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.


LMA publishes recommended form of extension option and users guide (21 May 2024)

On 21 May 2024, we are pleased to have published a form of drafting of an extension option for users of our recommended forms of facility agreements for investment grade transactions. 

The intention of the extension option is to provide a position that broadly reflects general market practice for an extension option in a syndicated facility to a corporate borrower with an investment grade credit rating. As with all our recommended form documents, it is recognised that the negotiated terms of individual extension options can vary widely and the extension option seeks to provide a sensible starting point only. The users guide sets out the basis on which the extension option is drafted, as well as highlighting in a non-exhaustive manner some of the negotiation points which may arise.

LMA publishes South African law JIBAR rate switch agreement to assist with market transition to ZARONIA (9 May 2024)

On 9 May 2024, we are pleased to have published further South African law documentation to assist the loan market in transitioning away from JIBAR to compounded ZARONIA. 

The Unsecured Single Currency Single Borrower Term and Revolving Facilities Agreement Incorporating Rate Switch Provisions (the “Exposure Draft SA Rate Switch Agreement”) provides for an in-built switch from JIBAR to a backward-looking compounded ZARONIA on the occurrence of specified trigger events. It includes mechanics and provisions for transition which are intended to mitigate the risk of a further amendment being required.

LMA publishes updated DAC6 guidance note (2 May 2024)

On 2 May 2024, we published our updated guidance note in relation to the Directive on Administrative Cooperation (commonly known as "DAC6"). This follows a consultation on 28 March 2023 whereby the rules implementing DAC6 in the UK were repealed and replaced with The International Tax Enforcement (Disclosable Arrangements) Regulations 2023 (the "Regulations").

The guidance note covers the applicability of both regimes.


LMA publishes Sustainability Coordinator Letter (24 April 2024)

We are delighted to announce the publication of the LMA’s Sustainability Coordinator Letter (the SC Letter).

The SC Letter is intended to provide a starting point for negotiation where a sustainability coordinator is to be appointed on a sustainable lending transaction. 

The SC Letter is aligned with the Draft Provisions for Sustainability-Linked Loans published on 4 May 2023.

Given that the sustainability coordinator role is continuing to develop, the SC Letter will be kept under review and updated periodically as required. 

LMA publishes guidance note on the Building Safety Act 2022 (18 April 2024)

The LMA is pleased to announce the publication of the LMA’s guidance note on the Building Safety Act.

The Building Safety Act 2022 (BSA), which came into force 1 April 2023, is primarily intended to improve the design, construction and management of higher-risk buildings in England and Wales in the wake of the Grenfell Tower fire in 2017. The BSA is the most wide-ranging and comprehensive legislative reform affecting the built environment in decades.

Our new guidance note includes a number of key points for consideration for bank and non-bank lenders, and their advisors, when using the LMA’s template real estate finance facility documentation in circumstances where the BSA may apply.


Documents Index

Name of Document FormatsDate Revised Markup
Name of DocumentGuidance Note To Release And Reliance Letters For Leveraged Finance TransactionsFormatsPDFDate Revised21/12/2018MarkupPDF

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


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.