA publishes further RFR documentation to assist the market with LIBOR transition (19 July 2021)

We have published a real estate finance facility agreement for investment property transactions to facilitate the syndicated loan market in transitioning away from the use of LIBOR to compounded risk-free rates ("RFRs"). The facility agreement is based on compounded RFRs from the outset and provides the option for users to select observation shift or not (rather than two versions being produced of each agreement). In addition, the document has been updated to reflect changes in respect of Brexit and bail-in.

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 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 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

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.