Documenting and Trading Syndicated Loans: Current Trends, Key Provisions, LSTA Forms

Recording of a 90-minute premium CLE webinar with Q&A

Conducted on Wednesday, April 22, 2020

Recorded event now available

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Program Materials

This CLE webinar will examine the critical provisions of credit agreements and secondary trading documents currently being used in the loan syndication market. The panel discussion will focus on standard loan forms promulgated by the Loan Syndications and Trading Association (LSTA), as well as LSTA trading confirmations and related documents which have become accepted forms in the industry. The panel will also discuss points of contrast with the Loan Market Association (LMA) forms used in European transactions.


In the past 30 years, the corporate loan market has changed dramatically. Where banks used to lend to corporate borrowers and keep those loans on their books, loans today are typically syndicated to other institutional lenders and investors. This broader investor base has brought remarkable growth in the volume of loans originated in the primary market and subsequently traded in the secondary market, facilitated in part by the standardization of loan and trading documentation.

Counsel should have a thorough understanding of how various types of credit facilities are structured for syndication and trading. Repayment, prepayment and pricing terms, reps and warranties, multi-lender provisions, assignment and participation conditions, events of default, and other essential provisions must reflect investor concerns.

The LSTA has created form loan documents including a Revolving Credit Facility for Investment Grade Borrowers (Oct. 2017), an Incremental Facility Amendment (April 2018), and Model Credit Agreement Provisions for use in leveraged finance and other transactions, which provide a good starting point for documenting a primary loan.

Standardized trading procedures and documentation are other components of an efficient and liquid syndicated loan market. Over the years, the LSTA has published a suite of secondary trade documents and other instruments that parties can use to evidence and settle loan trades--these have gained broad acceptance in the industry. Finance counsel must understand how the arranger allocates loans and subsequently traded, the role of the administrative agent, and the associated documentation.

Listen as our authoritative panel discusses current legal trends and documentation in loan syndication, as reflected in the LSTA primary lending and trading forms. The panel will also analyze some of the differences between the U.S. market and the European market, as informed by the LMA forms.



  1. Brief history of loan syndication
  2. Types of credit facilities available for syndication
  3. Multi-lender and other investor concerns
  4. LSTA loan forms: key provisions
  5. Secondary trading documentation and procedures
  6. Comparison to European LMA forms


The panel will review these and other issues:

  • What kinds of credit facilities are appropriate for syndication? What kinds are not?
  • How does the anticipated syndication of a loan to multiple lenders impact the provisions in loan documents?
  • To what extent does the LSTA Form of Revolving Credit Facility and Model Credit Agreement Provisions reflect standard documentation in the industry? Should counsel use them as a starting point?
  • What is the role of the arranger in syndicating a commercial loan?


Marsh, Bridget
Bridget K. Marsh

Executive Vice President - Deputy General Counsel
Loan Syndications & Trading Association

Ms. Marsh is Deputy General Counsel for the LSTA. She heads the LSTA’s Primary Market Committee and Trade...  |  Read More

Nand, Arleen
Arleen A. Nand

Greenberg Traurig

Ms. Nand represents commercial, cooperative, development and investment banks, as well as hedge funds, sponsors,...  |  Read More

Virmani, Tess
Tess Virmani

Executive Vice President & Associate General Counsel
Loan Syndications & Trading Association

Ms. Virmani works with the LSTA’s Primary Market Committee and Trade Practices and Forms Committee on legal...  |  Read More

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