Following recent court decisions, the Loan Market Association (LMA) updated its standard terms for par and distressed debt trades to clarify how key provisions apply in secondary loan transactions. The revisions address issues such as the allocation of interest and fees and other ambiguities highlighted by recent litigation, aiming to provide greater certainty and consistency for market participants. As a result, the updated terms are intended to better align documentation with evolving market practice and reduce the risk of disputes in secondary debt trading.