LMA Hub

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 documents on EURIBOR and interbank term rate fallbacks (17 December 2024)

On 17 December 2024, we published a package of documentation to assist with the implementation of robust EURIBOR fallbacks including: single currency euro exposure drafts; exposure draft wording for the Bloomberg EURIBOR-€STR Spread; and a guidance note on fallbacks to interbank term rates and LMA documentation.

We are requesting feedback on the exposure draft documentation, particularly in respect of its use in practice, by close of business on Friday 28 February 2025.

LMA publishes first in a series of Leveraged Focus notes to promote greater understanding of the terms of the TLB product (23 September 2024)

On 23 September 2024, we published the first in a series of Leveraged Focus notes. These are intended to promote a greater understanding of the terms of the typical TLB product and the potential pressure points associated with TLB terms.

The first Leveraged Focus note is available here and highlights the key differences between a TLB and LMA leveraged covenant package. This sets the scene for further upcoming notes on key documentary topics including liability management exercises, transferability, financial covenants and much more.

LMA publishes multi-jurisdictional African facility agreement to assist investors with cross-border lending on the continent (24 June 2024)

On 24 June 2024, the LMA published a new USD Term SOFR loan agreement, governed by English law while assuming a variety of African borrowers/guarantors including Mauritius, Ghana, Nigeria, Kenya, Tanzania, Uganda and Zambia.

This aims to promote certainty for investors lending into Africa via the “Mauritian Holdco Structure”, whereby international investment is channelled into a Mauritian parent “Holdco” and “on-lent” to operating subsidiaries in the relevant African countries. Mauritius is popular due to a lack of foreign exchange controls, a strategic location, economic, political and legal stability, a raft of double tax treaties with other African countries and a skilled, bilingual workforce.

LMA publishes new guidance and revised documentation to support the export finance market (10 June 2024)

We are pleased to have published a new guidance note on untied ECA financing, updated buyer credit documentation, and a supporting statement from the LMA’s Export Finance Working Party.

Given the single currency nature of the buyer credit facility, there are now three variations of the buyer credit facility agreement:

Agreement for compounded RFR use upfront (compounded SONIA and compounded SOFR)
Agreement for term RFR use upfront (term SOFR and term SONIA)
Agreement for use of EURIBOR with fallbacks to compounded €STR

We have also published a new term SONIA commentary. The User Guide has also been expanded to cover commonly discussed areas. The new guidance and revised documentation can be accessed on the Export Finance section of the Documents Index page.

LMA publishes guidance on documentary considerations when dealing with sovereign obligors (7 June 2024)

We are pleased to have published a guidance note which sets out documentary considerations when dealing with a sovereign borrower or guarantor. The guidance has been produced following demand from our members, partly driven by recent experiences in the market in respect of sovereign distress cases.

The guidance note is intended to be a helpful tool for lenders, investors, borrowers and advisers of the relevant considerations in the context of dealing with sovereign obligors (which includes for these purposes a state-owned entity).

The note can be found under the Issues and Guidance, Export Finance and Developing Markets sections of the Documents Index.

Leveraged - Senior/Mezzanine

Guidance

Name of Document	Formats	Date Revised	Markup
Name of DocumentMezzanine Facility Agreement Drafting Guide for Leveraged Acquisition Finance Transactions (Senior/Mezzanine) (Compounded Rate/Term Rate)	FormatsPDF	Date Revised15/12/2021	MarkupPDF PDF

Mandate and Syndication Documentation

Name of Document	Formats	Date Revised	Markup
Name of DocumentLeveraged Term Sheet (RFR)	FormatsWord	Date Revised15/12/2021	MarkupPDF

Financial Covenants

Name of Document	Formats	Date Revised	Markup
Name of DocumentFinancial Covenants Provisions	FormatsWord	Date Revised15/12/2021	MarkupPDF

Facility Documentation

Name of Document	Formats	Date Revised	Markup
Name of DocumentLMA Leveraged Facilities Agreement (Compounded Rate/Term Rate)	FormatsWord	Date Revised15/12/2021	MarkupPDF

