Worldwide: LMA Updates - 11 Apr 2016

Last Updated: 19 April 2016
Article by Robert Cooke

See below a list of recently published revised and new documents by the Loan Market Association.




26 August 2015

Formatting Amendment to the Leveraged Facility Agreement

The LMA has corrected formatting errors in the index table, a revised copy of which has been posted to the website together with a redline to highlight the formatting changes as against the 16 June 2014 document.

1 October 2015

Revised East Africa, Nigeria and Zambia Facility Agreement

The LMA has revised its version of the East Africa, Nigeria and Zambia Facility Agreement to incorporate recent changes in the law and developments in market practise in the relevant jurisdictions.  A revised copy has been posted to the website, together with a redline highlighting the changes.

8 October 2015

Production of Financial Covenant Cure Rider to   REF Facility Agreements

The LMA has introduced a financial covenant cure rider. This rider offers various drafting options and provisions which can be inserted into the Investment Property Facility Agreement if the parties have agreed that cures of breaches of financial covenants are to be permitted.

5 November 2015

Optional supplemental drafting to its recommended   form of facility

The LMA has developed drafting to supplement its   recommended form of facility documentation. This followed a decision in the lower Hong Kong courts in relation to a Hong Kong law governed Facility Agreement which did not give an individual lender an independent claim in respect of   outstanding loans. Although it was recognised by the LMA that this was not strictly necessary in relation to the English law suite of LMA documents from a legal perspective, the LMA has developed drafting to emphasize the individual nature of a lender's right to payment of all amounts due.

16 December   2015

Changes to LMA Secondary Debt Trading Documents

The LMA has produced revised versions of its Trade Confirmations, Standard Terms and Conditions, Participation Agreements and Secondary Debt Trading Users Guide. These were implemented (i) to take account of the comments made in respect of Condition 15.9 of the Standard   Terms and Conditions in the case of Tael One Partners Limited v Morgan Stanley & Co International plc [2015]   UKSC 12; (ii) to clarify the allocation of responsibility for notarial fees; and (iii) to clarify that neither party to a trade acts as a fiduciary or custodian of the other.

13 January 2016

LMA recommended form of bail-in clause and user   guide

The LMA has published a recommended form of   clause for use in loan documentation to the extent required by Article 55 of the EU Bank Recovery and Resolutions Directive 2014/59 relating to the compulsory contractual recognition of bail-in in respect of EEA member states. The LMA Recommended Form of Bain-in Clause has been posted to the website, together with a User's Guide of the intended effect of the new clause (these have been subsequently updated by the LMA).

27 January 2016

New Term Sheet   for use with the German law real estate finance facility agreement

The LMA has produced a new term sheet for use   with the German law Real Estate Finance Facility Agreement for multi-property investment transactions. In addition a cross-reference error at Clause 8.3(e)(ii) of the German law Real Estate Finance Facility Agreement for multi-property investment transactions has been corrected.

1 February 2016

Updated form of   LMA recommended form of bail-in clause and user guide

Updated to reflect implementation of the legislation in Czech republic, Lithuania, Luxembourg, Romania and Sweden

10 February 2016

REF insurance broker letter

The LMA has produced a form of insurance broker letter, intended to complement the existing suite of REF template documents.  Please see a link to our blog in which we discuss this document REFlections insurance broker letters

17 February 2016

REF term sheet for development finance

The LMA has produced a form of term sheet for the single property development finance template Facility Agreement

18 February 2016

Administrative details form

The LMA has produced a form for gathering administrative details to ensure that collection of this data is   administratively efficient

9 March 2016

German law investment grade facilities agreement and users guide - revision

The LMA has produced a revised form of the German law Investment Grade Facilities Agreement and Users Guide incorporating statutory updates

5 April 2016

Amendment to the private placement facility agreement

The LMA has updated the private placement facility agreement to incorporate the new exemption from UK withholding taxes on payments of interest on qualifying private placements

7 April 2016

Updated form of LMA recommended form of bail-in clause and user guide

Updated to reflect the Commission Delegated Regulation which was adopted by the European Commission with regard to certain regulatory technical standards

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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