|Name of Document||Formats||Date Revised||Markup|
|Name of DocumentLMA Brexit documentary implications – Consolidated and Updated Note||FormatsPDF||Date Revised19/11/2020||MarkupPDF|
|Name of DocumentLMA Note on Coronavirus Large Business Interruption Loan Scheme||FormatsPDF||Date Revised25/06/2020||MarkupPDF|
|Name of DocumentDAC6 and LMA recommended forms of facility documentation||FormatsPDF||Date Revised19/06/2020||MarkupPDF|
|Name of Document€STR publication and changes to EONIA||FormatsPDF||Date Revised02/10/2019||MarkupPDF|
|Name of DocumentLMA Revised Replacement of Screen Rate Clause and considerations in respect of credit adjustment spreads||FormatsPDF||Date Revised07/08/2019||MarkupPDF|
|Name of DocumentLMA note on QFC Stay Rules and syndicated loans||FormatsPDF||Date Revised16/05/2019||MarkupPDF|
|Name of DocumentEONIA – planned change in methodology and discontinuation||FormatsPDF||Date Revised01/05/2019||MarkupPDF|
|Name of Document2014 summary note on FATCA||FormatsWord||Date Revised21/12/2018||MarkupPDF|
|Name of DocumentGuidance note: United States and European Union sanctions||FormatsPDF||Date Revised06/12/2018||MarkupPDF|
|Name of DocumentLMA supplementary note on documentary implications of Brexit for LMA facility documentation||FormatsPDF||Date Revised12/09/2018||MarkupPDF|
|Name of DocumentLMA Recommended Timeline for Settlement of Primary Syndication Incorporating Delayed Settlement Compensation||FormatsPDF||Date Revised30/01/2018||MarkupPDF|
|Name of DocumentLMA note on documentary implications of Brexit for LMA facility documentation||FormatsPDF||Date Revised06/09/2016||MarkupPDF|
|Name of DocumentICE LIBOR and EURIBOR refixing policies and LMA facility documentation||FormatsPDF||Date Revised01/06/2016||MarkupPDF|
|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 Documentation||FormatsPDF||Date Revised28/05/2021||MarkupPDF|
|Name of DocumentLMA note on supplement to finance parties' rights clause in LMA facility documentation||FormatsPDF||Date Revised28/10/2015||MarkupPDF|
|Name of DocumentLIBOR code of conduct and revised LMA facility documentation guidance note||FormatsPDF||Date Revised12/11/2014||MarkupPDF|
|Name of DocumentAuditor choice provisions in LMA facility documentation guidance note||FormatsPDF||Date Revised12/11/2014||MarkupPDF|
|Name of DocumentNovember 2014 revisions summary note||FormatsPDF||Date Revised12/11/2014||MarkupPDF|
|Name of DocumentA guidance note on FATCA for agents in Model II IGA jurisdictions||FormatsWord||Date Revised25/09/2014||MarkupPDF|
|Name of DocumentLMA note discussing the impact of LIBOR transition to ICE on the legacy LMA LIBOR definitions||FormatsPDF||Date Revised23/01/2014||MarkupPDF|
|Name of DocumentLMA note on IBOR||FormatsPDF||Date Revised30/07/2013||MarkupPDF|
|Name of DocumentNote to members on withdrawal of recommended mandatory costs||FormatsPDF||Date Revised24/04/2013||MarkupPDF|
|Name of DocumentJurisdiction clauses in LMA facility documentation||FormatsPDF||Date Revised24/01/2013||MarkupPDF|
|Name of DocumentLegacy 2012 FATCA guidance||FormatsPDF||Date Revised09/02/2012||MarkupPDF|
|Name of DocumentLMA note on the Basel III liquidity coverage ratio and loan documentation||FormatsPDF||Date Revised13/07/2011||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
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.
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.
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.
- Issues and Guidance
- LIBOR Transition
- Investment Grade
- Leveraged - Senior/Mezzanine
- Leveraged/High Yield
- Real Estate Finance
- Leveraged - Super Senior/Senior
- Private Placement
- Commodity Finance
- Export Finance
- Developing Markets
- South African Law Investment Grade
- Local African Law
- French Law Investment Grade
- German Law Investment Grade
- Spanish Law Investment Grade
- Green & Sustainable Finance
- Release & Reliance Letters
- Secondary Debt Trading
- Bail-in Clause
- Show All
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 firstname.lastname@example.org.