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ARTICLE · 11 JUNE 2021

LMA Publish Recommended Form Of Reference Rate Selection Agreement

McGuireWoods LLP
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On June 4, 2021, the Loan Market Association (LMA) published a recommended form of its reference rate selection agreement (the Selection Agreement), which has been updated following market feedback.

United StatesFinance and Banking
Jennifer J. Kafcas
Jennifer J. Kafcas
Alvino S. Van Schalkwyk
Alvino S. Van Schalkwyk
Lauren J. Blaber
Lauren J. Blaber
Harry Poland
Harry Poland

On June 4, 2021, the Loan Market Association (LMA) published a recommended form of its reference rate selection agreement (the Selection Agreement), which has been updated following market feedback. The Selection Agreement has been updated to reflect the LMA's suite of RFR-based documentation and rate switch agreements, and the conventions found in those documents.

The Selection Agreement is designed to assist market participants when transitioning legacy loan agreements and is intended to streamline the process of transitioning to RFRs through the use of the same form of agreement on different transactions. The Selection Agreement allows parties to agree on the applicable alternative compounded RFR to be used and other relevant terms relating to the use of that compounded RFR in respect of their legacy syndicated loan transactions.

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