Documents & Guidelines

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.

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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

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Name of Document FormatsDate Revised Markup
Name of DocumentERISA Introduction and Explanation of Recent ChangesFormatsPDFDate Revised25/09/2017MarkupPDF
Name of DocumentLMA Explanatory Note relating to Proceeds LetterFormatsPDFDate Revised03/03/2014MarkupPDF
Name of DocumentFATCA riders for LMA secondary debt trading documentation - HISTORICFormatsPDFDate Revised03/03/2014MarkupPDF
Name of DocumentLMA Pricing Panel Rules - HISTORICFormatsPDFDate Revised03/03/2014MarkupPDF
Name of DocumentLMA Grantor Credit Risk PaperFormatsPDFDate Revised09/10/2017MarkupPDF
Name of DocumentLMA Trade Recap Template FormatsPDFDate Revised30/09/2018MarkupPDF
Name of DocumentLSTA Market Advisory on Risks of Trading English Law Loans on LSTA Par/Near Par TermsFormatsPDFDate Revised05/07/2019MarkupPDF
Name of DocumentLMA Rider – Revised Definition of "Delay Period Commencement Date" for insertion in the LMA Standard Terms and ConditionsFormatsWordDate Revised18/12/2019MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentLMA Secondary Debt Trading Documentation User GuideFormatsPDFDate Revised30/01/2019MarkupPDF
Name of DocumentLMA Confidentiality Letter (Seller)FormatsPDFDate Revised24/03/2011MarkupPDF
Name of DocumentLMA Confidentiality Letter (Purchaser)FormatsPDFDate Revised24/03/2011MarkupPDF
Name of DocumentLMA Confidentiality Letter (Seller's Agent/Broker)FormatsPDFDate Revised24/03/2011MarkupPDF
Name of DocumentLMA Confidentiality Letter (Purchaser's Agent/Broker)FormatsPDFDate Revised24/03/2011MarkupPDF
Name of DocumentLMA Master Confidentiality UndertakingFormatsPDFDate Revised24/03/2011MarkupPDF
Name of DocumentLMA Master Confidentiality Undertaking for Admin/Settlement Service ProvidersFormatsPDFDate Revised12/11/2014MarkupPDF
Name of DocumentLMA Secondary Trading Documentation User GuideFormatsPDFDate Revised25/09/2017MarkupPDF
Name of DocumentLMA Funded Participation (Par/Distressed)FormatsPDFDate Revised02/12/2014MarkupPDF
Name of DocumentSecondary Trading Documentation User GuideFormatsPDFDate Revised17/02/2015MarkupPDF
Name of DocumentLMA Trade Confirmation (Risk Participation)FormatsPDFDate Revised14/05/2012MarkupPDF
Name of DocumentLMA Confidentiality Letter (Seller)FormatsPDFDate Revised04/01/2010MarkupPDF
Name of DocumentLMA Risk Participation (Par)FormatsPDFDate Revised02/12/2014MarkupPDF
Name of DocumentLMA Funded/Risk Participation (Par)FormatsPDFDate Revised02/12/2014MarkupPDF
Name of DocumentLMA Secondary Trading Documentation User GuideFormatsPDFDate Revised20/04/2016MarkupPDF
Name of DocumentLMA Assignment (Bank Debt)FormatsPDFDate Revised04/01/2010MarkupPDFPDF
Name of DocumentLMA Assignment (Distressed/Claims)FormatsPDFDate Revised04/01/2010MarkupPDF
Name of DocumentLMA Confidentiality Letter (Purchaser)FormatsPDFDate Revised04/01/2010MarkupPDF
Name of DocumentLMA Master Funded Participation Agreement (Par/Distressed)FormatsPDFDate Revised04/01/2010MarkupPDF
Name of DocumentLMA Trade Confirmation (Bank Debt)FormatsPDFDate Revised03/03/2014MarkupPDF
Name of DocumentLMA Trade Confirmation (Bank Debt)FormatsWordDate Revised16/12/2015MarkupPDF
Name of DocumentLMA Trade Confirmation (Risk Participation)FormatsWordDate Revised16/12/2015MarkupPDF
Name of DocumentLMA Master Risk Participation Agreement (Par)FormatsPDFDate Revised04/01/2010MarkupPDF
Name of DocumentLMA Master Confidentiality Undertaking for Admin/Settlement Service ProvidersFormatsPDFDate Revised04/01/2010MarkupPDF
Name of DocumentLMA Trade Confirmation (Bank Debt)FormatsPDFDate Revised24/03/2011MarkupPDF
Name of DocumentLMA Funded Participation (Par/Distressed)FormatsPDFDate Revised04/04/2010MarkupPDFPDF
Name of DocumentLMA Confidentiality Letter (Seller's Agent/Broker)FormatsPDFDate Revised04/01/2010MarkupPDF
Name of DocumentLMA Secondary Trading Documentation User GuideFormatsPDFDate Revised27/06/2011MarkupPDF
Name of DocumentLMA Multilateral Termination & Transfer Agreement (Novation)FormatsPDFDate Revised30/06/2010MarkupPDF
Name of DocumentLMA Risk Participation (Par)FormatsPDFDate Revised04/01/2010MarkupPDF
