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 revised Schuldschein Loan Agreements (16 February 2024)

The LMA is pleased to announce publication of revised Schuldschein Loan Agreements in German and English language.

As with the original versions, the revised LMA Schuldschein Loan Agreements are available in German and English language for both single borrower and single borrower with guarantor transaction structures. 

The revisions have been considered and agreed by members of the original working party and reflect changes in law, feedback received from market participants since 2018, developments in relation to reference rate fall-back provisions and aligning the security over lenders’ rights clause to the relevant clause provided for in the German law precedent for syndicated facilities. 

Strengthening EURIBOR fallbacks - LMA publishes updated Term €STR exposure draft and German law investment grade document (1 February 2024)

We have published an updated version of our term €STR fallback exposure draft and related commentary following market feedback. As feedback received was generally supportive of the exposure draft, there have been no major changes. However, given the lack of market practice in the use of term €STR fallbacks, the LMA has not yet moved this document to recommended form. As a result, we need members to provide us with ongoing feedback from the provisions being used on transactions. 

We have also updated the existing form of German law investment grade documentation to include a switch to compounded €STR upon a permanent cessation or non-representativeness of EURIBOR. 


LMA updates Term SOFR commentary, as well as its developing markets and PXF facility agreements for RFRs (22 January 2024)

We are pleased to have published updated versions of its developing markets and pre-export finance (PXF) facility agreements for the transition to risk-free rates (RFRs).  We have also published an updated Term SOFR commentary which: (i) reflects these updates; and (ii) provides additional guidance on certain aspects in light of market feedback.    

The update to these documents is part of a wider ongoing documentation update exercise necessitated by the RFR transition, in particular to reflect which documents are most helpful for the market, as well as which currencies and rates are being used in which sectors and jurisdictions and is part of the LMA’s ongoing support to members across markets facilitating IBOR transition and fallbacks.    

Documents Index

Name of Document FormatsDate Revised Markup
Name of DocumentLMA Erroneous Payment ClauseFormatsPDFDate Revised30/06/2021MarkupPDF
Name of DocumentLMA Brexit documentary implications – Consolidated and Updated Note FormatsPDFDate Revised19/11/2020MarkupPDF
Name of DocumentLMA Note on Coronavirus Large Business Interruption Loan SchemeFormatsPDFDate Revised25/06/2020MarkupPDF
Name of DocumentDAC6 and LMA recommended forms of facility documentationFormatsPDFDate Revised19/06/2020MarkupPDF
Name of Document€STR publication and changes to EONIAFormatsPDFDate Revised02/10/2019MarkupPDF
Name of DocumentLMA Revised Replacement of Screen Rate Clause and considerations in respect of credit adjustment spreadsFormatsPDFDate Revised07/08/2019MarkupPDF
Name of DocumentLMA note on QFC Stay Rules and syndicated loansFormatsPDFDate Revised16/05/2019MarkupPDF
Name of DocumentEONIA – planned change in methodology and discontinuationFormatsPDFDate Revised01/05/2019MarkupPDF
Name of Document2014 summary note on FATCAFormatsWordDate Revised21/12/2018MarkupPDF
Name of DocumentGuidance note: United States and European Union sanctionsFormatsPDFDate Revised06/12/2018MarkupPDF
Name of DocumentLMA supplementary note on documentary implications of Brexit for LMA facility documentationFormatsPDFDate Revised12/09/2018MarkupPDF
Name of DocumentLMA Recommended Timeline for Settlement of Primary Syndication Incorporating Delayed Settlement CompensationFormatsPDFDate Revised30/01/2018MarkupPDF
Name of DocumentLMA note on documentary implications of Brexit for LMA facility documentationFormatsPDFDate Revised06/09/2016MarkupPDF
Name of DocumentICE LIBOR and EURIBOR refixing policies and LMA facility documentationFormatsPDFDate Revised01/06/2016MarkupPDF
Name of DocumentLMA note on supplement to finance parties' rights clause in LMA facility documentationFormatsPDFDate Revised28/10/2015MarkupPDF
Name of DocumentLIBOR code of conduct and revised LMA facility documentation guidance noteFormatsPDFDate Revised12/11/2014MarkupPDF
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
Name of DocumentAuditor choice provisions in LMA facility documentation guidance noteFormatsPDFDate Revised12/11/2014MarkupPDF
Name of DocumentNovember 2014 revisions summary noteFormatsPDFDate Revised12/11/2014MarkupPDF
Name of DocumentA guidance note on FATCA for agents in Model II IGA jurisdictionsFormatsWordDate Revised25/09/2014MarkupPDF
Name of DocumentLMA note discussing the impact of LIBOR transition to ICE on the legacy LMA LIBOR definitionsFormatsPDFDate Revised23/01/2014MarkupPDF
Name of DocumentLMA note on IBORFormatsPDFDate Revised30/07/2013MarkupPDF
Name of DocumentNote to members on withdrawal of recommended mandatory costsFormatsPDFDate Revised24/04/2013MarkupPDF
Name of DocumentJurisdiction clauses in LMA facility documentationFormatsPDFDate Revised24/01/2013MarkupPDF
Name of DocumentLegacy 2012 FATCA guidanceFormatsPDFDate Revised09/02/2012MarkupPDF
Name of DocumentLMA note on the Basel III liquidity coverage ratio and loan documentationFormatsPDFDate Revised13/07/2011MarkupPDF
Name of DocumentLMA note on documentary implications for the replacement of TARGET2FormatsPDFDate Revised16/02/2023MarkupPDF

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, Clifford Chance or Webber Wentzel 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, Clifford Chance or Webber Wentzel 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


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.