The Loan Syndications and Trading Association (LSTA) has released new forms of its primary trading documents, effective for trades entered into on or after April 24, 2014.
The LSTA's updated forms are primarily designed to address foreign withholding tax requirements that will become effective July 1, 2014 under the Foreign Account Tax Compliance Act (FATCA). Additionally, the LSTA has significantly revised its Participation Agreements (for both Par and Distressed trades) to include changes consistent with those previously incorporated into its Purchase and Sale Agreement for Distressed Trades (PSA) and to incorporate the LSTA Collateral Annex, which was last updated in June 2013. No significant changes have been made to the Par and Distressed Trade Confirmations or the PSA Transaction Specific Terms.
Please see full advisory below for more information.
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