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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800+

organisations are
members of the
LMA

65+

Countries within
our membership

LMA publishes a model form CRI policy document (8 August 2022)

We, with the assistance of the Lloyd's Market Association ("Lloyd's") and the International Underwriting Association ("IUA"), have published a model form of Credit Risk Insurance Policy ("CRI Policy"). The CRI Policy is drafted: for the purposes of insuring single borrower credit risk arising from a loan agreement; and with a view to the CRR requirements for unfunded credit protection.

Updates to LMA REF Security Agreements (20 June 2022)

We have published updates to our Real Estate Finance (REF) Investment Security Agreement, REF Development Security Agreement and REF Shareholder Security Agreement (the Security Agreements) following the enactment of the National Security and Investment Act 2021 (the NSIA).

LMA publishes revised versions of real estate investment property facility agreement, development property facility agreement and associated term sheets which envisage the use of RFRs from the outset (28 April 2022)

We have published revised versions of our real estate investment property facility agreement, development property facility agreement and associated term sheets which envisage the use of RFRs from the outset. Cumulative mark-ups against the previous LIBOR referencing documents have also been published so that members may see the changes which have been made.

Documents Index

Name of Document FormatsDate Revised Markup
Name of DocumentREFERENCE ONLY - Users Guide to Private Placement DocumentsFormatsPDFDate Revised20/03/2020MarkupPDF
Name of DocumentREFERENCE ONLY - Pan-European Private Placement Term Facility AgreementFormatsWordDate Revised20/03/2020MarkupPDF
Name of DocumentREFERENCE ONLY - Pan-European Private Placement Confidentiality LetterFormatsWordDate Revised20/03/2020MarkupPDF
Name of DocumentREFERENCE ONLY - Pan-European Private Placement Subscription AgreementFormatsWordDate Revised20/03/2020MarkupPDF
Name of DocumentREFERENCE ONLY - Pan-European Private Placement Term SheetFormatsWordDate Revised20/03/2020MarkupPDF

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 rateequivalent to any given LMA facility document which contains references to LIBOR.