In 2016, a new security contract and a subordinated inter-credit contract for use in real estate financing, a German-speaking legal facility contract and an appointment sheet for multi-real estate real estate transactions as well as an insurance brokerage letter were also published for use in real estate financing. During 2019, the LMA has been actively involved in a variety of regulatory initiatives, including the development of revisions to Chapter 17 of the JMLSG Guidelines. In addition, the LMA has produced a number of documents, including a form for comprehensive administrative details and the Agency`s Details form, both of which are intended to provide a standard format for the transmission of important administrative details; A guide to the management of auxiliary equipment, intended to enable the introduction and treatment of auxiliary facilities in the documentation of LMA facilities, as well as guidelines on common operating scenarios; and the new desktop series, as mentioned above. When the 2007 financial crisis began to bite, work began on a recommended form of the Intercreditor Agreement, a document that generally deals with the structure of each transaction. The document, launched in 2009, has again faced market-wide recognition as a strong framework and following in-depth discussions by market practitioners. When the market developed after the crisis, the suite of LMA model documents also developed. In 2013, an inter-secretary agreement and a revolving super-senior credit facility were created in conjunction with a high-yield loan. These were supplemented in 2014 by a second Super Senior intercreditor agreement, which will be used in addition to a SUPER SENIOR-RCF, a secret note and a high-yield bond structure. The Loan Market Association (LMA) reached an agreement in April on a real estate financing facility. We believe that the agreement is (and should) be welcomed. However, as the LMA acknowledges, it is not easy to reach a single agreement and the goal is more modest. The LMA indicates that it will be impossible to use the agreement without modifications or additions.

Issues such as updated evaluations and alliance cure mechanisms need to be negotiated on a case-by-case basis. Property-specific representations and obligations may be necessary when the document is used for an individual real estate establishment. The REF agreement also provides for a specific structure – and typical of real estate investment. The parent company is put in place of borrowers with real estate to whom the lender transfers funds; The holdings are held through common shares and downstream subordinated debt, both at the mother`s level and in the borrowers; there are no provisions for mezzanine financing, but if the financing is provided on a variable rate basis (the REF agreement allows fixed and variable interest rates), coverage is provided; the security consideration is a party to the document.