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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.

Standard Docs

Displaying 1-33 of 33 results.
DateTitle/DescriptionFiles
May 17, 2019

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. Non-members contact LSTA at (212) 880-3000.

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May 17, 2019

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. Non-members contact LSTA at (212) 880-3000.

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May 17, 2019

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.Non-members contact LSTA at (212) 880-3000.

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May 17, 2019

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.  Non-members contact LSTA at (212) 880-3000..

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May 17, 2019

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. Non-members contact LSTA at (212) 880-3000.

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May 17, 2019

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. Non-members contact LSTA at (212) 880-3000.

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May 17, 2019

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.  Non-members contact LSTA at (212) 880-3000.

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May 17, 2019

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.  Non-members contact LSTA at (212) 880-3000.

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May 17, 2019

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.  Non-members contact LSTA at (212) 880-3000..

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May 17, 2019

Participation Agreement For Distressed Trades - TSTs

This agreement is in two parts and is used to settle a distressed 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.  Non-members contact LSTA at (212) 880-3000.

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May 17, 2019

Participation Agreement For Distressed Trades - STCs

This agreement is in two parts and is used to settle a distressed 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.  Non-members contact LSTA at (212) 880-3000.

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May 17, 2019

Participation Agreement for Distressed Trades - Collateral Annex

This Annex may be used when settling a distressed trade of a revolving credit facility as a participation where there are unfunded commitments and the seller asks the buyer to secure its obligations to pay any funding advance. The Collateral Annex forms part of the Participation Agreement for Distressed Trades and Schedule 1 to the Annex is completed by the parties.  Non-members contact LSTA at (212) 880-3000.

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May 17, 2019

Proceeds Letter for Post-Effective Date Settlement Distressed Trades

This form is used to settle a distressed trade where the borrower is a debtor in a case under chapter 11 of the Bankruptcy Code, the class in which the Loan is placed under the Plan is “impaired” as that term is used in section 1124 of the Bankruptcy Code, the Plan has been confirmed, and the Plan’s effective date has occurred.  Non-members contact LSTA at (212) 880-3000.

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May 17, 2019

Short Form Proceeds Letter for Post-Repayment Date Settlement Distressed Trades

This form is used to settle distressed trade where the borrower has made a final cash payment on the loan.  Non-members contact LSTA at (212) 880-3000.

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May 17, 2019

Multilateral Netting Agreement

This form is used by three parties seeking to net several par trades into amongst themselves.  Non-members contact LSTA at (212) 880-3000.

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May 17, 2019

Bilateral Netting Agreement - Par/Near Par

This form is used when partes net two par trades entered into between them.  Non-members contact LSTA at (212) 880-3000.

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May 17, 2019

Bilateral Netting Agreement - Distressed

This form is used when parties net two distressed trades entered into between them.  Non-members contact LSTA at (212) 880-3000.

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Apr 18, 2019

Israel Par-Near Par Trade Confirmation

This document is in Hebrew.

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Apr 18, 2019

Israel Par-Near Par Trade Confirmation STCs

This document is in Hebrew.

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Apr 18, 2019

Israel Participation Agreement for Par-Near Par Trades TSTs

This document is in Hebrew.

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Apr 18, 2019

Israel Participation Agreement for Par-Near Par Trades STCs

This document is in Hebrew.

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Jun 9, 2017

Alternative ERISA Representation

The document sets forth more limited seller and buyer representations regarding compliance with ERISA than those contained in the LSTA's Purchase and Sale Agreement for Distressed Trades. Non-members contact LSTA at (212) 880-3000.

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Dec 24, 2015

EU Bail-In Rule Form of Contractual Recognition Provision - LSTA Secondary Market Documents

LSTA Secondary Market Documents – This provision addresses Europe’s bail-in rule and parties may choose to include this provision in their secondary trading documents.  Non-members contact LSTA at (212) 880-3000.

