This Market Advisory addresses trading English law governed loans on an LSTA Par Confirm and highlights certain additional representations parties may agree to include in the LSTA Par Confirm in those circumstances
The LSTA has published a suite of standard documents for secondary loan trading. The LSTA may issue Market Advisories which address certain market disruptions, credit specific issues, or general market practices occurring in the secondary market in addition to guidelines or legal memos which provide legal background or an explanation of market practices and procedures.
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Par Confirm
This agreement is in two parts and is used to evidence the trade of a performing loan. The first part is completed by the parties.
Par Confirm – STCs
This agreement is in two parts and is used to evidence the trade of a performing loan. The second part includes the standard terms of conditions.
Distressed Confirm
This document is in two parts and is used to evidence the trade of a distressed loan. The first part is completed by the parties.
Distressed Confirm – STCs
This document is in two parts and is used to evidence the trade of a distressed loan. The second part includes the standard terms of conditions.
Purchase and Sale Agreement for Distressed Trades – TSTs
This agreement is in two parts and is used to settle a distressed trade. The first part includes the Transaction Specific Terms and is completed by the parties.
Purchase and Sale Agreement for Distressed Trades – STCs
This agreement is in two parts and is used to settle a distressed trade. The second part includes the Standard Terms and Conditions.
Participation Agreement for Par/Near Par Trades – TSTs
This agreement is in two parts and is used to settle a par trade where the buyer cannot become a lender of record and must settle the trade as a participation. The first part includes the Transaction Specific Terms and is completed by the parties.
Participation Agreement for Par/Near Par Trades – STCs
This agreement is in two parts and is used to settle a par trade where the buyer cannot become a lender of record and must settle the trade as a participation. The second part includes the Standard Terms and Conditions.
Participation Agreement for Par/Near Par Trades – Collateral Annex
This annex may be used when settling a par trade of a revolving credit facility as a participation where there are unfunded commitments. It forms part of the Par Participation Agreement and Schedule 1 to the Annex is completed by the parties.
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