The ACT Borrower's Guide to LMA Loan Documentation for Investment Grade Borrowers

The LMA Investment Grade Agreement has become a benchmark in the UK and international loan markets for the documentation of syndicated loans to investment grade credits. The Guide has likewise emerged as a widely quoted reference point for borrowers dealing with loan documentation. The Guide provides a general overview for readers unfamiliar with LMA documentation, and clause by clause commentary, highlighting key points for borrowers to address.

The new edition of the Guide includes substantial new material, such as advice on the new LMA Defaulting Lender and Market Disruption provisions, published last year in response to the financial crisis. These are as yet untested, and the Guide is currently the only published source of comprehensive borrower-friendly advice on them.

Andrew Balfour (partner), Jane Hands (professional support lawyer)