LMA commentary and developments

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Practice notes
Legal opinions—uses, scope and structureLegal opinions are used in the vast majority of financing transactions. They are usually either a condition...
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19th May
Practice notes
An introduction to repo and the Global Master Repurchase Agreement (GMRA)Coronavirus (COVID-19): This Practice Note contains information on subjects...
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Produced in partnership with Joseph Wren of Travers Smith and Jonathan Gilmour of Travers Smith 19th May
Practice notes
Structure of a facility agreementThis Practice Note discusses the usual components of a bilateral, committed facility agreement to a corporate...
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19th May
Practice notes
OTC and exchange traded derivatives—key features and conceptsIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit...
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19th May
Practice notes
How is a mortgage created?A mortgage is one of the four types of security recognised under English law and described in Types of security.This...
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19th May
Practice notes
WarrantsIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...
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19th May
Practice notes
Key issues in loan transfers There are times when a lender might want to get back some of the money it has lent to a borrower before the borrower is...
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19th May
Precedents
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...
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19th May
Practice notes
Derivatives—ISDA documentation frameworkThe International Swaps and Derivatives Association, Inc. (ISDA) is an association for participants in the...
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19th May
Precedents
[TO BE PRINTED ON THE HEADED PAPER OF THE LENDER][insert name and address of borrower][insert date]Dear [insert full name of borrower]We offer to...
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19th May
Practice notes
Crystallisation of floating chargesThe key feature of a floating charge is that, until it crystallises, the chargor is entitled to deal with the...
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19th May
Practice notes
Borrowing base facilities—key terms in the facility agreementA borrowing base facility ('BB Facility') is a working capital line designed to provide...
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Produced in partnership with Dentons 19th May
Q&As
What is the quoted eurobond exemption?IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period...
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19th May
Precedents
[To be printed on the headed paper of the lender][insert date]To:[insert name and address of borrower]Dear [insert name of borrower],We are pleased to...
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19th May
Practice notes
Third party securityIn many commercial finance transactions, lenders expect to be given some form of credit support to increase their confidence in...
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19th May
Practice notes
Direct agreements in project finance transactionsWhat is a direct agreement?Direct agreements are very common in project finance transactions. A...
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19th May

Most recent LMA commentary and developments content

Practice notes
Loan Market Association (LMA)—latest news on documentationThis Practice Note contains a summary of the latest news from the Loan Market Association...
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2nd Aug
Practice notes
Interest provisions in risk-free rate based loan agreementsThis Practice Note aims to assist practitioners with understanding the key issues to be...
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2nd Aug
Practice notes
Tax considerations on a loan agreement—the tax indemnity clauseThis Practice Note:•explains:◦the purpose of the tax indemnity clause that is normally...
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31st Jul
Practice notes
Tax considerations on a loan agreement—the tax credit clauseThis Practice Note:•explains:◦the purpose of the tax credit clause that is normally found...
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31st Jul
Practice notes
Tax considerations on a loan agreement—the tax gross up clauseIt is standard market practice for loan agreements (also known as facility agreements),...
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Produced in partnership with Eloise Walker of Pinsent Masons 31st Jul
Practice notes
The effect of sanctions on loan agreementsThis Practice Note looks at:•issues that sanctions can pose on lending transactions•the key provisions of...
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30th Jul
Practice notes
Tips and traps—key issues in negotiating engagement letters, release and reliance lettersIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the...
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Produced in partnership with Oliver Hensby of RBS 30th Jul
Practice notes
LMA real estate finance development facility agreement—commentaryReal estate finance (REF) transactions are either investment finance transactions or...
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30th Jul
Practice notes
Loan Market Association mandate letter—commentary on MAC clauseLMA mandate letterMandate letters are typically signed at the start of a transaction,...
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30th Jul
Practice notes
Undertakings (covenants)This Practice Note explains what undertakings, or covenants, are and the usual types of undertaking found in facility...
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30th Jul
Practice notes
Tips and traps—key issues in negotiating a confidentiality agreementIt is very common for confidentiality agreement to be signed between parties when...
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30th Jul
Practice notes
Intercreditor rights comparison table—junior debt instrumentsThis table:•is a high level summary of common negotiated outcomes across a range of...
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Produced in partnership with Neil Grant 30th Jul
Practice notes
Interest provisions in (LIBOR-based) Loan Market Association (LMA) documentation [Archived]ARCHIVED: This Practice Note has been archived and is not...
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30th Jul
Practice notes
Intercreditor agreement—key provisionsThis Practice Note provides an introduction to intercreditor agreements and their key provisions. This Practice...
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30th Jul
Practice notes
Loan Market Association investment grade documentationDevelopment of the Loan Market Association (LMA) documentationThe project to develop the LMA...
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30th Jul
Practice notes
Senior/mezzanine creditor intercreditor issues—document amendments and payment controlsThis Practice Note discusses two types of provisions that are...
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Produced in partnership with Hogan Lovells International LLP 30th Jul
Practice notes
Market disruption clauses in (LIBOR-based) facility agreements [Archived]ARCHIVED: This Practice Note has been archived and is not maintained.In...
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30th Jul
Practice notes
Real estate finance: Loan Market Association real estate finance term sheets for investment transactions and for development transactions—key...
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30th Jul
Practice notes
Loan Market Association (LMA) leveraged documentationDevelopment of the Loan Market Association (LMA) documentationThe project to develop the LMA...
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30th Jul
Practice notes
Acquisition finance—ancillary facilities On an acquisition finance transaction, the borrowing group, in addition to the debt (whether loans or bonds)...
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30th Jul

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