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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New REF Security Documents (1 July 2020)

We have launched two new security agreements intended for use on real estate finance transactions (the "New REF Security Documents"), as well as consequential changes to the LMA REF facility agreements.


Note on Coronavirus Large Business Interruption Loan Scheme (CLBILS) and Intercreditor Considerations (25 June 2020)

We have published a guidance note which provides an overview of the UK"s Coronavirus Large Business Interruption Loan Scheme ("CLBILS") launched on 20 April 2020. The note outlines for consideration some potential intercreditor issues where a loan provided under the CLBILS forms part of the financing structure.

DAC6 and LMA recommended forms of facility documentation (19 June)

We have published a guidance note and optional riders relating to EU rules enacted under the Directive on Administrative Cooperation (commonly known as "DAC6"). DAC6 requires intermediaries including lenders to report to tax authorities certain information about cross-border arrangements that exhibit one or more specified characteristics referred to as "hallmarks".

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 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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Name of Document FormatsDate Revised Markup
Name of DocumentLMA Secondary Trading Documentation User GuideFormatsPDFDate Revised25/09/2017MarkupPDF
Name of DocumentLMA Funded Participation (Par/Distressed)FormatsPDFDate Revised02/12/2014MarkupPDF
Name of DocumentLMA Secondary Trading Documentation User GuideFormatsPDFDate Revised20/04/2016MarkupPDF
Name of DocumentLMA Trade Confirmation (Bank Debt)FormatsWordDate Revised16/12/2015MarkupPDF
Name of DocumentLMA Trade Confirmation (Claims)FormatsWordDate Revised16/12/2015MarkupPDF
Name of DocumentLMA Trade Confirmation (Risk Participation)FormatsWordDate Revised16/12/2015MarkupPDF
Name of DocumentLMA Trade Confirmation (Bank Debt)FormatsPDFDate Revised24/03/2011MarkupPDF
Name of DocumentLMA Multilateral Termination & Transfer Agreement (Novation)FormatsPDFDate Revised30/06/2010MarkupPDF
Name of DocumentLMA Trade Confirmation (Claims)FormatsPDFDate Revised27/06/2011MarkupPDF
Name of DocumentLMA Trade Confirmation (Risk Participation)FormatsPDFDate Revised24/03/2011MarkupPDF
Name of DocumentSecondary Trading Documentation User GuideFormatsPDFDate Revised17/02/2015MarkupPDF
Name of DocumentLMA Risk Participation (Par)FormatsPDFDate Revised02/12/2014MarkupPDF
Name of DocumentLMA Assignment (Bank Debt)FormatsPDFDate Revised04/01/2010MarkupPDFPDF
Name of DocumentLMA Assignment (Distressed/Claims)FormatsPDFDate Revised04/01/2010MarkupPDF
Name of DocumentLMA Master Funded Participation Agreement (Par/Distressed)FormatsPDFDate Revised04/01/2010MarkupPDF
Name of DocumentLMA Master Risk Participation Agreement (Par)FormatsPDFDate Revised04/01/2010MarkupPDF
Name of DocumentLMA Funded Participation (Par/Distressed)FormatsPDFDate Revised04/04/2010MarkupPDFPDF
Name of DocumentLMA Risk Participation (Par)FormatsPDFDate Revised04/01/2010MarkupPDF
Name of DocumentLMA Funded/Risk Participation (Par)FormatsPDFDate Revised04/01/2010MarkupPDF
Name of DocumentLMA Risk to Funded Participation (Par)FormatsPDFDate Revised04/01/2010MarkupPDF
Name of DocumentLMA Confidentiality Letter (Seller)FormatsPDFDate Revised04/01/2010MarkupPDF
Name of DocumentLMA Confidentiality Letter (Purchaser)FormatsPDFDate Revised04/01/2010MarkupPDF
Name of DocumentLMA Confidentiality Letter (Seller's Agent/Broker)FormatsPDFDate Revised04/01/2010MarkupPDF
Name of DocumentLMA Confidentiality Letter (Purchaser's Agent/Broker)FormatsPDFDate Revised04/01/2010MarkupPDF
Name of DocumentLMA Master Confidentiality Undertaking for Admin/Settlement Service ProvidersFormatsPDFDate Revised04/01/2010MarkupPDF
Name of DocumentLMA Secondary Trading Documentation User GuideFormatsPDFDate Revised27/06/2011MarkupPDF
Name of DocumentLMA Trade Confirmation (Claims)FormatsPDFDate Revised14/05/2012MarkupPDF
Name of DocumentLMA Master Risk Participation Agreement (Par)FormatsPDFDate Revised02/12/2014MarkupPDF
Name of DocumentLMA Funded Participation (Distressed/Claims)FormatsPDFDate Revised02/12/2014MarkupPDF
Name of DocumentLMA Trade Confirmation (Risk Participation)FormatsPDFDate Revised14/05/2012MarkupPDF
Name of DocumentLMA Funded/Risk Participation (Par)FormatsPDFDate Revised02/12/2014MarkupPDF
Name of DocumentLMA Trade Confirmation (Bank Debt)FormatsPDFDate Revised03/03/2014MarkupPDF
Name of DocumentLMA Master Funded Participation Agreement (Par/Distressed)FormatsPDFDate Revised02/12/2014MarkupPDF
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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 Revised18/12/2019MarkupPDF

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 Revised29/10/2018MarkupPDF
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 Revised24/03/2011MarkupPDF
Name of DocumentLMA Confidentiality Letter (Purchaser)FormatsWordDate Revised24/03/2011MarkupPDF
Name of DocumentLMA Confidentiality Letter (Seller's Agent/Broker)FormatsWordDate Revised24/03/2011MarkupPDF
Name of DocumentLMA Confidentiality Letter (Purchaser's Agent/Broker)FormatsWordDate Revised24/03/2011MarkupPDF
Name of DocumentLMA Master Confidentiality UndertakingFormatsWordDate Revised24/03/2011MarkupPDF
Name of DocumentLMA Master Confidentiality Undertaking for Admin / Settlement Service ProvidersFormatsWordDate Revised12/11/2014MarkupPDF

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.

Corporate Insolvency and Governance Act 2020

The LMA would like to inform its members that it has reviewed the recently enacted Corporate Insolvency and Governance Act 2020 in the context of its template facility documentation and is not planning any changes at the present time. The position will however be monitored in accordance with any evolving market practice.

Documentation Automation Project

We are pleased to announce that, after a comprehensive tender process and in recognition of the growing demand from our membership, we have now entered into a memorandum of understanding alongside Allen & Overy and Avvoka, outlining our intention to develop a documentation automation platform in respect of certain LMA recommended form documents, as well as other ancillary services.