Facility Agreement Slot-in Clauses

Name of Document	Formats	Date Revised	Markup
Name of DocumentLMA Recommended Form of Designated Entity Clause and User Guide	FormatsWord	Date Revised21/01/2022	MarkupPDF

Intercreditor Agreement

Name of Document	Formats	Date Revised	Markup
Name of DocumentLMA Intercreditor Agreement (Senior/Mezzanine) (Compounded Rate/Term Rate)	FormatsWord	Date Revised17/11/2022	MarkupPDF

Guidance

Name of Document	Formats	Date Revised	Markup
Name of DocumentUsers Guide to Forms of Fronted Agreements for Leveraged Acquisition Finance Transactions	FormatsPDF	Date Revised21/12/2018	MarkupPDF
Name of DocumentLMA Users Guide to Confidentiality Undertakings (English law)	FormatsPDF	Date Revised15/08/2018	MarkupPDF
Name of DocumentLMA Front Running Letter of Undertaking Users Guide	FormatsPDF	Date Revised08/03/2018	MarkupPDF
Name of DocumentExplanatory Memo Relating To Mandate Letters, Commitment Letters, Front Running Letters, Syndication Closing Timeline & Syndication Decision Charts	FormatsPDF	Date Revised24/02/2009	MarkupPDF

Term sheets, mandate letters, commitment letters, front running undertakings, timeline and decision charts

Name of Document	Formats	Date Revised	Markup
Name of DocumentLMA Recommended Timeline for Settlement of Primary Syndication of Leveraged Transactions Incorporating Fault Based Delayed Settlement Compensation	FormatsPDF	Date Revised17/04/2024	MarkupPDF
Name of DocumentAdministration Detail Form	FormatsWord	Date Revised02/03/2023	MarkupPDF
Name of DocumentLeveraged Term Sheet	FormatsWord	Date Revised20/03/2020	MarkupPDF
Name of DocumentAgency Details Form	FormatsWord	Date Revised02/08/2018	MarkupPDF
Name of DocumentLMA Mandate Letter - Best Efforts	FormatsWord	Date Revised08/03/2018	MarkupPDF
Name of DocumentLMA Mandate Letter - Underwritten	FormatsWord	Date Revised08/03/2018	MarkupPDF
Name of DocumentLMA Confidentiality and Front Running Letter for Primary Syndication	FormatsWord	Date Revised08/03/2018	MarkupPDF
Name of DocumentLMA Front Running Letter of Undertaking	FormatsWord	Date Revised08/03/2018	MarkupPDF
Name of DocumentLMA Confidentiality Undertaking for disclosure by potential initial lenders subscribers to credit protection providers	FormatsWord	Date Revised08/03/2018	MarkupPDF
Name of DocumentLMA Syndicate Member Commitment Letter for Primary Syndication - for initial commitment without approval of documentation	FormatsWord	Date Revised24/02/2009	MarkupPDF
Name of DocumentLMA Syndicate Member Commitment Letter For Primary Syndication - for final commitment with approval of documentation	FormatsWord	Date Revised24/02/2009	MarkupPDF
Name of DocumentSyndication Decision Chart - Unsuccessful Syndication	FormatsPDF	Date Revised24/02/2009	MarkupPDF
Name of DocumentSyndication Decision Chart - Successful Syndication	FormatsPDF	Date Revised24/02/2009	MarkupPDF

Fronted Agreements

Name of Document	Formats	Date Revised	Markup
Name of DocumentFronted Distribution Agreement	FormatsWord	Date Revised21/12/2018	MarkupPDF
Name of DocumentFronted Funding and Distribution Agreement	FormatsWord	Date Revised21/12/2018	MarkupPDF

