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.
We have published a recommended form of revolving facilities agreement for use in borrowing base transactions (the "Borrowing Base Finance Document"). A user guide has been published alongside the Borrowing Base Finance Document. It was recognised that the nature of borrowing base financings was such that it would be very difficult to produce a document which was in any way "standard" document would need to be tailored to the particular transaction. However, it was still felt that a form of facility agreement would be a step forward in promoting the efficiency of the market.
LMA publishes practical guidance for the documentary amendment process when transitioning legacy LIBOR facilities (3 August 2021)
We have published a note providing practical guidance for the documentary amendment process for parties transitioning legacy LIBOR syndicated loan facilities to compounded risk-free reference rates (RFRs). Specifically, in relation to amendments to legacy LIBOR syndicated loan facilities to provide for the transition to the use of compounded RFRs, the importance of clearly identifying those elements of the amendment documentation related to such transition (and explicitly highlighting any deviation from published LMA RFR facility documentation) has been emphasised.
We have published a real estate finance facility agreement for investment property transactions to facilitate the syndicated loan market in transitioning away from the use of LIBOR to compounded risk-free rates ("RFRs"). The facility agreement is based on compounded RFRs from the outset and provides the option for users to select observation shift or not (rather than two versions being produced of each agreement). In addition, the document has been updated to reflect changes in respect of Brexit and bail-in.
- Issues and Guidance
- LIBOR Transition
- Borrowing Base
- Investment Grade
- Leveraged/High Yield
- Leveraged - Senior/Mezzanine
- Leveraged - Super Senior/Senior
- Real Estate Finance
- Private Placement
- 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
- Green & Sustainable Finance
- Release & Reliance Letters
- Secondary Debt Trading
- Bail-in Clause
- Show All
|Name of Document||Formats||Date Revised||Markup|
|Name of DocumentLIBOR transition considerations overview for wider LMA document suite||FormatsPDF||Date Revised30/03/2021||MarkupPDF|
|Name of DocumentLIBOR transition considerations in LMA export finance, developing market and pre-export finance documentation||FormatsPDF||Date Revised30/03/2021||MarkupPDF|
|Name of DocumentConsiderations in respect of the use of forward-looking term SONIA reference rates||FormatsPDF||Date Revised26/03/2021||MarkupPDF|
|Name of DocumentUser Guide to Pre-Export Finance Facility Agreement||FormatsPDF||Date Revised20/03/2020||MarkupPDF|
|Name of Document||Formats||Date Revised||Markup|
|Name of DocumentSingle Currency Term Facility Agreement for Pre-Export Finance Transactions||FormatsWord||Date Revised20/03/2020||MarkupPDF|
|Name of DocumentDomestic Benchmark Slot-in Schedules||FormatsWord||Date Revised28/02/2020||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.
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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 firstname.lastname@example.org.