Name of Document | Formats | Date Revised | Markup |
---|---|---|---|
Name of DocumentLMA term sheet for multicurrency term and revolving facilities agreements incorporating rate switch provisions (lookback [without]/[with] observation shift) | FormatsWord | Date Revised28/05/2021 | MarkupPDF |
Name of DocumentLMA recommended form of multicurrency term and revolving facilities agreement incorporating rate switch provisions (lookback without observation shift) | FormatsWord | Date Revised28/05/2021 | MarkupPDF |
Name of DocumentLMA recommended form of multicurrency term and revolving facilities agreement incorporating rate switch provisions (lookback with observation shift) | FormatsWord | Date Revised28/05/2021 | MarkupPDF |
Name of DocumentCommentary to the LMA recommended form of multicurrency term and revolving facilities agreements incorporating rate switch provisions (lookback without and with observation shift) | FormatsWord | Date Revised28/05/2021 | MarkupPDF |
Name of DocumentMember alert | FormatsPDF | Date Revised28/05/2021 | MarkupPDF |
Name of DocumentLIBOR transition considerations overview for wider LMA document suite | FormatsPDF | Date Revised30/03/2021 | MarkupPDF |
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 term SOFR documentation to recommended form (25 May 2023)
We are pleased to have published our exposure draft term SOFR documentation as recommended form. The related term SOFR commentary has also been updated.
The move to recommended form follows the increasing use in the market of the term SOFR provisions in the exposure drafts, market feedback received, the length of time since publication of the exposure drafts and the impending end-June 2023 deadline for US dollar LIBOR transition.
In respect of fallbacks to term SOFR, the options presented remain suggestions only given some ongoing discussions in the market. However, market participants are reminded of recent regulatory statements, including from the Financial Stability Board, that contracts referencing term RFRs need to have robust fallbacks in place. Market participants are also reminded that cost of funds is only included in the recommended form term SOFR documentation as a potential option for an ultimate fallback.
LMA publishes model provisions for sustainability-linked loans (4 May 2023)
We have published model provisions for sustainability-linked loans (SLLs). These model provisions look to provide a proposed form of draft SLL provisions for inserting into LMA loan documentation, which are aligned with our Sustainability-Linked Loan Principles and accompanying Guidance notes.
Put together by an experienced working party of financial institutions and law firms active in sustainable finance, these model provisions seek to reflect current market practice, and provide a vital tool to protect the integrity of the SLL market by providing a basic drafting framework to assist parties in the negotiation of the document. The model provisions also include extensive drafting notes setting out points for parties to consider when undertaking a SLL transaction.
LMA publishes updated real estate finance intercreditor agreements (19 April 2023)
We have published updated versions of the LMA intercreditor agreement for real estate finance transactions, and the LMA intercreditor agreement for real estate finance transactions (contractual subordination only).
Amendments have been made to these documents to reflect the transition to risk-free rates as well as the UK's withdrawal from the European Union.
Documents Index
- RFR Destination Table
- Issues and Guidance
- LIBOR Transition
- Borrowing Base
- Investment Grade
- Leveraged/High Yield
- Leveraged - Senior/Mezzanine
- Leveraged - Super Senior/Senior
- Real Estate Finance
- Schuldscheindarlehen
- Pre-Export Finance
- Export Finance
- Developing Markets
- South African Law Investment Grade
- Local African Law
- French Law Investment Grade
- German Law Investment Grade
- Spanish Law Investment Grade
- Sustainable Finance
- Credit Risk Insurance
- Release & Reliance Letters
- Secondary Debt Trading
- Restructuring
- Bail-in Clause
- General
- Brexit
- Pan-European Private Placement
- Show All
Name of Document | Formats | Date Revised | Markup |
---|---|---|---|
Name of DocumentRFR Terms for Replacement of Screen Rate Clause | FormatsWord | Date Revised30/03/2021 | MarkupPDF |
Name of DocumentMember alert | FormatsPDF | Date Revised30/03/2021 | MarkupPDF |
Name of DocumentNote on the Revised Replacement of Screen Rate Clause and pre-cessation trigger | FormatsWord | Date Revised21/10/2020 | MarkupPDF |
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 | FormatsWord | Date Revised24/08/2020 | MarkupPDF |
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) | FormatsWord | Date Revised21/12/2018 | MarkupPDF |
Name of Document | Formats | Date Revised | Markup |
---|---|---|---|
Name of DocumentTransitioning to RFRs - Practical guidance for Amendments | FormatsPDF | Date Revised03/08/2021 | MarkupPDF |
Name of DocumentLIBOR transition considerations overview for wider LMA document suite | FormatsPDF | Date Revised30/03/2021 | MarkupPDF |
Name of DocumentLMA Note on LMA facility documentation and the recommendations by the Euro Working Group on EURIBOR fallbacks | FormatsPDF | Date Revised31/03/2023 | MarkupPDF |
Name of DocumentConsiderations in respect of the use of forward-looking term SONIA reference rates | FormatsPDF | Date Revised26/03/2021 | MarkupPDF |