Name of DocumentLMA Trade Confirmation (Claims)FormatsPDFDate Revised14/05/2012MarkupPDF
Name of DocumentLMA Master Funded Participation Agreement (Par/Distressed)FormatsPDFDate Revised02/12/2014MarkupPDF
Name of DocumentLMA Trade Confirmation (Claims)FormatsWordDate Revised16/12/2015MarkupPDF
Name of DocumentLMA Trade Confirmation (Claims)FormatsPDFDate Revised27/06/2011MarkupPDF
Name of DocumentLMA Funded/Risk Participation (Par)FormatsPDFDate Revised04/01/2010MarkupPDF
Name of DocumentLMA Master Risk Participation Agreement (Par)FormatsPDFDate Revised02/12/2014MarkupPDF
Name of DocumentLMA Trade Confirmation (Risk Participation)FormatsPDFDate Revised24/03/2011MarkupPDF
Name of DocumentLMA Risk to Funded Participation (Par)FormatsPDFDate Revised04/01/2010MarkupPDF
Name of DocumentLMA Confidentiality Letter (Purchaser's Agent/Broker)FormatsPDFDate Revised04/01/2010MarkupPDF
Name of DocumentLMA Funded Participation (Distressed/Claims)FormatsPDFDate Revised02/12/2014MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentLMA Standard Terms and Conditions for Par and Distressed Trade Transactions (Bank Debt/Claims)FormatsPDFDate Revised29/10/2018MarkupPDF
Name of DocumentLMA Standard Terms and Conditions for Par and Distressed Trade Transactions (Bank Debt/Claims)FormatsPDFDate Revised25/09/2017MarkupPDF
Name of DocumentLMA Standard Terms & Conditions for Par & Distressed Trade Transactions (Bank Debt/Claims)FormatsPDFDate Revised17/02/2015MarkupPDF
Name of DocumentLMA Standard Terms & Conditions for Par & Distressed Trade Transactions (Bank/Debt Claims)FormatsPDFDate Revised27/06/2011MarkupPDF
Name of DocumentLMA Standard Terms and Conditions for Par and Distressed Trade Transactions (Bank/Debt Claims)FormatsPDFDate Revised14/05/2012MarkupPDF
Name of DocumentLMA Standard Terms & Conditions for Par & Distressed Trade Transactions (Bank/Debt Claims)FormatsPDFDate Revised03/03/2014MarkupPDF
Name of DocumentLMA Standard Terms & Conditions for Par & Distressed Trade Transactions (Bank Debt/ClaimsFormatsPDFDate Revised24/03/2011MarkupPDF
Name of DocumentLMA Standard Terms & Conditions for Par & Distressed Trade Transactions (Bank Debt/Claims)FormatsPDFDate Revised25/01/2010MarkupPDF
Name of DocumentLMA Distressed Terms & Conditions Apr '01FormatsPDFDate Revised02/04/2001MarkupPDF
Name of DocumentLMA Par Terms & ConditionsFormatsPDFDate Revised26/04/2001MarkupPDF
Name of DocumentLMA Distressed Terms & Conditions Oct '01FormatsPDFDate Revised01/10/2001MarkupPDF
Name of DocumentLMA Par Terms & ConditionsFormatsPDFDate Revised02/01/2003MarkupPDF
Name of DocumentLMA Par Terms & Conditions - includes competition rubricFormatsPDFDate Revised02/01/2003MarkupPDF
Name of DocumentLMA Par Terms & ConditionsFormatsPDFDate Revised15/09/2005MarkupPDF
Name of DocumentLMA Distressed Terms & Conditions Oct '05FormatsPDFDate Revised03/10/2005MarkupPDF
Name of DocumentLMA Distressed Terms & Conditions Oct '05 - includes competition rubricFormatsPDFDate Revised03/10/2005MarkupPDF
Name of DocumentLMA Par Terms & ConditionsFormatsPDFDate Revised02/05/2006MarkupPDF
Name of DocumentLMA Par Terms & Conditions - includes competition rubricFormatsPDFDate Revised02/05/2006MarkupPDF
Name of DocumentLMA Par Terms and Conditions December 2007FormatsPDFDate Revised21/12/2007MarkupPDF
Name of DocumentDistressed Standard Terms and Conditions published as at 24 December 2008 (revision date of 1 February 2008)FormatsPDFDate Revised01/02/2008MarkupPDF
Name of DocumentPar Standard Terms and Conditions published as at 24 December 2008 (applicable to a Trade Date on or after 3 September 2008)FormatsPDFDate Revised03/09/2008MarkupPDF
Name of DocumentPar Terms and Conditions January 2009FormatsPDFDate Revised05/01/2009MarkupPDF
Name of DocumentDistressed Terms and Conditions January 2009FormatsPDFDate Revised05/01/2009MarkupPDF
Name of DocumentLMA Standard Terms & Conditions for Par & Distressed Trade Transactions (Bank Debt/Claims)FormatsPDFDate Revised20/04/2016MarkupPDF
Name of DocumentLMA Standard Terms & Conditions for Par & Distressed Trade Transactions (Bank Debt/Claims)FormatsPDFDate Revised16/12/2015MarkupPDF
Name of DocumentLMA Standard Terms and Conditions for Par & Distressed Trade Transactions (Bank Debt/Claims)FormatsPDFDate Revised27/06/2017MarkupPDF
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Guidance

