July 13, 2020 - Please find here the new publication of the LSTA Form of Master Confidentiality Agreement for Secondary Sales & Trading. The Agreement sets out the terms and conditions that will apply to the treatment of certain information that either party discloses to the other party in connection with the possible participation of the other party (or its affiliate) in a transaction involving a borrower and any loans extended to that borrower (and any claims against the borrower) as identified on a schedule. After signing the master agreement parties can simply complete the schedule attached to the agreement by including details of the particular loan being considered by a prospective buyer.

The LSTA published the original LSTA Form of Master Confidentiality Agreement for Secondary Sales & Trading in 2006. The document held up well since that time and has limited the amount of time parties spend tailoring it to a particular transaction; however, we began to hear from our members that parties were making comments on the form that slowed down the execution of it.  We have incorporated certain of those comments in the 2020 version and declined to include others which were not appropriate for the circumstances of debt trading. We hope that this revised form further streamlines the execution of it for our members. We would ask those of you who work with this form to let us know if you receive comments on it, in particular from law firms that are not LSTA members. Our goal is to eliminate time spent negotiating this form unnecessarily and streamline its execution as far as possible for our members.

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Membership in the LSTA offers numerous benefits and opportunities. Chief among them is the opportunity to participate in the decision making process that ultimately establishes loan market standards, develops market practices, and influences the market’s direction.

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