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Jun 26, 2015

Sample Elevation Order

This is a sample of an order authorizing the debtor to elevate loan participations.  Non-members contact LSTA at (212) 880-3000.

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Nov 24, 2014

LSTA Form of Loan Credit Default Swap Physical Settlement Rider

This rider is intended to be used with the Syndicated Secured Loan Credit Default Swap Standard Terms Supplement published by the International Swaps and Derivatives Association, Inc.  Non-members contact LSTA at (212) 880-3000.

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Oct 15, 2013

Trade Claim Confirmation

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Oct 15, 2013

Standard Terms and Conditions for Trade Claim Confirmations

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Mar 9, 2013

Master Confidentiality Agreement for Claims Trading

This agreement sets forth the terms relating to the treatment of confidential information that either party discloses to the other party in connection with the participation of the other party in a transaction involving trade claims.  Non-members contact LSTA at (212) 880-3000.

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Sep 8, 2011

Notice of Buy-In/Sell-Out for Distressed Trades that Do Not Settle by BISO Trigger Date

This form is used by a party to a distressed trade that has not timely settled to notify their counterparty that it will commence the buy-in/sell-out as the case may be of the debt.  Non-members contact LSTA at (212) 880-3000.

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Sep 8, 2011

Notice of Buy-in/Sell-Out for Par Trades that Do Not Settle by BISO Trigger Date

This form is used by a party to a par trade that has not timely settled to notify their counterparty that it will commence the buy-in/sell-out as the case may be of the debt.  Non-members contact LSTA at (212) 880-3000.

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Dec 11, 2006

Master Confidentiality Agreement (Secondary Trades)

This is the agreement entered by parties seeking to trade loans with each other and sets forth the terms relating to the treatment of confidential information shared between them in relation to those trades.  Non-members contact LSTA at (212) 880-3000.

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May 19, 2006

Model NOL Interim Order

This model interim order establishes restrictions and procedures for certain trading activity in equity interests in a debtor.  Non-members contact LSTA at (212) 880-3000.

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May 19, 2006

Model NOL Order

This is a model order establishing notification procedures and approving restrictions on certain transfers of claims against and interests in the debtors’ estates.  Non-members contact LSTA at (212) 880-3000.

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Market Advisories

Displaying 1-44 of 44 results.
DateTitle/DescriptionFiles
May 6, 2019

QFC Stay Rules

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Aug 10, 2018

New ERISA Representations for LSTA MCAPs

This Advisory replaces the guidance contained in the LSTA's September 2017 advisory on ERISA representations required under the Department of Labor (DOL)'s 2016 Fiduciary Rule.  Members Only

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Aug 17, 2017

Caesar's Bankruptcy - Election Procedures

Members Only.

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Aug 17, 2017

Caesar's Bankruptcy - FAQs

Members Only.

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Aug 17, 2017

Caesar's Bankruptcy - Memo

Members Only.

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Feb 28, 2017

Avaya

Members Only.

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Sep 30, 2016

Caesars Prepayment – Payment Date Notification

Members Only.

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Jun 29, 2016

SuperMedia and Dex East

Members Only.

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Oct 7, 2015

Caesars - Treatment of Payments Under Bank RSA

Members Only.

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Feb 20, 2015

Disqualified Institutions/DQ Lists

This Advisory explains the details of the LSTA’s disqualified institution structure included in the LSTA Model Credit Agreement Provisions.  Members Only

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Feb 11, 2015

Caesars Market Advisory

Members Only.

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Jul 28, 2014

Texas Competitive Electric Holdings Company LLC (TXU)

3rd Advisory.  Members Only.

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Jun 26, 2014

Texas Competitive Electric Holdings Company LLC (TXU)

2nd Advisory.  Members Only.

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May 27, 2014

Texas Competitive Electric Holdings Company LLC (TXU)

1st Advisory.  Members Only.