Name of Document FormatsDate Revised Markup
Name of DocumentLMA Guidance Note - LMA Recommended forms of Secondary Debt Trading DocumentationFormatsPDFDate Revised03/02/2011MarkupPDF
Name of DocumentIssues To Be Considered Prior To/Immediately After A TradeFormatsPDFDate Revised15/08/2017MarkupPDF
Name of DocumentLMA Secondary Debt Trading Documentation User GuideFormatsPDFDate Revised01/01/2021MarkupPDF

Core Trade Documentation

Name of Document FormatsDate Revised Markup
Name of DocumentLMA Trade Confirmation (Bank Debt)FormatsWordDate Revised29/10/2018MarkupPDF
Name of DocumentLMA Standard Terms and Conditions for Par and Distressed Trade Transactions (Bank Debt/Claims)FormatsPDFDate Revised01/01/2021MarkupPDF
Name of DocumentLMA Trade Confirmation (Claims)FormatsWordDate Revised29/10/2018MarkupPDF
Name of DocumentLMA Trade Confirmation (Risk Participation)FormatsWordDate Revised29/10/2018MarkupPDF
Name of DocumentLMA Transfer Agreement (Bank Debt)FormatsWordDate Revised04/01/2010MarkupPDFPDF
Name of DocumentLMA Assignment (Bank Debt)FormatsWordDate Revised24/03/2011MarkupPDF
Name of DocumentLMA Assignment (Distressed/Claims)FormatsWordDate Revised24/03/2011MarkupPDF
Name of DocumentLMA Master Funded Participation Agreement (Par/Distressed)FormatsWordDate Revised29/10/2018MarkupPDF
Name of DocumentLMA Master Risk Participation Agreement (Par)FormatsWordDate Revised29/10/2018MarkupPDF
Name of DocumentLMA Funded Participation (Distressed/Claims)FormatsWordDate Revised29/10/2018MarkupPDF
Name of DocumentLMA Funded Participation (Par/Distressed)FormatsWordDate Revised29/10/2018MarkupPDF
Name of DocumentLMA Risk Participation (Par)FormatsWordDate Revised29/10/2018MarkupPDF
Name of DocumentLMA Funded/Risk Participation (Par)FormatsWordDate Revised29/10/2018MarkupPDF
Name of DocumentLMA Risk to Funded Participation (Par)FormatsWordDate Revised29/10/2018MarkupPDF
Name of DocumentLMA Buy-In/Sell-Out NoticeFormatsWordDate Revised03/03/2014MarkupPDF
Name of DocumentLMA Purchase Price NoticeFormatsWordDate Revised03/03/2014MarkupPDF
Name of DocumentLMA Price Dispute Notice - HISTORICFormatsWordDate Revised03/03/2014MarkupPDF
Name of DocumentLMA Termination Notice (Par & Distressed)FormatsWordDate Revised04/01/2010MarkupPDF
Name of DocumentLMA Form of Early Termination Amount Statement for Par & Distressed Trade TransactionsFormatsWordDate Revised17/02/2015MarkupPDF

Termination Agreements

Name of Document FormatsDate Revised Markup
Name of DocumentLMA Multilateral Termination & Transfer Agreement (Novation)FormatsWordDate Revised03/03/2014MarkupPDF
Name of DocumentLMA Bilateral Termination and Transfer AgreementFormatsWordDate Revised14/05/2012MarkupPDF
Name of DocumentLMA Termination AgreementFormatsWordDate Revised14/05/2012MarkupPDF

Confidentiality

Name of Document FormatsDate Revised Markup
Name of DocumentLMA Confidentiality Letter (Seller)FormatsWordDate Revised01/01/2021MarkupPDF
Name of DocumentLMA Confidentiality Letter (Purchaser)FormatsWordDate Revised01/01/2021MarkupPDF
Name of DocumentLMA Confidentiality Letter (Seller's Agent/Broker)FormatsWordDate Revised01/01/2021MarkupPDF
Name of DocumentLMA Confidentiality Letter (Purchaser's Agent/Broker)FormatsWordDate Revised01/01/2021MarkupPDF
Name of DocumentLMA Master Confidentiality UndertakingFormatsWordDate Revised01/01/2021MarkupPDF
Name of DocumentLMA Master Confidentiality Undertaking for Admin/Settlement Service ProvidersFormatsWordDate Revised01/01/2021MarkupPDF

Netting Agreements

Name of Document FormatsDate Revised Markup
Name of DocumentLMA Multilateral Netting AgreementFormatsWordDate Revised03/03/2014MarkupPDF
Name of DocumentLMA Bilateral Netting AgreementFormatsWordDate Revised03/03/2014MarkupPDF

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.