The Loan Market Association (LMA) has published new guidelines for borrowers and agent banks. These guidelines provide recommendations for best practice when dealing with amendments or waivers to existing loan agreements.
The guidelines cover a broad range of issues and are intended to reflect market practice.
An example of the issues provided for in the guidelines include:
- Roles and responsibilities of the borrower, the agent bank and any third party advisor.
- Recommendations for covering legal costs relating to making any amendments.
- Disclosure of information.
- Recommendations for lenders.
- Secondary market implications.