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.


LMA updates exposure draft RFR documentation to recommended forms and publishes new single currency RFR facilities agreements (30 March 2021)

We published our exposure draft RFR documentation as recommended forms. We replaced the existing single currency SONIA and SOFR exposure drafts with two recommended form single currency RFR facilities agreements (one based on observation shift and one without shift) (the "Single Currency Compounded Rate Facilities Agreements") and updated the RFR Terms and notes outlining LIBOR transition considerations for the LMA's wider suite of documentation.

Considerations in respect of the use of forward-looking term SONIA reference rates (26 March 2021)

We published a note outlining considerations for market participants relating to the use of forward-looking term SONIA reference rates ("TSRRs"). The purpose of the note is to highlight considerations for LMA members when using TSRRs. TSSRs are forward-looking in nature and therefore similar in some respects to LIBOR, however, they also have a number of important differences which need to be factored in to their use and documentation.

The LMA Publishes Updated EU Bail-In Legislation Schedule and associated Users Guide (10 March 2021)

We published an updated EU Bail-In Legislation Schedule to reflect the enacting legislation that has recently come into effect in Iceland and to remove the UK bail-in regime from the Schedule. We have also updated the associated Users Guide. The EU Bail-In Legislation Schedule and the associated Users Guide can be accessed in this Documents Index.

Documents Index

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

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.