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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Name of Document FormatsDate Revised Markup
Name of DocumentLIBOR transition considerations overview for wider LMA document suiteFormatsPDFDate Revised03/02/2021MarkupPDF
Name of DocumentLMA term sheet for multicurrency term and revolving facilities agreements incorporating rate switch provisions (lookback [without[/[with] observation shift) FormatsWordDate Revised23/11/2020MarkupPDF
Name of DocumentExposure draft of multicurrency term and revolving facilities agreement incorporating rate switch provisions (lookback without observation shift) FormatsWordDate Revised23/11/2020MarkupPDF
Name of DocumentExposure draft of multicurrency term and revolving facilities agreement incorporating rate switch provisions (lookback with observation shift) FormatsWordDate Revised23/11/2020MarkupPDF
Name of DocumentCommentary to the exposure drafts of the multicurrency term and revolving facilities agreements incorporating rate switch provisions (lookback without and with observation shift)FormatsWordDate Revised23/11/2020MarkupPDF
Name of DocumentMember alertFormatsPDFDate Revised23/11/2020MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentRFR Terms for Replacement of Screen Rate ClauseFormatsWordDate Revised23/11/2020MarkupPDF
Name of DocumentMember alertFormatsPDFDate Revised23/11/2020MarkupPDF
Name of DocumentNote on the Revised Replacement of Screen Rate Clause and pre-cessation triggerFormatsWordDate Revised21/10/2020MarkupPDF
Name of DocumentNote on the Revised Replacement of Screen Rate Clause and documentary recommendations published by the Working Group on Sterling Risk-Free Reference Rates FormatsWordDate Revised24/08/2020MarkupPDF
Name of DocumentLMA Recommended Revised Form of Replacement Screen Rate Clause and Users Guide (Please note that this clause was incorporated into the LMA facility agreements as of 28 February 2020)FormatsWordDate Revised21/12/2018MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentLIBOR transition considerations overview for wider LMA document suite FormatsPDFDate Revised03/02/2021MarkupPDF
Name of Document€STR publication and changes to EONIAFormatsPDFDate Revised02/10/2019MarkupPDF
Name of DocumentLMA Revised Replacement of Screen Rate Clause and considerations in respect of credit adjustment spreadsFormatsPDFDate Revised07/08/2019MarkupPDF
Name of DocumentEONIA – planned change in methodology and discontinuationFormatsPDFDate Revised01/05/2019MarkupPDF
Name of DocumentICE LIBOR and EURIBOR refixing policies and LMA facility documentationFormatsPDFDate Revised01/06/2016MarkupPDF
Name of DocumentLIBOR code of conduct and revised LMA facility documentation guidance noteFormatsPDFDate Revised12/11/2014MarkupPDF
Name of DocumentLMA note discussing the impact of LIBOR transition to ICE on the legacy LMA LIBOR definitionsFormatsPDFDate Revised23/03/2014MarkupPDF
Name of DocumentLMA note on IBORFormatsPDFDate Revised30/07/2013MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentLIBOR transition considerations overview for wider LMA document suite FormatsPDFDate Revised03/02/2021MarkupPDF
Name of DocumentLMA term sheet for multicurrency compounded rate/term rate facilities agreements (lookback without and with observation shift) FormatsWordDate Revised28/01/2021MarkupPDF
Name of DocumentExposure draft of multicurrency compounded rate/term rate facilities agreement (lookback without observation shift) FormatsWordDate Revised28/01/2021MarkupPDF
Name of DocumentExposure draft of multicurrency compounded rate/term rate facilities agreement (lookback with observation shift) FormatsWordDate Revised28/01/2021MarkupPDF
Name of DocumentCommentary to the exposure drafts of the multicurrency compounded rate/term rate facilities agreements (lookback without and with observation shift) FormatsPDFDate Revised28/01/2021MarkupPDF
Name of DocumentMember alertFormatsPDFDate Revised28/01/2021MarkupPDF
Name of DocumentWARNING: The below single currency exposure draft facility agreements have not been updated to reflect the latest market conventions. FormatsPDFDate Revised10/11/2020MarkupPDF
Name of DocumentExposure draft of a compounded SOFR based US dollar term and revolving facilities agreementFormatsWordDate Revised28/02/2020MarkupPDF
Name of DocumentExposure draft of a compounded SONIA based sterling term and revolving facilities agreementFormatsWordDate Revised28/02/2020MarkupPDF
Name of DocumentCommentary to the RFR Exposure DraftsFormatsPDFDate Revised23/09/2019MarkupPDF
Name of DocumentMember Alert FormatsPDFDate Revised23/09/2019MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentExposure draft of reference rate selection agreement for use in relation to legacy transactions and the transition to alternative reference ratesFormatsWordDate Revised25/10/2019MarkupPDF
Name of DocumentMember AlertFormatsPDFDate Revised25/10/2019MarkupPDF

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.