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Loan Market Legal & Documentation

Standardizing loan documentation is a core function of the LSTA. Our suite of primary and secondary loan market documents is consistently updated and augmented each year. Timely market advisories offer guidance and help resolve market issues.

Upcoming Meeting

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Primary Market Committee

LSTA Project Manager: Bridget Marsh

The Primary Market Committee is the largest committee of the LSTA with more than 450 members.  The Committee focuses on current legal issues in the primary market.  In 2017, the Committee published the new form of “LSTA Credit Agreement”.  In 2018, the Committee plans to finalize a form of Incremental Facility Amendment to Credit Agreement and Agreement Amongst Lenders, amongst other initiatives. 

Membership of the Committee is open to all LSTA members. 

Trade Practices and Forms Committee

LSTA Project Manager: Bridget Marsh

The Trade Practices and Forms Committee has more than 300 members and is one of the longest running groups of the LSTA.  The Committee seeks to develop market conventions that govern trading and settlement of par and distressed loans.  Since its inception, the Committee has worked to identify key market issues and to build consensus toward resolving those issues through the drafting and adoption of standard documents and market practices.  In 2017, the Committee completed its revisions of the trading documents to reflect latest market developments.  It is recommended that each member of the LSTA nominate at least one person to be on this Committee so that the member is kept informed about secondary trading practices and developments, credit-specific market advisories, and documentation revisions. 

Women's Committee

LSTA Project Manager: Tess Virmani

In 2010, the LSTA published Market Standards for Flood Insurance Processes in Syndicated Lending. As discussed in the LSTA Guidelines, when a loan secured by improved real property in the U.S. is made, extended, increased, or renewed, any properties falling into a special flood hazard area generally must have flood insurance for the life of the loan. The LSTA Guidelines are intended to establish standard procedures for administrative agents with respect to (i) obtaining documents which evidence compliance with the above regulations and (ii) adequate ongoing monitoring by lenders in the syndicate of such compliance. Since publication of the Guidelines, attention has continued to be focused on this area, and the LSTA has, therefore, reconvened the Flood Working Group to consider whether Guidelines should be supplemented.

Agreement Among Lenders Working Group

LSTA Project Manager: Bridget Marsh

The Agreement Among Lenders Working Group was formed in 2017 to develop a new LSTA Form of Agreement Among Lenders (AAL) for use with unitranche financings.  All members are welcome to join the working group.  

Interested parties should contact Bridget Marsh or Tess Virmani for further information. 

Latin America Initiative Working Group

LSTA Project Manager: Bridget Marsh

The LSTA continues to expand its offering of LSTA legal product for cross border transactions with borrowers in Latin America.  In 2017, the LSTA published LSTA Cross-Border Confirm and Form of Participation Agreement for settling trades of loans made to Latin American borrowers in Chile, Colombia, and Peru.  This year we are considering doing the same for Mexico.  All members are welcome to join the working group.  

Interested parties should contact Bridget Marsh or Tess Virmani for further information. 

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