The Association of Corporate Treasurers (ACT) has worked with the Loan Market Association (LMA) on the development of the Investment Grade Agreement (and its revisions) since the project was first launched in 1996. This Guide is produced by Slaughter and May for the ACT, to assist treasurers negotiating loan documentation based on the LMA’s recommended forms. The Guide explores the key provisions and highlights common discussion points.
The Guide is tailored for use by treasurers rather than lawyers. It gives a general overview of LMA terms for readers unfamiliar with LMA documentation, and a clause by clause commentary, which considers the implications of each clause from the borrower’s point of view.
The 5th edition of the ACT Borrower’s Guide to the LMA’s Investment Grade Agreements was published in April 2017. The Guide was updated in September 2017 primarily to reflect some minor adjustments to the Investment Grade Agreements made by the LMA over the summer. It has also been amended to take account of recent developments in relation to LIBOR and EURIBOR and the coming into force of changes to the anti-money laundering regime in the EU and the UK.
ACT members and students can click here to log in and download the guide.