Jurisdiction(s):
United Kingdom

Key definition

Loans definition

What does Loans mean? Loans are agreements to advance money on terms of repayment, usually with interest. In pensions practice, this covers any arrangement where occupational pension scheme assets are lent. In Great Britain, legislation defines “employer-related investments” and strictly restricts them: section 40 of the Pensions Act 1995 (mirrored in Northern Ireland legislation) and the Occupational Pension Schemes (Investment) Regulations 2005 prohibit loans to the sponsoring employer or to persons connected with, or associated with, the employer, and ban giving guarantees or security for the employer’s obligations. Other employer-related investments (such as employer shares or securities) are subject to a...

LMA-based syndicated loans: types, borrower benefits, lender rights and obligations, voting mechanics, agent duties, pro rata sharing, transferability and primary syndication

Published by a LexisNexis Banking & Finance expert

Practice notes

The difference between bilateral and syndicated Loans

A Bilateral loan features a Borrower and a single Lender, with, on occasion, other companies within the borrower’s group acting as guarantors and/or providers of security to support the borrowing. Where one lender is unwilling or unable to supply the whole sum the borrower requires, the borrower may turn to two or more lenders to cover its funding needs in order to meet its financing objectives. In a syndicated arrangement, multiple lenders agree to provide finance to a borrower on harmonised terms, all set out in a single facility agreement executed by every party to the transaction.

Types of syndication

There are three main types of syndicated loans:

underwritten deals, in which the arrangers promise to fund the entire commitment and subsequently seek to syndicate the loan to other lenders. If the loan is not fully subscribed, the underwriters are obliged to advance the remaining amount themselves
best-effort deals are not underwritten by the arrangers; instead, they agree only to use their best endeavours to locate other lenders to provide the total commitment...

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Web page updated on 21/05/2026

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