May 18, 2022 - The LSTA continues to add to its suite of documents that is made available to all members on its website, focusing lately on its offering of primary market documents. With so many documents being produced or updated each year, the LSTA has used the latest turn of two of its credit agreements — the draft Form of Credit Agreement – Revolving Credit Facility Term SOFR and the draft Form of Credit Agreement and Investment Grade Term Loan and Revolver — to try to conform the agreements to the LSTA style by bringing the language of provisions “in sync” as far as possible. For example, the erroneous payment provision and DQ provision have been included and should track the language included in the Model Credit Agreement Provisions published earlier this month. The LSTA recently shared those revised drafts with members of the Primary Market Committee for their review and comment (members interested in joining that committee should email Bridget Marsh). LSTA plans to circulate the agreements to the entire membership in early June.
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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.