Guidance

Name of Document	Formats	Date Revised	Markup
Name of DocumentLIBOR transition considerations in LMA leveraged finance documentation	FormatsPDF	Date Revised30/03/2021	MarkupPDF
Name of DocumentLIBOR transition considerations overview for wider LMA document suite	FormatsPDF	Date Revised30/03/2021	MarkupPDF
Name of DocumentEU legislative references in LMA English law facility documentation	FormatsPDF	Date Revised18/11/2020	MarkupPDF
Name of DocumentUsers Guide to Form of Facility Agreement for Leveraged Acquisition Finance Transactions	FormatsPDF	Date Revised20/03/2020	MarkupPDF
Name of DocumentMezzanine Facility Agreement Drafting Guide for Leveraged Acquisition Finance Transactions	FormatsPDF	Date Revised20/03/2020	MarkupPDF PDF
Name of DocumentFinancial Covenants Provisions Users Guide	FormatsPDF	Date Revised21/12/2018	MarkupPDF
Name of DocumentLMA note on the changes to leveraged documentation - November 2016	FormatsPDF	Date Revised18/11/2016	MarkupPDF

Facility Agreements

Name of Document	Formats	Date Revised	Markup
Name of DocumentEU legislative references in LMA English law facility documentation	FormatsPDF	Date Revised18/11/2020	MarkupPDF
Name of DocumentLMA Leveraged Facilities Agreement	FormatsWord	Date Revised20/03/2020	MarkupPDF
Name of DocumentExplanatory Letter re. changes to Senior Multicurrency Facilities agreement	FormatsPDF	Date Revised14/09/2012	MarkupPDF

Facility Agreement Slot-in Clauses

Name of Document	Formats	Date Revised	Markup
Name of DocumentDomestic Benchmark Slot-in Schedules	FormatsWord	Date Revised28/02/2020	MarkupPDF
Name of DocumentLMA Recommended Form of Designated Entity Clause and Users Guide	FormatsWord	Date Revised28/02/2020	MarkupPDF
Name of DocumentRider permitting disclosure to numbering service providers and administration/settlement service providers	FormatsWord	Date Revised18/07/2017	MarkupPDF

Financial Covenants

Name of Document	Formats	Date Revised	Markup
Name of DocumentFinancial Covenants Provisions	FormatsWord	Date Revised21/12/2018	MarkupPDF

Name of Document	Formats	Date Revised	Markup
Name of DocumentForm of letter re permission to disclose information to numbering service providers and administration/settlement service providers	FormatsWord	Date Revised18/07/2017	MarkupPDF
Name of DocumentLMA Hedging Letter	FormatsWord	Date Revised18/11/2016	MarkupPDF

Guidance

Name of Document	Formats	Date Revised	Markup
Name of DocumentLMA Intercreditor User Guide	FormatsPDF	Date Revised20/03/2020	MarkupPDF
Name of DocumentMemorandum explaining revisions to Intercreditor Agreement - September 2012	FormatsPDF	Date Revised14/09/2012	MarkupPDF

Documentation

Name of Document	Formats	Date Revised	Markup
Name of DocumentLMA Intercreditor Agreement	FormatsWord	Date Revised20/03/2020	MarkupPDF

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, King & Spalding, 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 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.

LMA Hub

Documents & Guidelines

LMA publishes documents on EURIBOR and interbank term rate fallbacks (17 December 2024)

LMA publishes first in a series of Leveraged Focus notes to promote greater understanding of the terms of the TLB product (23 September 2024)

LMA publishes multi-jurisdictional African facility agreement to assist investors with cross-border lending on the continent (24 June 2024)

LMA publishes new guidance and revised documentation to support the export finance market (10 June 2024)

LMA publishes guidance on documentary considerations when dealing with sovereign obligors (7 June 2024)

Documents Index

Leveraged - Senior/Mezzanine

RFR Documentation

Guidance

Mandate and Syndication Documentation

Financial Covenants

Facility Documentation

Facility Agreement Slot-in Clauses

Intercreditor Agreement

LIBOR Mandate and Syndication Documentation

Guidance

Term sheets, mandate letters, commitment letters, front running undertakings, timeline and decision charts

Fronted Agreements

LIBOR Facility Documentation

Guidance

Facility Agreements

Facility Agreement Slot-in Clauses

Financial Covenants

Other

LIBOR Intercreditor Agreement

Guidance

Documentation

LIBOR IMPORTANT NOTICE

Brexit Notice