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Aug 22, 2013

No Assignment to Natural Persons

This Advisory addresses the prohibition on the assignment of loans to natural persons.  Available to Non-Members. Call (212) 880-3000 to inquire about receiving this document

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Aug 15, 2013

Allocation of Ticking Fees

This Advisory clarifies the meaning of the term, "ticking fees", and the treatment of such fees under the terms of the LSTA's trading documents.  Members Only

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Feb 15, 2013

Swap Regulations’ Implications for Loan Documentation

This Advisory addresses the implications for loan documentation raised by 2013 regulatory activity relating to the term "swap" and establishing that the guarantee of a swap is itself a "swap”.  Members Only

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Nov 27, 2012

Model Marketmaker Exception to RSAs

This Advisory suggests a “Model Marketmaker Exception” for potential inclusion, where appropriate, in restructuring support agreements (RSAs) and this suggests a model fiduciary holdings exception to be included where appropriate in such RSAs.  Members Only

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May 9, 2012

Representations Upon Elevation of a Participation

Members Only.

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Jul 29, 2011

YRC Worldwide, Inc.

Members Only.

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Feb 2, 2011

Multiple Distressed Shift Dates

This Advisory addresses how the market should handle a credit which shifts to trading on distressed documents, then back to par documents, and then returns to trading on distressed documents.  Members Only

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Jan 20, 2011

Six Flags

Members Only.

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Dec 13, 2010

MediaNews Group, Inc.

Members Only.

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Sep 28, 2010

Settled Without Accrued Interest Trades That Flip to Flat

This Advisory addresses how certain Interest and Accruing Fees should be treated for trades that were entered into on a “Settled Without Accrued Interest” basis and have settled on the LSTA’s Purchase and Sale Agreement for Distressed Trades where the credit has “defaulted”.  Members Only

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Jun 7, 2010

RH Donnelley/Dex Media East/Dex Media West

Members Only.

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Jun 7, 2010

Allocation of Upstreams

This Advisory discusses how parties should allocate their inventory to satisfy open distressed trades.  Members Only

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Feb 23, 2010

Capmark Financial Group Inc.

Members Only.

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Aug 5, 2009

General Growth Properties

Members Only.

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May 6, 2009

Idearc

Members Only.

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Feb 13, 2009

Tribune Retainer Fees

Members Only.

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Feb 12, 2009

Aleris – CAM Exchange Summary

Members Only.

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Jan 6, 2009

LyondellBasel Files for Bankruptcy Protection Under Chapter 11 – Interim Order

Members Only.

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Jan 6, 2009

LyondellBasel Files for Bankruptcy Protection Under Chapter 11 – Term Sheet

Members Only.

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Jan 6, 2009

Lyondell Collateral Allocation Mechanism

Members Only.

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Nov 14, 2008

Lehman Order on Assumed and Rejected Trades Approved

Members Only.

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Nov 14, 2008

Lehman Order on Assumed and Rejected Trades Approved – Motion

Members Only.

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Oct 31, 2008

Lehman In The Upstreams

Members Only.

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Oct 7, 2008

LandSource

Members Only.

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Jul 29, 2008

Gaming Authority Consent Issue in Credit Agreements

Members Only.

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Aug 16, 2007

The Use of Par or Distressed Documentation

This advisory discusses the different factors that the market may take into account when making the determination to trade on either distressed or par/near par documentation.  Members Only

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Aug 16, 2007

Collins & Aikman - Buyers’ Reimbursement Obligations

Members Only.

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Oct 4, 2006

Collins & Aikman

Members Only.

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Jun 22, 2006

Refco

Members Only.

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Apr 25, 2006

Loan Credit Default Swap "Market Standard Indemnity"

Members Only.

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Guidelines & Memos

Displaying 1-20 of 20 results.
DateTitle/DescriptionFiles
Mar 7, 2019

US Sanctions Issues in Lending Transactions

Call LSTA @ (212) 880-3000 to inquire about this document.

