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...

Drafting interest and interest periods in LMA REF facility agreements post-LIBOR: SONIA/RFR mechanics, hedging, capitalisation, default interest, observation/lookback and market disruption

Published by a LexisNexis Banking & Finance expert

Practice notes

Banks and other financial institutions raise income by levying interest on the Loans they extend. For Lending to produce a return, the rate charged must at a minimum offset the lender’s own Costs. See Practice Note: Introductory guide to interest in loan agreements—Cost of lending. In most syndicated facilities, many interest and interest period terms align with those used in real estate finance. This Practice Note highlights the interest and interest period mechanics that are particular to real estate finance (REF) deals.

Where to start with drafting interest and interest period provisions in a real estate finance transaction

These provisions for any given deal are ordinarily settled at term sheet stage before the facility agreement is drafted. It is therefore essential to review the term sheet’s terms before preparing the facility agreement.

LMA real estate finance documentation

The LMA includes clauses to address interest and interest period points within its real estate finance documentation, including its:

single currency term facility agreement for real estate finance multiproperty investment transactions (LMA REF Investment...

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Web page updated on 21/05/2026

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