Lloyd’s, in collaboration with Willis Towers Watson (WTW), has published a report—‘On the move: Rethinking transport and logistics supply chains’—which examines the supply chain risk landscape of the US$9.7trn transport and logistics industry and outlines insurance opportunities to build long term resilience. The report identifies sustainability, technology and geopolitical challenges as the greatest threats to supply chains in the industry.

Letter of Compliance: Written advice issued by Radioactive Waste Management Limited (RWM) following a Disposability Assessment which confirms that RWM considers that a proposed waste package would be suitable for geological disposal.

The ratio of the power a generating assess has produced over a certain time period divided by the energy it would have produced if it had been operating at its peak capacity. In 2016 the load factor of UK nuclear power stations was 77%.

Where applications are run across multiple servers to handle requests from large numbers of clients, a load balancer is used to present a single entry point for client requests and to spread the load across all available servers. Load balancers can detect where best to direct a specific request in order to balance the work of the combined resources and maintain response / performance levels.

An advance of funds from one party (the creditor) to another party (the debtor) for a period of time. The funds can be advanced for an agreed period or be repayable upon demand. Interest is usually paid on the advance which can be secured or unsecured

A product, which is similar to a credit default swap, but referenced against loans.

Development of the Loan Market Association (LMA) documentation The project to develop the LMA investment grade documents began in 1998 as a response to demand in the market for a standard form of syndicated facility agreement. The development of the LMA leveraged documents began in much the same way with the form of facility agreement for leveraged acquisition finance transactions first issued in 2004 followed by the recommended form of Intercreditor Agreement for leveraged acquisition finance transactions (senior and mezzanine) in 2009. The LMA has continued to publish additional precedents to reflect demand from, and developments in the market. There are standard forms for use in transactions involving senior secured notes and for transactions involving senior secured notes and high yield notes, reflecting the large number of transactions funded partially or fully by way of high yield debt. The intention behind both the LMA standard form documents is to save time and cost by providing a position that reflects current market practice for that type of transaction. The documents are intended to only be

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 and reviewed monthly and covers news since January 2016. For LMA news prior to that date going back to early 2013, see Practice Note: Loan Market Association (LMA)—news on documentation [Archived]. All of the LMA updates referred to in this Practice Note were originally published on the LMA website (subscription required for full access). This Practice Note does not include news about French law, German law or Spanish law documentation or the African loan documentation covering South Africa, East Africa and Nigeria. General and announcements (LMA latest news on documentation) For earlier LMA announcements (dating from before January 2016 to early 2013), see: Announcements (LMA news archive). Date of update/announcement from the LMA LMA News Related documents 28/07/2026 The LMA, in collaboration with the LMA Technology & Innovation Committee and Murex, has published ‘The Interoperability Imperative’, a paper examining how improved interoperability

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 early 2013 to January 2016. For the latest LMA developments since January 2016, see Practice Note: Loan Market Association (LMA)—latest news on documentation. Information in this Practice Note is also included in relevant Practice Notes in Banking & Finance. Links to related and Lexis®Library content are provided where relevant. All of the LMA updates referred to in this Practice Note were originally published on the LMA website (subscription required for full access). This Practice Note does not include news about French law, German law or Spanish law documentation or the African loan documentation covering South Africa, East Africa and Nigeria. • Investment grade documentation • Leveraged documentation • Leveraged/High Yield documentation • Real estate finance documentation • Commodity finance documentation • Developing markets documentation • LIBOR and benchmark rates • FATCA • Mandatory Costs Schedule • Restructuring • Secondary trading • Announcements Investment grade

Development of the Loan Market Association (LMA) documentation The project to develop the LMA Primary Documents began in 1998 as a response to demand in the market for a standard form of syndicated facility agreement. The recommended form of investment grade syndicated facility agreements (the Primary Documents) were developed by representatives of the LMA, the British Bankers' Association, the Association of Corporate Treasurers and major City law firms. The intention behind the documents is to save time and costs by providing a position that reflects current market practice for a syndicated loan being provided to a corporate borrower with an investment grade credit rating. The documents are intended to only be a starting point and it is not possible to use the documents without making any amendments or additions. The LMA have updated their Primary Documents to reflect the transition away from LIBOR to risk-free rates. The LIBOR based Primary Documents are still available on the LMA website but are no longer updated. Information on LIBOR transition can be found in Practice

Loan Market Association investment grade facilities agreement This commentary is based on the Loan Market Association (LMA)’s recommended form of LMA Multicurrency Term and Revolving Facilities Agreement incorporating Term SOFR (the LMA facilities agreement). The LMA publishes a number of precedent loan agreements for investment-grade transactions, including single currency loan agreements which may be a better fit for the transaction—the commentary may still be used if this is the case. The drafting in the LMA facilities agreement, and the LMA’s other precedent loan agreements, is based on a number of assumptions that it is important to be aware of as changes will typically need to be made if any of those assumptions are incorrect. See Practice Note: Loan Market Association investment grade documentation for more information on the assumptions. This Practice Note also contains an explanation of the different LMA-recommended form investment grade facility agreements and when they should be used. The LMA also publishes recommended form facility agreements for specialist transactions, including leveraged, real estate, trade and developing markets transactions.

Loan Market Association (LMA) recommended forms—term sheets This Practice Note provides commentary and guidance on the term sheet published by the LMA for use with the LMA’s multicurrency term and revolving facilities agreements incorporating backward-looking compounded rates and forward-looking term rates with rate switch provisions (the Term Sheet). The Term Sheet envisages: • a multicurrency transaction • multiple borrowers and lenders • that the facilities are being made to an investment grade credit and will include the usual provisions applicable to these • that forward looking term reference rates will be used for some currencies (eg Euro) • that compounded reference rates will be used for some currencies (eg Sterling) • that rate switch provisions will be included, to enable relevant currencies to switch from term rates to compounded rates following a trigger This Practice Note follows the provisions set out in the Term Sheet, but may also be useful when drafting or reviewing other term sheets or facilities agreements as most of the terms will be of general applicability. Practice