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Oct 22, 2018

Know Your Customer Considerations for Syndicated Lending and Loans ("KYC Guidelines")

Call LSTA @ (212) 880-3000 to inquire about this document.

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Apr 2, 2018

Blockchain and Distributed Ledger Technology: An Analysis of its Impact on the Syndicated Loan Market

Part Three: Application of Blockchain Technology to the Loan Market.  Members Only

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Mar 1, 2018

Blockchain and Distributed Ledger Technology: An Analysis of its Impact on the Syndicated Loan Market

Part Two - Smart Contracts.  Members Only

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Feb 1, 2018

Blockchain and Distributed Ledger Technology: An Analysis of its Impact on the Syndicated Loan Market

Part One: General Considerations and Blockchain Primer.  Members Only

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Nov 16, 2017

LSTA Code of Conduct

Available to Non-Members. Call (212) 880-3000 to inquire about receiving this document.

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Nov 16, 2017

LSTA Confidentiality Principles

Non-member price $5,000.  Call LSTA @ (212) 880-3000 to inquire about this document.

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Feb 6, 2017

Anti-Corruption Issues in Lending Transactions

Call LSTA @ (212) 880-3000 to inquire about this document.

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Feb 27, 2015

User's Guide for LSTA Distressed Trading Documentation

Non-Member Price is $3,000. Call (212) 880-3000 to inquire about purchase.

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Dec 19, 2014

Market Standards for Flood Insurance Processes in Syndicated Lending

Non-Member Price is $2,500. Call (212) 880-3000 to inquire about purchase.

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Sep 8, 2011

Rules Governing Arbitration between Loan Traders with regard to Cover Price for Trades that Do Not Settle by BISO Trigger Date

Call LSTA @ (212) 880-3000 to inquire about this document.

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Sep 8, 2011

Notice of Arbitration for Trades that Do Not Settle by BISO Trigger Date

Call LSTA @ (212) 880-3000 to inquire about this document.

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Sep 8, 2011

Shift Date Rules

Members Only

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Jan 11, 2010

Buy-in/Sell-Out Provisions - Frequently Asked Questions

Members Only.

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Jun 10, 2009

Accounting for the Sale of Participations (FAS 166)

This memo discusses when participations entered into on the LSTA Form of Participation Agreement should receive sale accounting treatment.

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Apr 19, 2007

Securities Laws Exemptions in the Purchase and Sale of Securities Issued Under a Chapter 11 Plan

Non-Member Price is $5,000. Call (212) 880-3000 to inquire about purchase.

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May 18, 2005

Primary Market and Agent Transfer Practices

Members Only.

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May 16, 2005

Trade Checklist (with instructions)

Members Only.

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Apr 23, 2003

Standard Amendment Procedures

Call LSTA @ (212) 880-3000 to inquire about this document.

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Jan 17, 2003

Memorandum re: Loan Trades Eligible for Exemption from New York State Statute of Frauds

Members Only.

