The LMA is pleased to announce the publication of an agreement on unsecured renewable facilities for a single currency (with a letter of credit) for the development of market areas. The LMA is pleased to announce the publication of a draft benchmark rate selection agreement (“reference rate selection agreement”) for use in old transactions from LIBOR to alternative benchmark rates. The LMA is pleased to announce the introduction of a new form of recommended intercreditor agreement for loan-financed transactions with super senior filming facility and a senior term facility structure (the “Super Senior ICA”). The LMA is pleased to announce the publication of a multi-currency lifetime project and a Multicurrency Rate Switch Facility Agreement. This exhibition project is based on a retrospective without observational lag. The LMA has established a mezzanine increase in an agreement on priority facilities for REF investment operations, which anticipate both a priority loan and a mezzanine loan. The LMA is pleased to announce the publication of exhibition projects: (i) a composite agreement on the term “sterling” on the basis of SONIA and an agreement on renewable facilities; and (ii) a recomposed dollar maturity on sofr and an agreement on renewable facilities (the “exposure repechages”). Sonia and SOFR replace near-risk interest rates (“RFR”) for LIBOR in the pound sterling and dollar markets. Following the release on February 28, 2020, of the revised IG and REF Investment Facilities Agreements, we today released revised versions of a series of our other recommended form facility agreements, user manuals, RFR documentation and other related documents. “Real estate financing is an essential part of the syndicated credit market and contributes significantly to economic growth.

The LMA continues to work both to promote REF liquidity and to support its active members in this market. We hope that the addition of two new ref-security agreements for English law to our collection of existing REF documents will lead to a more efficient and productive negotiation of documentation. The LMA has provided on its website (through the LSTA) a consultation on the LSTA market regarding situations in which market participants act on syndication credits granted under a facility agreement under English law through a confirmation by/Near By Trade Confirmation published by the LSTA. The LMA is pleased to announce the introduction of two new security agreements for real estate financing operations (the “new REF security documents”) as well as subsequent changes to the LMA REF facility agreements. One of the new REF security documents, the LMA REF Development Security Agreement, was designed to be used with the LMA REF Development Facility Agreement. The other new REF security document, the LMA REF Shareholder Safety Agreement, was designed to be used with both the LMA REF Investment Facility Agreement and the LMA REF Development Facility Agreement.