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 updated German law REF facility agreements (29 September 2022)

We have published updated versions of our German Law Euro Term Facility Agreement for Real Estate Finance (REF) Multiproperty Investment Transactions (in both German and English). The latest updates to these documents follow changes to our primary documents to reflect the end of the Brexit transition period on 31st December 2020, as well as the removal of Reference Banks from the fallback waterfall. 

LMA publishes risk-free rate version of senior single currency term facility agreement for real estate finance multiproperty investment transactions (senior/mezzanine) with and without observation shift (1 September 2022)

We have published an updated version of our senior single currency term facility agreement for real estate finance multiproperty investment transactions (senior/mezzanine) which envisages the use of risk-free rates from the outset. A mark-up against the previous LIBOR referencing document has also been published at the same time so that members can see the changes that have been made.

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.

Documents Index

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Name of Document FormatsDate Revised Markup
Name of DocumentREF Term Sheet for Multiproperty Investment TransactionsFormatsWordDate Revised20/03/2020MarkupPDF
Name of DocumentREF Term Sheet for Euro Term Facility Agreement (German law, German language)FormatsWordDate Revised20/03/2020MarkupPDF
Name of DocumentREF Term Sheet for Development TransactionsFormatsWordDate Revised20/03/2020MarkupPDF
Name of DocumentREF Term Sheet for Euro Term Facility Agreement (German law, English language)FormatsWordDate Revised20/03/2020MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentLMA REF Investment Facility Agreement with Day One RFRsFormatsWordDate Revised28/04/2022MarkupPDF
Name of DocumentLMA REF Investment Facility Agreement with Day One RFRs - redline against LIBOR versionFormatsPDFDate Revised06/05/2022MarkupPDF
Name of DocumentLMA REF Development Facility Agreement with Day One RFRsFormatsWordDate Revised28/04/2022MarkupPDF
Name of DocumentLMA REF Investment Term Sheet (RFR) FormatsWordDate Revised28/04/2022MarkupPDF
Name of DocumentLMA REF Development Term Sheet (RFR)FormatsWordDate Revised28/04/2022MarkupPDF
Name of DocumentLMA Senior Single Currency Term Facility Agreement for Real Estate Finance Multiproperty Investment Transactions (with/without observation shift)FormatsWordDate Revised01/09/2022MarkupPDF
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Guidance

Name of Document FormatsDate Revised Markup
Name of DocumentLIBOR transition considerations overview for wider LMA document suiteFormatsPDFDate Revised30/03/2021MarkupPDF
Name of DocumentLIBOR transition considerations in LMA real estate finance documentation FormatsPDFDate Revised30/03/2021MarkupPDF
Name of DocumentUser Guide to Real Estate Finance Multiproperty Investment Facility AgreementFormatsPDFDate Revised21/12/2018MarkupPDF
Name of DocumentUser Guide to Real Estate Finance Development Facility AgreementFormatsPDFDate Revised21/12/2018MarkupPDF
Name of DocumentUsers Guide to the German Law version of form of Facility Agreement for use in Real Estate Finance Multiproperty Investment TransactionsFormatsPDFDate Revised26/08/2020MarkupPDF
Name of DocumentUsers Guide to the German Law (German language) version of form of Facility Agreement for use in Real Estate Finance Multiproperty Investment TransactionsFormatsPDFDate Revised26/08/2020MarkupPDF

Facility Agreements

Name of Document FormatsDate Revised Markup
Name of DocumentSingle Currency Term Facility Agreement for Real Estate Finance Multiproperty Investment TransactionsFormatsWordDate Revised01/07/2020MarkupPDF
Name of DocumentSingle Currency Term Facility Agreement for Real Estate Finance Development TransactionsFormatsWordDate Revised01/07/2020MarkupPDF
Name of DocumentDomestic Benchmark Slot-in SchedulesFormatsWordDate Revised28/02/2020MarkupPDF
Name of DocumentREF Financial Covenant Cure RiderFormatsWordDate Revised21/12/2018MarkupPDF
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Guidance

