Name of Document | Formats | Date Revised | Markup |
---|---|---|---|
Name of DocumentExposure draft of multicurrency term and revolving facilities agreement incorporating rate switch provisions (lookback without observation shift) | FormatsWord | Date Revised23/11/2020 | MarkupPDF |
Name of DocumentExposure draft of multicurrency term and revolving facilities agreement incorporating rate switch provisions (lookback with observation shift) | FormatsWord | Date Revised23/11/2020 | MarkupPDF |
Name of DocumentLMA term sheet for multicurrency term and revolving facilities agreements incorporating rate switch provisions (lookback [without[/[with] observation shift) | FormatsWord | Date Revised23/11/2020 | MarkupPDF |
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) | FormatsWord | Date Revised23/11/2020 | MarkupPDF |
Name of DocumentMember alert | FormatsPDF | Date Revised23/11/2020 | MarkupPDF |
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
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.

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.
The LMA publishes new and updated documents on LIBOR transition (23 November 2020)
We published a Revised exposure draft rate switch facility agreement (lookback without observation shift); new exposure draft rate switch facility agreement (lookback with observation shift); revised commentary relating to rate switch facility agreements; term sheet for rate switch facility agreements; and RFR terms for use with supplement to revised replacement of screen rate language.
The LMA publishes Consolidated and Updated Note on Brexit documentary implications and two EU legislative references destination tables (18 November 2020)
We published a note entitled "Documentary implications of the end of the Brexit transition period for LMA facility Documentation" ("Brexit Note") which consolidates and updates the earlier Brexit notes published in September 2016 and April 2019, as well as two EU legislative references destination tables.
Documents Index
- Issues and Guidance
- LIBOR Transition
- Investment Grade
- Leveraged - Senior/Mezzanine
- Leveraged/High Yield
- Real Estate Finance
- Leveraged - Super Senior/Senior
- Schuldscheindarlehen
- Private Placement
- Commodity 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
- Green & Sustainable Finance
- Release & Reliance Letters
- Secondary Debt Trading
- Restructuring
- Bail-in Clause
- General
- Brexit
- Show All
Name of Document | Formats | Date Revised | Markup |
---|---|---|---|
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 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 DocumentNote on the Revised Replacement of Screen Rate Clause and pre-cessation trigger | FormatsWord | Date Revised21/10/2020 | MarkupPDF |
Name of DocumentRFR Terms for Replacement of Screen Rate Clause | FormatsWord | Date Revised23/11/2020 | MarkupPDF |
Name of DocumentMember alert | FormatsPDF | Date Revised23/11/2020 | MarkupPDF |
Name of Document | Formats | Date Revised | Markup |
---|---|---|---|
Name of DocumentLMA note on IBOR | FormatsPDF | Date Revised30/07/2013 | 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 DocumentLIBOR code of conduct and revised LMA facility documentation guidance note | FormatsPDF | Date Revised12/11/2014 | MarkupPDF |
Name of DocumentICE LIBOR and EURIBOR refixing policies and LMA facility documentation | FormatsPDF | Date Revised01/06/2016 | MarkupPDF |
Name of DocumentEONIA – planned change in methodology and discontinuation | FormatsPDF | Date Revised01/05/2019 | 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 Document€STR publication and changes to EONIA | FormatsPDF | Date Revised02/10/2019 | MarkupPDF |
Name of Document | Formats | Date Revised | Markup |
---|---|---|---|
Name of DocumentCommentary to the RFR Exposure Drafts | FormatsPDF | Date Revised23/09/2019 | MarkupPDF |
Name of DocumentMember Alert | FormatsPDF | Date Revised23/09/2019 | MarkupPDF |
Name of DocumentLMA Exposure Drafts of Compounded RFR Facilities Agreement – outstanding requirements for the production of LMA recommended forms | FormatsPDF | Date Revised20/02/2020 | MarkupPDF |
Name of DocumentExposure draft of a compounded SOFR based US dollar term and revolving facilities agreement | FormatsWord | Date Revised28/02/2020 | MarkupPDF |
Name of DocumentExposure draft of a compounded SONIA based sterling term and revolving facilities agreement | FormatsWord | Date Revised28/02/2020 | MarkupPDF |
Name of DocumentWARNING: These exposure draft facility agreements have not been updated to reflect the latest market conventions. Please see the "Rate Switch Agreement" for the latest conventions. | FormatsPDF | Date Revised10/11/2020 | MarkupPDF |
Name of Document | Formats | Date Revised | Markup |
---|---|---|---|
Name of DocumentExposure draft of reference rate selection agreement for use in relation to legacy transactions and the transition to alternative reference rates | FormatsWord | Date Revised25/10/2019 | MarkupPDF |
Name of DocumentMember Alert | FormatsPDF | Date Revised25/10/2019 | MarkupPDF |
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.
Member Alert - Unauthorised activity on LMA website (15 September 2020)
The LMA has recently become aware of unauthorised activity on an archived copy of its website, which it is in the process of investigating. We understand that names and email addresses of members have been accessed, but not passwords which were protected by encryption, or any other personal data.
As a precautionary measure, we would advise that members change their LMA password and passwords on any sites where they use the same password as for their members' LMA log-in.