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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.

Further Documentation Updates (20 March 2020)

Further to the publication of revised investment grade and real estate finance investment facility agreements on 28 February 2020, the LMA has today published revised versions of a number of its other recommended form facility agreements, Users Guides, RFR documentation and other associated documents.

Update to LMA Facility Agreements (28 February 2020)

We have published revised versions of our recommended forms of Investment Grade Facility Agreements, Users Guide, REF Investment Facility Agreements, RFR documentation and other associated documents. The main change is the inclusion of the LMA recommended form of replacement of screen rate clause as part of the amendments and waivers clause.

LMA note on "LMA Exposure Drafts of Compounded RFR Facilities Agreement – outstanding requirements for the production of LMA recommended forms" (20 February 2020)

This note is intended to highlight to market participants the outstanding requirements that need to be satisfied before the Exposure Drafts can be published as LMA recommended form documentation.

Issues and Guidance

Name of Document	Formats	Date Revised	Markup
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 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

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.

Documentation Automation Project

We are pleased to announce that, after a comprehensive tender process and in recognition of the growing demand from our membership, we have now entered into a memorandum of understanding alongside Allen & Overy and Avvoka, outlining our intention to develop a documentation automation platform in respect of certain LMA recommended form documents, as well as other ancillary services.

Updated Cookies Policy Notice

We have updated our Cookies Policy Notice on 20 March 2020. The changes that we have made consist of the deletion of details about Smartlook cookies: (i) SL_C_23361dd035530_VID; (ii) SL_C_23361dd035530_SID; and (iii) SL_C_23361dd035530_KEY, as these type of cookies are no longer relevant on the new LMA website. The LMA website was updated on 20 March 2020.