Name of Document FormatsDate Revised Markup
Name of DocumentLIBOR transition considerations overview for wider LMA document suiteFormatsPDFDate Revised30/03/2021MarkupPDF
Name of DocumentLIBOR transition considerations in LMA real estate finance documentation FormatsPDFDate Revised30/03/2021MarkupPDF
Name of DocumentSenior/Mezzanine Facility Agreement Drafting Guide for Real Estate Finance TransactionsFormatsPDFDate Revised20/03/2020MarkupPDF

Facility Agreements

Name of Document FormatsDate Revised Markup
Name of DocumentLMA Senior Single Currency Term Facility Agreement for Real Estate Finance Multiproperty Investment Transactions FormatsWordDate Revised20/03/2020MarkupPDF
Name of DocumentMark-up of the new Senior Single Currency Term Facility Agreement for Real Estate Finance Multiproperty Investment Transactions as against the Single Currency Term Facility Agreement for Real Estate Finance Multiproperty Investment Transactions FormatsPDFDate Revised20/03/2020MarkupPDF
Name of DocumentDomestic Benchmark Slot-in Schedules FormatsWordDate Revised28/02/2020MarkupPDF
Name of DocumentREF Financial Covenant Cure RiderFormatsWordDate Revised21/12/2018MarkupPDF
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Guidance

Name of Document FormatsDate Revised Markup
Name of DocumentLMA Intercreditor User Guide for Real Estate Finance TransactionsFormatsPDFDate Revised21/12/2018MarkupPDF
Name of DocumentLMA Intercreditor User Guide for Real Estate Finance Transactions (contractual subordination only)FormatsPDFDate Revised21/12/2018MarkupPDF

Documentation

Name of Document FormatsDate Revised Markup
Name of DocumentLMA Intercreditor Agreement for Real Estate Finance TransactionsFormatsWordDate Revised20/03/2020MarkupPDF
Name of DocumentLMA Intercreditor Agreement for Real Estate Finance Transactions (contractual subordination only)FormatsWordDate Revised20/03/2020MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentEuro Term Facility Agreement for Real Estate Finance Multiproperty Investment Transactions (German Language, German Law Version)FormatsWordDate Revised29/09/2022MarkupPDF
Name of DocumentEuro Term Facility Agreement For Real Estate Finance Multiproperty Investment Transactions (English Language, German Law Version)FormatsWordDate Revised29/09/2022MarkupPDF
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Guidance

Name of Document FormatsDate Revised Markup
Name of DocumentUser Guide for Insurance Broker LetterFormatsPDFDate Revised21/12/2018MarkupPDF
Name of DocumentUser Guide - LMA REF Investment Security AgreementFormatsWordDate Revised20/06/2022MarkupPDF
Name of DocumentUser Guide LMA REF Development Security AgreementFormatsWordDate Revised20/06/2022MarkupPDF
Name of DocumentUser Guide LMA REF Shareholder Security AgreementFormatsWordDate Revised20/06/2022MarkupPDF
Name of DocumentGuidance on the application of the Green Loan Principles in the real estate finance (REF) lending context – Retrofit projectsFormatsPDFDate Revised13/11/2020MarkupPDF
Name of DocumentGuidance on the application of the Green Loan Principles in the real estate finance (REF) investment lending context – Green buildingsFormatsPDFDate Revised13/11/2020MarkupPDF
Name of DocumentGuidance on the application of the Sustainability-Linked Loan Principles in real estate finance and real estate development financeFormatsPDFDate Revised10/03/2022MarkupPDF

Documentation

Name of Document FormatsDate Revised Markup
Name of DocumentLMA Insurance Broker LetterFormatsWordDate Revised21/12/2018MarkupPDF
Name of DocumentLMA REF Investment Security AgreementFormatsWordDate Revised20/06/2022MarkupPDF
Name of DocumentLMA REF Development Security AgreementFormatsWordDate Revised20/06/2022MarkupPDF
Name of DocumentLMA REF Shareholder Security AgreementFormatsWordDate Revised20/06/2022MarkupPDF

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.