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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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

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Guidance

Name of Document FormatsDate Revised Markup
Name of DocumentMezzanine Facility Agreement Drafting Guide for Leveraged Acquisition Finance Transactions (Senior/Mezzanine) (Compounded Rate/Term Rate)FormatsPDFDate Revised15/12/2021MarkupPDFPDF

Mandate and Syndication Documentation

Name of Document FormatsDate Revised Markup
Name of DocumentLeveraged Term Sheet (RFR)FormatsWordDate Revised15/12/2021MarkupPDF

Financial Covenants

Name of Document FormatsDate Revised Markup
Name of DocumentFinancial Covenants ProvisionsFormatsWordDate Revised15/12/2021MarkupPDF

Facility Documentation

Name of Document FormatsDate Revised Markup
Name of DocumentLMA Leveraged Facilities Agreement (Compounded Rate/Term Rate)FormatsWordDate Revised15/12/2021MarkupPDF

Facility Agreement Slot-in Clauses

Name of Document FormatsDate Revised Markup
Name of DocumentLMA Recommended Form of Designated Entity Clause and User GuideFormatsWordDate Revised21/01/2022MarkupPDF

Intercreditor Agreement

Name of Document FormatsDate Revised Markup
Name of DocumentLMA Intercreditor Agreement (Senior/Mezzanine) (Compounded Rate/Term Rate)FormatsWordDate Revised17/11/2022MarkupPDF
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Guidance

Name of Document FormatsDate Revised Markup
Name of DocumentUsers Guide to Forms of Fronted Agreements for Leveraged Acquisition Finance TransactionsFormatsPDFDate Revised21/12/2018MarkupPDF
Name of DocumentLMA Users Guide to Confidentiality Undertakings (English law)FormatsPDFDate Revised15/08/2018MarkupPDF
Name of DocumentLMA Front Running Letter of Undertaking Users GuideFormatsPDFDate Revised08/03/2018MarkupPDF
Name of DocumentExplanatory Memo Relating To Mandate Letters, Commitment Letters, Front Running Letters, Syndication Closing Timeline & Syndication Decision ChartsFormatsPDFDate Revised24/02/2009MarkupPDF

Term sheets, mandate letters, commitment letters, front running undertakings, timeline and decision charts

Name of Document FormatsDate Revised Markup
Name of DocumentLMA Recommended Timeline for Settlement of Primary Syndication Incorporating Delayed Settlement CompensationFormatsPDFDate Revised30/01/2018MarkupPDF
Name of DocumentLMA Mandate Letter - Best EffortsFormatsWordDate Revised08/03/2018MarkupPDF
Name of DocumentLMA Mandate Letter - UnderwrittenFormatsWordDate Revised08/03/2018MarkupPDF
Name of DocumentLMA Syndicate Member Commitment Letter for Primary Syndication - for initial commitment without approval of documentationFormatsWordDate Revised24/02/2009MarkupPDF
Name of DocumentLMA Syndicate Member Commitment Letter For Primary Syndication - for final commitment with approval of documentationFormatsWordDate Revised24/02/2009MarkupPDF
Name of DocumentSyndication Decision Chart - Unsuccessful SyndicationFormatsPDFDate Revised24/02/2009MarkupPDF
Name of DocumentSyndication Decision Chart - Successful SyndicationFormatsPDFDate Revised24/02/2009MarkupPDF
Name of DocumentLMA Confidentiality and Front Running Letter for Primary SyndicationFormatsWordDate Revised08/03/2018MarkupPDF
Name of DocumentLMA Front Running Letter of UndertakingFormatsWordDate Revised08/03/2018MarkupPDF
Name of DocumentLeveraged Term SheetFormatsWordDate Revised20/03/2020MarkupPDF
Name of DocumentLMA Confidentiality Undertaking for disclosure by potential initial lenders subscribers to credit protection providersFormatsWordDate Revised08/03/2018MarkupPDF
Name of DocumentAgency Details FormFormatsWordDate Revised02/08/2018MarkupPDF
Name of DocumentAdministration Detail FormFormatsWordDate Revised02/03/2023MarkupPDF

Fronted Agreements

Name of Document FormatsDate Revised Markup
Name of DocumentFronted Distribution AgreementFormatsWordDate Revised21/12/2018MarkupPDF
Name of DocumentFronted Funding and Distribution AgreementFormatsWordDate Revised21/12/2018MarkupPDF
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Guidance

Name of Document FormatsDate Revised Markup
Name of DocumentLIBOR transition considerations overview for wider LMA document suiteFormatsPDFDate Revised30/03/2021MarkupPDF
Name of DocumentLIBOR transition considerations in LMA leveraged finance documentationFormatsPDFDate Revised30/03/2021MarkupPDF
Name of DocumentEU legislative references in LMA English law facility documentation FormatsPDFDate Revised18/11/2020MarkupPDF
Name of DocumentUsers Guide to Form of Facility Agreement for Leveraged Acquisition Finance TransactionsFormatsPDFDate Revised20/03/2020MarkupPDF
Name of DocumentFinancial Covenants Provisions Users GuideFormatsPDFDate Revised21/12/2018MarkupPDF
Name of DocumentLMA note on the changes to leveraged documentation - November 2016FormatsPDFDate Revised18/11/2016MarkupPDF
Name of DocumentMezzanine Facility Agreement Drafting Guide for Leveraged Acquisition Finance TransactionsFormatsPDFDate Revised20/03/2020MarkupPDFPDF

Facility Agreements

Name of Document FormatsDate Revised Markup
Name of DocumentEU legislative references in LMA English law facility documentation FormatsPDFDate Revised18/11/2020MarkupPDF
Name of DocumentExplanatory Letter re. changes to Senior Multicurrency Facilities agreementFormatsPDFDate Revised14/09/2012MarkupPDF
Name of DocumentLMA Leveraged Facilities AgreementFormatsWordDate Revised20/03/2020MarkupPDF

Facility Agreement Slot-in Clauses

Name of Document FormatsDate Revised Markup
Name of DocumentRider permitting disclosure to numbering service providers and administration/settlement service providersFormatsWordDate Revised18/07/2017MarkupPDF
Name of DocumentDomestic Benchmark Slot-in SchedulesFormatsWordDate Revised28/02/2020MarkupPDF
Name of DocumentLMA Recommended Form of Designated Entity Clause and Users GuideFormatsWordDate Revised28/02/2020MarkupPDF

Financial Covenants

Name of Document FormatsDate Revised Markup
Name of DocumentFinancial Covenants ProvisionsFormatsWordDate Revised21/12/2018MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentLMA Hedging LetterFormatsWordDate Revised18/11/2016MarkupPDF
Name of DocumentForm of letter re permission to disclose information to numbering service providers and administration/settlement service providersFormatsWordDate Revised18/07/2017MarkupPDF
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Guidance

Name of Document FormatsDate Revised Markup
Name of DocumentLMA Intercreditor User GuideFormatsPDFDate Revised20/03/2020MarkupPDF
Name of DocumentMemorandum explaining revisions to Intercreditor Agreement - September 2012FormatsPDFDate Revised14/09/2012MarkupPDF

Documentation

Name of Document FormatsDate Revised Markup
Name of DocumentLMA Intercreditor AgreementFormatsWordDate Revised20/03/2020MarkupPDF

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 lma@lma.eu.com.

LIBOR IMPORTANT NOTICE

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.