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Drafts

Displaying 1-19 of 19 results.
DateTitle/DescriptionFiles
May 13, 2019

Market Advisory - US Loans Trading

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May 1, 2019

Proceeds Letters - Exposure Draft

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May 1, 2019

Proceeds Letter - Blacklined

Against the draft dtd April 4, 2019

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Apr 4, 2019

Par Confirm STCs - Exposure Draft

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Apr 4, 2019

Par Confirm STCs - Blacklined

Against the draft dtd December 24, 2018

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Apr 4, 2019

Distressed Trade Confirmations STCs - Exposure Draft

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Apr 4, 2019

Distressed Trade Confirmations STCs - Blacklined

Against the draft dtd December 24, 2018

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Apr 4, 2019

Purchase and Sale Agreement for Distressed Trades STCs - Exposure Draft

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Apr 4, 2019

Purchase and Sale Agreement for Distressed Trades STCs - Blacklined

Against the draft dtd December 24, 2018

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Apr 4, 2019

Participation Agreement for Par-Near Par Trades STCs - Exposure Draft

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Apr 4, 2019

Participation Agreement for Par-Near Par Trades STCs - Blacklined

Against the draft dtd December 24, 2018

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Apr 4, 2019

Participation Agreement for Distressed Trades STCs - Exposure Draft

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Apr 4, 2019

Participation Agreement for Distressed Trades STCs - Blacklined

Against the draft dtd December 24, 2018

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Apr 4, 2019

Par Confirm STCs - Blacklined

Against the document dtd June 9, 2017

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Apr 4, 2019

Distressed Trade Confirmations STCs - Blacklined

Against the document dtd June 9, 2017

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Apr 4, 2019

Purchase and Sale Agreement for Distressed Trades STCs - Blacklined

Against the document dtd June 9, 2017

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Apr 4, 2019

Participation Agreement for Par-Near Par Trades STCs - Blacklined

Against the document dtd June 9, 2017

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Apr 4, 2019

Participation Agreement for Distressed Trades STCs - Blacklined

Against the document dtd June 9, 2017

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Apr 4, 2019

Proceeds Letter - Blacklined

Against the document dtd June 9, 2017

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Blacklined Documents

Displaying 1-22 of 22 results.
DateTitle/DescriptionFiles
May 17, 2019

Par Confirm

Blacklined against the version dtd June 9 2017

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May 17, 2019

Par Confirm - STCs

Blacklined against the version dtd June 9 2017

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May 17, 2019

Distressed Confirm

Blacklined against the version dtd June 9 2017

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May 17, 2019

Distressed Confirm - STCs

Blacklined against the version dtd June 9 2017

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May 17, 2019

Purchase and Sale Agreement for Distressed Trades - TSTs

Blacklined against the version dtd June 9 2017

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May 17, 2019

Purchase and Sale Agreement for Distressed Trades - STCs

Blacklined against the version dtd June 9 2017

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May 17, 2019

Participation Agreement for Par/Near Par Trades - TSTs

Blacklined against the version dtd June 9 2017

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May 17, 2019

Participation Agreement for Par/Near Par Trades - STCs

Blacklined against the version dtd June 9 2017

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May 17, 2019

Participation Agreement for Par/Near Par Trades - Collateral Annex

Blacklined against the version dtd June 9 2017

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May 17, 2019

Participation Agreement For Distressed Trades - TSTs

Blacklined against the version dtd June 9 2017

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May 17, 2019

Participation Agreement For Distressed Trades - STCs

Blacklined against the version dtd June 9 2017

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May 17, 2019

Participation Agreement for Distressed Trades - Collateral Annex

Blacklined against the version dtd June 9 2017

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May 17, 2019

Proceeds Letter for Post-Effective Date Settlement Distressed Trades

Blacklined against the version dtd June 9 2017

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May 17, 2019

Short Form Proceeds Letter for Post-Repayment Date Settlement Distressed Trades

Blacklined against the version dtd June 9 2017

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May 17, 2019

Multilateral Netting Agreement

Blacklined against the Multilateral Netting Agreement dtd November 7, 2016

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May 17, 2019

Bilateral Netting Agreement - Par/Near Par

Blacklined against the Bilateral Netting Agreement - Par/Near Par dtd November 7, 2016

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May 17, 2019

Bilateral Netting Agreement - Distressed

Blacklined against the Bilateral Netting Agreement - Distressed dtd November 7, 2016

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Mar 7, 2019

US Sanctions Issues in Lending Transactions

Blacklined against the US Sanctions document dated August 1, 2018

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Aug 10, 2018

Blacklined - New ERISA Representations for LSTA MCAPs

Against the draft dtd June 13, 2018

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Jun 9, 2017

Alternative ERISA Representation

Blacklined against the currently effective version

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Feb 28, 2017

Avaya Market Advisory

Blacklined against the draft dtd February 17, 2017

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Jan 26, 2017

LCDS Physical Settlement Rider - iHeart

Blacklined against document dtd November 24, 2014

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