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Term Loan B facilities

This Practice Note discusses Term Loan B (TLB) facilities which frequently appear as a tranche of senior facilities in syndicated loans in leveraged

Sources of Shari'ah

IntroductionShari'ah (also Sharia, Shariah or Shari’a) (literally, in Arabic, 'the path towards the watering place') or Islamic law is the legal

Common financial covenants

This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing

Negative pledges

This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge

Practice notes

Foreign exchange (FX) derivatives

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...

19th Oct

Practice notes

What is securitisation?

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...

8th Oct

Practice notes

Synthetic securitisations

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...

8th Oct

Practice notes

Incremental debt flexibility or accordion features

What are incremental facilities?An incremental facility is feature included in a credit agreement where, subject to meeting certain pre-agreed...

26th Sep

Practice notes

Drafting and negotiating the facility agreement

This Practice Note covers the typical structure of facility agreements and the key terms and provisions that will be included. It examines the process...

26th Sep

Practice notes

Overdrafts, term loans and revolving credit facilities

This Practice Note explains the features of three common types of loan facility:•overdrafts•term loans, and•revolving credit facilities (RCFs)It also...

26th Sep

In-house

Practice notes

Types of debt securities

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...

26th Sep

Practice notes

Direct agreements in project finance transactions

What is a direct agreement?Direct agreements are very common in project finance transactions. A direct agreement is an agreement which gives the...

26th Sep

Practice notes

Events of default

This Practice Note considers:•the purpose of events of default included in facility agreements•common events of default relating to borrowers and...

26th Sep

COVID-19

In-house

Practice notes

Fixed and floating charges

There are four main types of security available under English law: •mortgage•charge•pledge, and•lienThis Practice Note explains:•the nature of a...

26th Sep

Practice notes

ISDA definitions

The vast majority of derivative transactions are documented by standard documentation developed and published by the International Swaps and...

26th Sep

In-house

Precedents

Real property mortgage: single company chargor—bilateral—specific monies

This Deed is made on [insert day and month] 20[insert year]Parties1[Insert name of Chargor], a company incorporated in England and Wales with...

26th Sep

Practice notes

Loan Market Association (LMA) leveraged documentation

Development of the Loan Market Association (LMA) documentationThe project to develop the LMA investment grade documents began in 1998 as a response to...

26th Sep

Practice notes

Loan Market Association (LMA)—news on documentation [Archived]

This Practice Note is an archive of news from the Loan Market Association (LMA) on LMA documentation and related topics. It covers LMA updates from...

26th Sep

Practice notes

Intercreditor agreement—key provisions

This Practice Note provides an introduction to intercreditor agreements and their key provisions. This Practice Note:•explains the purpose of having...

26th Sep

Practice notes

Role of a bond trustee

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...

25th Sep

Most recent LMA developments content

Practice notes

The impact of FATCA on facilities agreements

What is FATCA?The Foreign Account Tax Compliance Act (FATCA) is a piece of US tax legislation enacted by President Obama in 2010. FATCA's primary aim...

25th Sep

Practice notes

Real estate finance: Loan Market Association real estate finance term sheets for investment transactions and for development transactions—key features

The Loan Market Association (LMA) has produced two English law term sheets for real estate finance (REF) transactions. Their purpose is to aid parties...

25th Sep

Practice notes

A comparison of the LMA REF Intercreditor Agreements against the LMA Leveraged Intercreditor Agreement

This Practice Note compares key terms of the Loan Market Association (LMA) intercreditor agreement for leveraged acquisition finance transactions...

25th Sep

Practice notes

LMA real estate finance development facility agreement—commentary

Real estate finance (REF) transactions are either investment finance transactions or development finance transactions, depending on whether the...

25th Sep

Practice notes

LMA real estate finance multi-property investment facility agreement—commentary

Real estate finance (REF) transactions are either investment finance transactions or development finance transactions, depending on whether the...

26th Sep

Practice notes

Loan Market Association (LMA)—news on documentation [Archived]

This Practice Note is an archive of news from the Loan Market Association (LMA) on LMA documentation and related topics. It covers LMA updates from...

26th Sep

Practice notes

Loan Market Association (LMA) leveraged documentation

Development of the Loan Market Association (LMA) documentationThe project to develop the LMA investment grade documents began in 1998 as a response to...

26th Sep

Practice notes

Market disruption clauses in facility agreements

In summary, a market disruption clause sets out how interest is calculated for a loan if a lender’s cost of funding the loan is in excess of London...

26th Sep

Practice notes

Loan Market Association investment grade documentation

Development of the Loan Market Association (LMA) documentationThe project to develop the LMA primary documents began in 1998 as a response to demand...

26th Sep

In-house

Practice notes

Key features in LMA PEPP documentation

IntroductionRaising private placements in Europe is a jurisdiction-specific affair: the form of documentation, market practices and applicable law...

Produced in partnership with Herman Park and Robert Aulsebrook of Akin Gump 6th Oct

Practice notes

Key provisions in the LMA standard terms and conditions for secondary debt trading

Secondary debt trades in the London market are typically documented through a suite of recommended form of documents produced by the Loan Market...

15th Oct

Practice notes

Interest provisions in (LIBOR based) Loan Market Association (LMA) documentation

This Practice Note explains the Loan Market Association (LMA)’s approach to the calculation of interest in its (LIBOR based) facility documentation....

19th Oct

Practice notes

Loan Market Association (LMA)—latest news on documentation

This Practice Note contains a summary of the latest news from the Loan Market Association (LMA) on LMA documentation and related topics. It is updated...

22nd Oct