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Loan Market Association Facility Agreement Pdf

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26 septiembre 2021

We have published a note entitled «Documentary Implications of the End of the Brexit Transition Period for the Documentation of the LMA Facility» («Brexit Note»), which consolidates and updates previous Brexit notes published in September 2016 and April 2019 and two tables on EU legislative references below. We have published a revised draft agreement on the trading system (revision without deferral); new draft agreement on the interchangeable device (revision with observation lag); revised commentary on collective agreements; Term sheet for collective agreements; and the terms of use of the RFR with supplement to the revised replacement of the screen rate language. These documents (this term includes, where context permits, text, content, spreadsheets with macros and electronic interfaces, as well as underlying assumptions, transformations, formulas, algorithms, calculations and other mathematical and financial techniques) are provided to members of the Loan Market Association in accordance with the Bylaws of the Loan Market Association (a copy of these is available here), facilitate the documentation of transactions in credit markets. None of the Loan Market Association, Allen & Overy or Clifford Chance accepts any responsibility for the use of these materials or for any loss, damage or liability arising from such use. None of the members of the Loan Market Association, Allen & Overy or Clifford Chance have reviewed the laws of any jurisdiction that could apply to either party to an agreement using these documents and their subject matter. Members should therefore review all relevant legal, accounting and regulatory matters before using these documents or entering into a transaction between them and, where appropriate, consult with their professional advisors. The AML documentation is prepared after extensive consultations with leading credit practitioners and law firms to provide an agreed common view of documentation structures On April 16, 2012, the Loan Market Association (the «LMA») published its recommended form of credit agreement for real estate portfolio investment transactions (the «REF Document»). The REF document was prepared in response to increased demand, particularly among lenders, using a standardized form of loan document to be used in property finance transactions under English law. For more information on members` rights and obligations with respect to these documents, please refer to the Loan Market Association`s Bylaws and Bylaws (copies of which are available here) or contact the Loan Market Association at lma@lma.eu.com. The approach taken by the LMA in preparing the REF document was to base it as much as possible on existing LMA loan documents, in particular the Multi-Currency Facility Agreement (the «Existing LMA Facility»). As a result, many of the «standard» clauses of the existing AML facility – for example, gross tax provisions, remuneration and cost increases – have been included in the REF document.

We are widely regarded as the body that sets guidelines for the EMEA syndicated credit market. These are broad in nature and concern both the primary and secondary markets. We strive to constantly review our documentation to ensure that it continues to meet the objectives and needs of the primary and secondary credit markets. Our documentation is prepared after extensive consultation with leading credit practitioners and law firms to present an agreed common vision of documentation structures. Standardizing the «boilerplate» areas of documents allows lenders and borrowers to focus on the most important business aspects of individual transactions. We are pleased to announce that following a comprehensive bidding process and in recognition of the growing demand from our members, we have now signed a letter of intent with Allen & Overy and Avvoka outlining our intention to develop a documentation automation platform for certain LMA-recommended form documents, as well as other ancillary services. With respect to recommended form documents, Members are responsible for ensuring that the exact form and content of the Documentation is appropriate for a particular transaction. Members should therefore ensure that the documents and any amendments thereto are appropriate in the light of the circumstances and economic intentions of the Parties. The Loan Market Association consents to the use, reproduction and transfer of these documents by members of the Loan Market Association only for the authorized purposes set out in the Articles (a copy of which is available here). The Loan Market Association does not consent to the use, reproduction or transfer of these materials for any other purpose, by any other means or by any other person and expressly reserves all other rights. We have issued a note (the «Pre-Termination Note») outlining considerations regarding the inclusion of a particular early exit trigger in the LMA clause for the revised replacement of the screen rate, which refers to an interest rate that is not representative of the reference interest rate.

The purpose of this guide is to identify and explain some of the key features of the REF document that will be relevant to borrowers when approaching this document (although it is not a definitive guide and should not be considered a definitive guide to determine whether these provisions are appropriate for a particular transaction). .

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