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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 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.

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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.

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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.

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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.

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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.

 

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Documents Index

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Name of Document FormatsDate Revised Markup
Name of DocumentMember alertFormatsPDFDate Revised28/05/2021MarkupPDF
Name of DocumentLMA term sheet for multicurrency term and revolving facilities agreements incorporating rate switch provisions (lookback [without]/[with] observation shift)FormatsWordDate Revised28/05/2021MarkupPDF
Name of DocumentLMA recommended form of multicurrency term and revolving facilities agreement incorporating rate switch provisions (lookback without observation shift)FormatsWordDate Revised28/05/2021MarkupPDF
Name of DocumentLMA recommended form of multicurrency term and revolving facilities agreement incorporating rate switch provisions (lookback with observation shift)FormatsWordDate Revised28/05/2021MarkupPDF
Name of DocumentLIBOR transition considerations overview for wider LMA document suiteFormatsPDFDate Revised30/03/2021MarkupPDF
Name of DocumentCommentary to the LMA recommended form of multicurrency term and revolving facilities agreements incorporating rate switch provisions (lookback without and with observation shift)FormatsWordDate Revised28/05/2021MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentRFR Terms for Replacement of Screen Rate Clause FormatsWordDate Revised30/03/2021MarkupPDF
Name of DocumentNote on the Revised Replacement of Screen Rate Clause and pre-cessation triggerFormatsWordDate Revised21/10/2020MarkupPDF
Name of DocumentNote on the Revised Replacement of Screen Rate Clause and documentary recommendations published by the Working Group on Sterling Risk-Free Reference Rates FormatsWordDate Revised24/08/2020MarkupPDF
Name of DocumentMember alert FormatsPDFDate Revised30/03/2021MarkupPDF
Name of DocumentLMA Recommended Revised Form of Replacement Screen Rate Clause and Users Guide (Please note that this clause was incorporated into the LMA facility agreements as of 28 February 2020)FormatsWordDate Revised21/12/2018MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentTransitioning to RFRs - Practical guidance for AmendmentsFormatsPDFDate Revised03/08/2021MarkupPDF
Name of DocumentLMA Revised Replacement of Screen Rate Clause and considerations in respect of credit adjustment spreadsFormatsPDFDate Revised07/08/2019MarkupPDF
Name of DocumentLMA Note on LMA facility documentation and the recommendations by the Euro Working Group on EURIBOR fallbacksFormatsPDFDate Revised31/03/2023MarkupPDF
Name of DocumentLMA note on IBORFormatsPDFDate Revised30/07/2013MarkupPDF
Name of DocumentLMA note discussing the impact of LIBOR transition to ICE on the legacy LMA LIBOR definitionsFormatsPDFDate Revised23/03/2014MarkupPDF
Name of DocumentLIBOR transition considerations overview for wider LMA document suiteFormatsPDFDate Revised30/03/2021MarkupPDF
Name of DocumentLIBOR code of conduct and revised LMA facility documentation guidance noteFormatsPDFDate Revised12/11/2014MarkupPDF
Name of DocumentICE LIBOR and EURIBOR refixing policies and LMA facility documentationFormatsPDFDate Revised01/06/2016MarkupPDF
Name of DocumentEONIA – planned change in methodology and discontinuationFormatsPDFDate Revised01/05/2019MarkupPDF
Name of DocumentConsiderations in respect of the use of forward-looking term SONIA reference rates FormatsPDFDate Revised26/03/2021MarkupPDF
Name of Document€STR publication and changes to EONIAFormatsPDFDate Revised02/10/2019MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentMember alert FormatsPDFDate Revised26/10/2023MarkupPDF
Name of DocumentLMA term sheet for recommended forms of single currency term and revolving facilities agreements incorporating backward-looking compounded rates (lookback [without[/[with] observation shift) FormatsWordDate Revised26/10/2023MarkupPDF
Name of DocumentLMA term sheet for recommended forms of multicurrency term and revolving facilities agreements incorporating backward-looking compounded rates and forward-looking term rates with rate switch provisions (lookback [without]/[with] observation shift) FormatsWordDate Revised26/10/2023MarkupPDF
Name of DocumentLMA recommended form of single currency term and revolving facilities agreement incorporating backward-looking compounded rates (lookback without observation shift)FormatsWordDate Revised26/10/2023MarkupPDF
Name of DocumentLMA recommended form of single currency term and revolving facilities agreement incorporating backward-looking compounded rates (lookback with observation shift) FormatsWordDate Revised26/10/2023MarkupPDF
Name of DocumentLMA recommended form of multicurrency term and revolving facilities agreement incorporating backward-looking compounded rates and forward-looking term rates with rate switch provisions (lookback without observation shift)FormatsWordDate Revised26/10/2023MarkupPDF
Name of DocumentLMA recommended form of multicurrency term and revolving facilities agreement incorporating backward-looking compounded rates and forward-looking term rates with rate switch provisions (lookback with observation shift)FormatsWordDate Revised26/10/2023MarkupPDF
Name of DocumentLMA CORRA SchedulesFormatsWordDate Revised31/10/2023MarkupPDF
Name of DocumentLMA Compounded TONA ScheduleFormatsWordDate Revised31/10/2023MarkupPDF
Name of DocumentLIBOR transition considerations overview for wider LMA document suiteFormatsPDFDate Revised30/03/2021MarkupPDF
Name of DocumentCommentary to the LMA recommended forms of compounded rate facilities agreements (lookback without and with observation shift) FormatsPDFDate Revised26/10/2023MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentMember alert FormatsPDFDate Revised04/06/2021MarkupPDF
Name of DocumentLMA recommended form of reference rate selection agreement for use in relation to legacy transactions and the transition to alternative reference ratesFormatsWordDate Revised04/06/2021MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentDrafting Guide for Use in Relation to the Incorporation of Provisions Relating to the Use of Compounded Risk-Free Reference Rates into LMA DocumentationFormatsPDFDate Revised28/05/2021MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentMember alertFormatsPDFDate Revised25/05/2023MarkupPDF
Name of DocumentLMA Term SOFR CommentaryFormatsWordDate Revised22/01/2024MarkupPDF
Name of DocumentLMA Single Currency Term and Revolving Facilities Agreement incorporating Term SOFR for use in Developing Market jurisdictionsFormatsWordDate Revised22/01/2024MarkupPDF
Name of DocumentLMA Multicurrency Term and Revolving Facilities Agreement incorporating Term SOFR for use in Investment Grade transactionsFormatsWordDate Revised26/10/2023MarkupPDF
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Name of Document FormatsDate Revised Markup
Name of DocumentOverview of fallback provisions in LMA Term €STR Fallback Exposure Draft FormatsPDFDate Revised26/10/2023MarkupPDF
Name of DocumentMember alertFormatsPDFDate Revised01/02/2024MarkupPDF
Name of DocumentLMA Term €STR Commentary FormatsPDFDate Revised01/02/2024MarkupPDF
Name of DocumentLMA Exposure Draft Multicurrency Term and Revolving Facilities Agreement incorporating Term €STR FormatsWordDate Revised01/02/2024MarkupPDF

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 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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