LMA Updates its Standard Terms and Conditions to Incorporate FATCA Provisions

On 20 April 2016, the Loan Market Association (“LMA”) updated its Standard Terms and Conditions for Par and Distressed Trade Transactions (Bank Debt/Claims) (“Standard Terms”) to include language that covers FATCA (as defined below) tax withholding on certain payments of US source FDAP income and, potentially, sale proceeds (as described below).

What is FATCA?

The Foreign Account Tax Compliance Act (“FATCA”), enacted

FULL ARTICLE http://www.lexology.com/library/detail.aspx?g=b1a3da32-5779-45f9-9d84-bdee4f8d7818

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