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 notes outlining LIBOR transition considerations for the LMA's wider suite of documentation (3 February 2021)

We published a number of notes which outline, at a high level, considerations for market participants relating to the impact of LIBOR transition on LMA documentation outside of the context of English law investment grade documentation. In addition to the overview note, we published notes for REF, Leveraged Finance, Developing markets, export finance and pre-export finance, and French, German and Spanish law documentation.



The LMA publishes exposure draft documentation for multicurrency compounded rate / interbank term rate facilities (28 January 2021)

We published two exposure draft multicurrency term and revolving facilities agreements incorporating backward-looking compounded rates and forward looking interbank term rates (the "Multicurrency Compounded Rate/Term Rate Facilities Agreements") accompanied by a term sheet and a commentary. One exposure draft is based on observation shift and the other without observation shift.

The LMA publishes revised Secondary Terms and Conditions and Secondary Confidentiality Letters (21 December 2020)

We have published revised Terms and Conditions incorporating a bail-in clause (which is based on the LMA recommended form of bail-in clause). Additionally, we have published revised forms of Secondary Confidentiality Letters which also now include a bail-in clause. These will apply to all trades entered into on or after 1st January 2021.


Documents Index

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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 DocumentAdministration Detail FormFormatsWordDate Revised31/05/2018MarkupPDF
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

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 suite FormatsPDFDate Revised03/02/2021MarkupPDF
Name of DocumentLIBOR transition considerations in LMA leveraged finance documentation FormatsPDFDate Revised03/02/2021MarkupPDF
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 Revised21/12/2018MarkupPDF

Financial Covenants

Name of Document FormatsDate Revised Markup
Name of DocumentFinancial Covenants ProvisionsFormatsWordDate Revised21/12/2018MarkupPDF
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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
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Name of Document FormatsDate Revised Markup
Name of DocumentLMA Hedging LetterFormatsWordDate Revised21/06/2018MarkupPDF
Name of DocumentForm of letter re permission to disclose information to numbering service providers and administration/settlement service providersFormatsWordDate Revised18/07/2017MarkupPDF

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.