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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.

The LMA publishes new and updated documents on LIBOR transition (23 November 2020)

We published a Revised exposure draft rate switch facility agreement (lookback without observation shift); new exposure draft rate switch facility agreement (lookback with observation shift); revised commentary relating to rate switch facility agreements; term sheet for rate switch facility agreements; and RFR terms for use with supplement to revised replacement of screen rate language.

The LMA publishes Consolidated and Updated Note on Brexit documentary implications and two EU legislative references destination tables (18 November 2020)

We published a note entitled "Documentary implications of the end of the Brexit transition period for LMA facility Documentation" ("Brexit Note") which consolidates and updates the earlier Brexit notes published in September 2016 and April 2019, as well as two EU legislative references destination tables.

The LMA publishes a Note on Revised Replacement of Screen Rate Clause and pre-cessation trigger (21 October 2020)

We published a note (the "pre-cessation note") highlighting considerations relating to inclusion, in the LMA's Revised Replacement of Screen Rate Clause, of a specific pre-cessation trigger relating to a benchmark rate no longer being representative.

Issues and Guidance

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 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.

Update to LMA Data Protection Privacy Notice (19 October 2020)

We have updated our Data Protection Privacy Notice to clarify the service providers to whom the LMA can disclose personal data to (e.g. professional advisers).

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.

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.