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 revised Schuldschein Loan Agreements (16 February 2024)

The LMA is pleased to announce publication of revised Schuldschein Loan Agreements in German and English language.

As with the original versions, the revised LMA Schuldschein Loan Agreements are available in German and English language for both single borrower and single borrower with guarantor transaction structures. 

The revisions have been considered and agreed by members of the original working party and reflect changes in law, feedback received from market participants since 2018, developments in relation to reference rate fall-back provisions and aligning the security over lenders’ rights clause to the relevant clause provided for in the German law precedent for syndicated facilities. 

Strengthening EURIBOR fallbacks - LMA publishes updated Term €STR exposure draft and German law investment grade document (1 February 2024)

We have published an updated version of our term €STR fallback exposure draft and related commentary following market feedback. As feedback received was generally supportive of the exposure draft, there have been no major changes. However, given the lack of market practice in the use of term €STR fallbacks, the LMA has not yet moved this document to recommended form. As a result, we need members to provide us with ongoing feedback from the provisions being used on transactions. 

We have also updated the existing form of German law investment grade documentation to include a switch to compounded €STR upon a permanent cessation or non-representativeness of EURIBOR. 

 

LMA updates Term SOFR commentary, as well as its developing markets and PXF facility agreements for RFRs (22 January 2024)

We are pleased to have published updated versions of its developing markets and pre-export finance (PXF) facility agreements for the transition to risk-free rates (RFRs).  We have also published an updated Term SOFR commentary which: (i) reflects these updates; and (ii) provides additional guidance on certain aspects in light of market feedback.    

The update to these documents is part of a wider ongoing documentation update exercise necessitated by the RFR transition, in particular to reflect which documents are most helpful for the market, as well as which currencies and rates are being used in which sectors and jurisdictions and is part of the LMA’s ongoing support to members across markets facilitating IBOR transition and fallbacks.    

Documents Index

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Name of Document FormatsDate Revised Markup
Name of DocumentLMA term sheet for multicurrency term and revolving facilities agreements incorporating rate switch provisions (lookback [without]/[with] observation shift)FormatsWordDate Revised28/05/2021MarkupPDF
Name of DocumentLMA recommended form of multicurrency term and revolving facilities agreement incorporating rate switch provisions (lookback without observation shift)FormatsWordDate Revised28/05/2021MarkupPDF
Name of DocumentLMA recommended form of multicurrency term and revolving facilities agreement incorporating rate switch provisions (lookback with observation shift)FormatsWordDate Revised28/05/2021MarkupPDF
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)FormatsWordDate Revised28/05/2021MarkupPDF
Name of DocumentMember alertFormatsPDFDate Revised28/05/2021MarkupPDF
Name of DocumentLIBOR transition considerations overview for wider LMA document suiteFormatsPDFDate Revised30/03/2021MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentRFR Terms for Replacement of Screen Rate Clause FormatsWordDate Revised30/03/2021MarkupPDF
Name of DocumentMember alert FormatsPDFDate Revised30/03/2021MarkupPDF
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 DocumentLMA Note on LMA facility documentation and the recommendations by the Euro Working Group on EURIBOR fallbacksFormatsPDFDate Revised31/03/2023MarkupPDF
Name of DocumentTransitioning to RFRs - Practical guidance for AmendmentsFormatsPDFDate Revised03/08/2021MarkupPDF
Name of DocumentLIBOR transition considerations overview for wider LMA document suiteFormatsPDFDate Revised30/03/2021MarkupPDF
Name of DocumentConsiderations in respect of the use of forward-looking term SONIA reference rates FormatsPDFDate Revised26/03/2021MarkupPDF
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 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) FormatsWordDate Revised26/10/2023MarkupPDF
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)FormatsWordDate Revised26/10/2023MarkupPDF
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)FormatsWordDate Revised26/10/2023MarkupPDF
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) FormatsWordDate Revised26/10/2023MarkupPDF
Name of DocumentLMA recommended form of single currency term and revolving facilities agreement incorporating backward-looking compounded rates (lookback without observation shift)FormatsWordDate Revised26/10/2023MarkupPDF
Name of DocumentLMA recommended form of single currency term and revolving facilities agreement incorporating backward-looking compounded rates (lookback with observation shift) FormatsWordDate Revised26/10/2023MarkupPDF
Name of DocumentCommentary to the LMA recommended forms of compounded rate facilities agreements (lookback without and with observation shift) FormatsPDFDate Revised26/10/2023MarkupPDF
Name of DocumentMember alert FormatsPDFDate Revised26/10/2023MarkupPDF
Name of DocumentLMA CORRA SchedulesFormatsWordDate Revised31/10/2023MarkupPDF
Name of DocumentLMA Compounded TONA ScheduleFormatsWordDate Revised31/10/2023MarkupPDF
Name of DocumentLIBOR transition considerations overview for wider LMA document suiteFormatsPDFDate Revised30/03/2021MarkupPDF
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Name of Document FormatsDate 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 ratesFormatsWordDate Revised04/06/2021MarkupPDF
Name of DocumentMember alert FormatsPDFDate Revised04/06/2021MarkupPDF
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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
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Name of Document FormatsDate Revised Markup
Name of DocumentLMA Multicurrency Term and Revolving Facilities Agreement incorporating Term SOFR for use in Investment Grade transactionsFormatsWordDate Revised26/10/2023MarkupPDF
Name of DocumentLMA Term SOFR CommentaryFormatsWordDate Revised22/01/2024MarkupPDF
Name of DocumentLMA Single Currency Term and Revolving Facilities Agreement incorporating Term SOFR for use in Developing Market jurisdictionsFormatsWordDate Revised25/05/2023MarkupPDF
Name of DocumentMember alertFormatsPDFDate Revised25/05/2023MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentLMA Exposure Draft Multicurrency Term and Revolving Facilities Agreement incorporating Term €STR FormatsWordDate Revised01/02/2024MarkupPDF
Name of DocumentMember alertFormatsPDFDate Revised01/02/2024MarkupPDF
Name of DocumentLMA Term €STR Commentary FormatsPDFDate Revised01/02/2024MarkupPDF
Name of DocumentOverview of fallback provisions in LMA Term €STR Fallback Exposure Draft FormatsPDFDate Revised26/10/2023MarkupPDF

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, Clifford Chance or Webber Wentzel 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, Clifford Chance or Webber Wentzel 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.