LMA publishes further RFR documentation to assist the market with LIBOR transition
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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

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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.

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LMA publishes practical guidance for the documentary amendment process when transitioning legacy LIBOR facilities (3 August 2021)

We have published a note providing practical guidance for the documentary amendment process for parties transitioning legacy LIBOR syndicated loan facilities to compounded risk-free reference rates (RFRs). Specifically, in relation to amendments to legacy LIBOR syndicated loan facilities to provide for the transition to the use of compounded RFRs, the importance of clearly identifying those elements of the amendment documentation related to such transition (and explicitly highlighting any deviation from published LMA RFR facility documentation) has been emphasised.
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LMA publishes further RFR documentation to assist the market with LIBOR transition (19 July 2021)

We have published a real estate finance facility agreement for investment property transactions to facilitate the syndicated loan market in transitioning away from the use of LIBOR to compounded risk-free rates ("RFRs"). The facility agreement is based on compounded RFRs from the outset and provides the option for users to select observation shift or not (rather than two versions being produced of each agreement). In addition, the document has been updated to reflect changes in respect of Brexit and bail-in.

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LMA Publishes Exposure Draft Trade Confirmations (22 June 2021)

We have published Exposure Drafts of LMA Trade Confirmation (Claims) and LMA Trade Confirmation (Risk Participation). This follows on from the recent release of the Exposure Draft for Standard Terms and Conditions for secondary debt trading, accompanying Explanatory Note and updated Trade Confirmation (Bank Debt), and forms part of the LMA's strategy to facilitate secondary loan market trading as the syndicated loan market transitions away from the use of LIBOR to risk-free rates.
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Documents Index

Leveraged - Super Senior/Senior

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Guidance

Name of Document FormatsDate Revised Markup
Name of DocumentUsers guide to form of Intercreditor Agreement for Leveraged Acquisition Finance Transactions (Super Senior/Senior)FormatsPDFDate Revised20/03/2020MarkupPDF

Documentation

Name of Document FormatsDate Revised Markup
Name of DocumentIntercreditor Agreement for Leveraged Acquisition Finance Transactions (Super Senior/Senior)FormatsWordDate Revised20/03/2020MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentDrafting Guide for Use in Relation to the Incorporation of Provisions Relating to the Use of Compounded Risk-Free Reference Rates into LMA DocumentationFormatsPDFDate Revised28/05/2021MarkupPDF

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.

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