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On 9 June 2014, the LMA replaced its '2013 FATCA riders' (released in May 2013) with a '2014 Summary Note on FATCA'. The '2014 Summary Note on FATCA' assumes that the FATCA language in Annex I and Annex II to that note had already been incorporated into the suite of English law governed LMA investment grade facility agreements (and clause references in that note specifically relate to the LMA Multicurrency Term and Revolving Facilities Agreement). Note, however, that the changes to the investment grade documents incorporating the FATCA wording were not made publicly available at the time the LMA published the '2014 Summary Note on FATCA'.
Following the publication of the '2014 Summary Note on FATCA', the LMA has now published revised versions of its suite of documentation to incorporate provisions to make FATCA a payee risk where considered relevant for the particular market (ie to incorporate the provisions in Annex I and Annex II to the '2014 Summary Note on FATCA' where appropriate).
Note that FATCA language has not been inserted into the Commodity Finance facility document or the Developing Markets facility documents although the Developing Market facility documents include a footnote which states that consideration should be given to whether or not FATCA is relevant.
Some other changes were included in the LMA revised suite of documents, the key amendments being:
The LMA has also published a freestanding version of the multicurrency term and revolving facilities agreement for multiple borrowers and guarantors which incorporates a letter of credit option (reference number LMA.MTR.LC.01).
First published on LexisPSL Banking & Finance. Click here for a free trial.
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