The ACT Borrower's Guide to the LMA’s Investment Grade Agreements

01 Sep 2017 | Client publication/article

The Association of Corporate Treasurers (ACT) has worked with the Loan Market Association (LMA) on the development of the Investment Grade Agreement (and its revisions) since the project was first launched in 1996. This Guide is produced by Slaughter and May for the ACT, to assist treasurers negotiating loan documentation based on the LMA’s recommended forms.   The Guide explores the key provisions and highlights common discussion points.

The Guide is tailored for use by treasurers rather than lawyers. It gives a general overview of LMA terms for readers unfamiliar with LMA documentation, and a clause by clause commentary, which considers the implications of each clause from the borrower’s point of view.

This is the 5th edition of the Guide. It has been comprehensively updated for changes to the LMA’s templates since the last edition and to address more recent developments affecting lending terms that treasurers may wish to anticipate or take into account in negotiations.


Stephen Powell (partner); Kathrine Meloni (special adviser)

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