Jurisdiction(s):
United Kingdom

Multicurrency LMA-based checklist for drafting compounded-in-arrears RFR loan agreements: SONIA, SOFR and euro RFRs; methodologies, lookbacks, credit adjustment spreads, floors, fallbacks, market disruption and break costs

Published by a LexisNexis Banking & Finance expert

Checklists

This Checklist

This Checklist presents, in a tabular format, the matters to address when preparing a loan that references a compounded risk-free rate (RFR) such as the Sterling Overnight Interbank Average Rate (SONIA), calculated in arrears. It explains the purpose of the key provisions, highlights issues to weigh up, and offers drafting pointers and practical guidance for practitioners. For further analysis, see Practice Note: Interest provisions in risk-free rate based loan agreements. The Checklist draws on provisions contained in the Multicurrency Term and Revolving Facilities Agreement incorporating backward-looking compound rates and forward looking term rates (lookback without observation shift) issued by the LMA (the LMA Compounded RFR Facilities Agreement). The LMA’s recommended form documentation, with accompanying user guides and commentary, is accessible to LMA members on its website. While the Checklist is prepared on the basis of LMA-style documentation, the guidance will also be relevant to bilateral transactions and agreements using other loan forms. Practice Note: Interest provisions in risk-free rate based loan agreements provides a fuller discussion and elaboration in detail and context of the topics covered in this Checklist...

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Web page updated on 20/05/2026

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