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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 compounded CORRA schedule (28 February 2023)

We have published a schedule for compounded in-arrear CORRA, which was produced in response to demand from some participants in the syndicated lending market to provide a suggested form of drafting for use of compounded in-arrear CORRA in conjunction with the structure for use of compounded in-arrear risk-free reference rate facilities agreements. 

As it is designed to work with the structure in the compounded rate facilities agreements, the schedule is largely technical in nature and follows the form of the other currency schedules already contained in the compounded rate facilities agreements. 

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LMA publishes note on documentary implications for the replacement of TARGET2 (16 February 2023)

We have released a note which outlines the documentary implications for the replacement of TARGET2. Market participants may be aware that TARGET2, the Trans-European Automated Real-time Gross Settlement Express Transfer payment system, is due to be succeeded in March 2023 by a new real-time gross settlement system (to be called T2). After T2 becomes operational, the LMA intends to update its facility documentation in due course to expressly reference the new system. In the meantime, the note sets out the changes that the LMA plans to adopt in its definitions of relevant documentation once T2 has become operational. 

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LMA releases guidance note on the Register of Overseas Entities regime (28 November 2022)

We have published a guidance note on the Register of Overseas Entities (ROE) regime. The ROE regime was established by the Economic Crime (Transparency and Enforcement) Act 2022 and came into force in two phases: on 1 August 2022 and 5 September 2022. The guidance note covers a range of key issues relating to the ROE regime and its impacts in the real estate finance (REF) context, including drafting for a new condition precedent to be included in LMA REF facility agreements that document deals to which the ROE regime applies. 

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Documents Index

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Name of Document FormatsDate Revised Markup
Name of DocumentGreen Loan PrinciplesFormatsPDFDate Revised23/02/2023MarkupPDF
Name of DocumentGuidance on Green Loan Principles FormatsPDFDate Revised23/02/2023MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentSocial Loan Principles FormatsPDFDate Revised23/02/2023MarkupPDF
Name of DocumentGuidance on Social Loan PrinciplesFormatsPDFDate Revised23/02/2023MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentSustainability-Linked Loan PrinciplesFormatsPDFDate Revised23/02/2023MarkupPDF
Name of DocumentGuidance on Sustainability-Linked Loan PrinciplesFormatsPDFDate Revised23/02/2023MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentIntroduction to the Sustainability Coordinator RoleFormatsPDFDate Revised12/07/2022MarkupPDF
Name of DocumentGuidance for Green, Social, and Sustainability-Linked Loans External ReviewsFormatsPDFDate Revised03/03/2022MarkupPDF
Name of DocumentGuidance on the application of the Sustainability-Linked Loan Principles in real estate finance and real estate development finance FormatsPDFDate Revised10/03/2022MarkupPDF
Name of DocumentESG Diligence Questionnaire - Asset Manager (Excel Version)FormatsPDFDate Revised29/09/2022MarkupPDF
Name of DocumentLMA and ELFA Best Practice Guide to Sustainability-Linked Leveraged LoansFormatsPDFDate Revised28/07/2021MarkupPDF
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 Green Loan Principles in the real estate finance (REF) lending context – Retrofit projectsFormatsPDFDate Revised13/11/2020MarkupPDF
Name of DocumentSustainable Lending Glossary of TermsFormatsPDFDate Revised06/09/2021MarkupPDF
Name of DocumentESG Diligence Questionnaire - Asset ManagerFormatsWordDate Revised04/06/2021MarkupPDF

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.

Brexit Notice

The LMA recommended form primary documents and associated user guides are in the process of being updated to reflect the changes required as a result of the end of the Brexit transition period on 31st December 2020. Where documents are yet to be updated, for guidance on the Brexit related amendments that should be made to English law facility agreements entered or to be entered into from 1st January 2021, including in respect of EU legislative references and bail-in, please refer to the LMA Brexit Destination Tables and to the Note entitled "LMA Brexit documentary implications – Consolidated and Updated Note (19/11/2020). These can also be used as a reference point to amend other LMA recommended forms and, in particular, the bail-in clause can be adapted for use in any of the LMA recommended form documentation where applicable.

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