Documents & Guidelines

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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The LMA publishes an exposure draft multicurrency rate switch facility agreement (11 September 2020)

We have published an exposure draft multicurrency term and revolving facilities agreement incorporating rate switch provisions. This exposure draft is based on lookback without observation shift. The Rate Switch Agreement has been published as an exposure draft and does not constitute a recommended form of the LMA. We would request market participants to send us feedback on the Rate Switch Agreement by close of business on 25 September 2020.

Revised versions of German law documents (26 August 2020)

We have published a revised version of the German law Investment Grade Facilities Agreement and Supplemental Users Guide, and a revised version of the German law Facility Agreement for Real Estate Finance Multiproperty Investment Transactions and Supplemental Users Guide.

Note on revised replacement of screen rate clause and additional supplement (24 August)

We have published a note on the Revised Replacement of Screen Rate Clause and documentary recommendations published by the Working Group on Sterling Risk-Free Reference Rates. The note contains a supplement to the LMA's Revised Replacement of Screen Rate Clause designed to facilitate one means of potential satisfaction of the recommendations (i.e. an agreed process for renegotiation).

Documents Index

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Name of Document FormatsDate Revised Markup
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 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

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.

Member Alert - Unauthorised activity on LMA website

The LMA has recently become aware of unauthorised activity on an archived copy of its website, which it is in the process of investigating. We understand that names and email addresses of members have been accessed, but not passwords which were protected by encryption, or any other personal data.

As a precautionary measure, we would advise that members change their LMA password and passwords on any sites where they use the same password as for their members' LMA log-in.

Read more to learn how to change your password.

Update to LMA Data Protection Privacy Notice (11 September 2020)

We have updated our Data Protection Privacy Notice ahead of the LMA Syndicated Loans Virtual Conference which will take place on 22-23 September 2020. The following text has been added to the "How we use personal data" section:

"If you enrol for one of our virtual conferences or events, and you interact with our sponsors through online chat facilities at those events, then we may pass your name, email address and phone number to the relevant sponsors. If you do not want your name and contact details to be passed to our sponsors, then please contact us at lma@lma.eu.com as soon as possible, and by no later than the day after the date of the virtual conference or event itself."


A copy of the full LMA Data Protection Privacy Notice can be accessed here. This contains information about how we process and use your data and the rights that you have in respect of your personal data.

Corporate Insolvency and Governance Act 2020

The LMA would like to inform its members that it has reviewed the recently enacted Corporate Insolvency and Governance Act 2020 in the context of its template facility documentation and is not planning any changes at the present time. The position will however be monitored in accordance with any evolving market practice.

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.