Name of Document€STR publication and changes to EONIA | FormatsPDF | Date Revised02/10/2019 | MarkupPDF |
Name of DocumentLMA Revised Replacement of Screen Rate Clause and considerations in respect of credit adjustment spreads | FormatsPDF | Date Revised07/08/2019 | MarkupPDF |
Name of DocumentEONIA – planned change in methodology and discontinuation | FormatsPDF | Date Revised01/05/2019 | MarkupPDF |
Name of DocumentICE LIBOR and EURIBOR refixing policies and LMA facility documentation | FormatsPDF | Date Revised01/06/2016 | MarkupPDF |
Name of DocumentLIBOR code of conduct and revised LMA facility documentation guidance note | FormatsPDF | Date Revised12/11/2014 | MarkupPDF |
Name of DocumentLMA note discussing the impact of LIBOR transition to ICE on the legacy LMA LIBOR definitions | FormatsPDF | Date Revised23/03/2014 | MarkupPDF |
Name of DocumentLMA note on IBOR | FormatsPDF | Date Revised30/07/2013 | MarkupPDF |
Name of Document | Formats | Date Revised | Markup |
---|---|---|---|
Name of DocumentLMA Compounded CORRA Schedule | FormatsWord | Date Revised28/02/2023 | MarkupPDF |
Name of DocumentLMA term sheet for recommended forms of multicurrency term and revolving facilities agreements incorporating backward-looking compounded rates and forward-looking term rates with rate switch provisions (lookback [without]/[with] observation shift) | FormatsWord | Date Revised28/05/2021 | MarkupPDF |
Name of DocumentLMA recommended form of multicurrency term and revolving facilities agreement incorporating backward-looking compounded rates and forward-looking term rates with rate switch provisions (lookback without observation shift) | FormatsWord | Date Revised28/05/2021 | MarkupPDF |
Name of DocumentLMA recommended form of multicurrency term and revolving facilities agreement incorporating backward-looking compounded rates and forward-looking term rates with rate switch provisions (lookback with observation shift) | FormatsWord | Date Revised28/05/2021 | MarkupPDF |
Name of DocumentLMA term sheet for recommended forms of single currency term and revolving facilities agreements incorporating backward-looking compounded rates (lookback [without[/[with] observation shift) | FormatsWord | Date Revised28/05/2021 | MarkupPDF |
Name of DocumentLMA recommended form of single currency term and revolving facilities agreement incorporating backward-looking compounded rates (lookback without observation shift) | FormatsWord | Date Revised28/05/2021 | MarkupPDF |
Name of DocumentLMA recommended form of single currency term and revolving facilities agreement incorporating backward-looking compounded rates (lookback with observation shift) | FormatsWord | Date Revised28/05/2021 | MarkupPDF |
Name of DocumentMember alert | FormatsPDF | Date Revised28/05/2021 | MarkupPDF |
Name of DocumentLIBOR transition considerations overview for wider LMA document suite | FormatsPDF | Date Revised30/03/2021 | MarkupPDF |
Name of DocumentCommentary to the LMA recommended forms of compounded rate facilities agreements (lookback without and with observation shift) | FormatsPDF | Date Revised15/12/2021 | MarkupPDF |
Name of DocumentLMA Compounded TONA Schedule | FormatsWord | Date Revised21/01/2022 | MarkupPDF |
Name of Document | Formats | Date Revised | Markup |
---|---|---|---|
Name of DocumentLMA recommended form of reference rate selection agreement for use in relation to legacy transactions and the transition to alternative reference rates | FormatsWord | Date Revised04/06/2021 | MarkupPDF |
Name of DocumentMember alert | FormatsPDF | Date Revised04/06/2021 | MarkupPDF |
Name of Document | Formats | Date Revised | Markup |
---|---|---|---|
Name of DocumentLMA Multicurrency Term and Revolving Facilities Agreement incorporating Term SOFR for use in Investment Grade transactions | FormatsWord | Date Revised25/05/2023 | MarkupPDF |
Name of DocumentLMA Single Currency Term and Revolving Facilities Agreement incorporating Term SOFR for use in Developing Market jurisdictions | FormatsWord | Date Revised25/05/2023 | MarkupPDF |
Name of DocumentLMA Term SOFR Commentary | FormatsWord | Date Revised25/05/2023 | MarkupPDF |
Name of DocumentMember alert | FormatsPDF | Date Revised25/05/2023 | MarkupPDF |
Name of Document | Formats | Date 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 Documentation | FormatsPDF | Date Revised28/05/2021 | MarkupPDF |
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 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.
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.
Brexit Notice
The LMA recommended form primary documents and associated user guides are in the process of being updated to reflect the changes required as a result of the end of the Brexit transition period on 31st December 2020. Where documents are yet to be updated, for guidance on the Brexit related amendments that should be made to English law facility agreements entered or to be entered into from 1st January 2021, including in respect of EU legislative references and bail-in, please refer to the LMA Brexit Destination Tables and to the Note entitled "LMA Brexit documentary implications – Consolidated and Updated Note (19/11/2020). These can also be used as a reference point to amend other LMA recommended forms and, in particular, the bail-in clause can be adapted for use in any of the LMA recommended form documentation where applicable.