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London, UK – A team from Sullivan & Worcester (Sullivan) has assisted BAFT (Bankers Association for Finance and Trade) and its working group on the 2025 BAFT Master Trade Loan Agreement (2025 BAFT MTLA).

The 2025 BAFT MTLA is designed as an industry-standard document, used for lending between financial institutions to finance or refinance specified trade transactions. The 2025 MTLA - English Law reflects changes based on current market expectations, law and practice, including the demise of LIBOR, and the impact of Brexit, as EU Law no longer applies in the UK.

The 2025 agreement includes:

  • Updates and changes to the structure of the agreement and introduces an offer and acceptance mechanism for the request and making of Trade Loans.
  • Additional provisions and commercial terms are now included in the Trade Loan Request to reduce the amount of optional wording in the main body of the agreement.
  • A new concept of “Booking Office” has been introduced to allow parties to select an office or branch in the relevant Trade Loan request and/or acceptance for a particular Trade Loan.
  • A number of sections in square brackets which the parties must complete (or agree additions or deletions) to complete the 2025 BAFT MTLA - English Law.
  • A number of further provisions have been added or updated to the Agreement, including a new option to use the 2025 BAFT MTLA for sustainability loans.

Geoffrey Wynne, head of Sullivan's Trade & Export Finance Group and the firm's London office, assisting BAFT, commented: “The 2025 BAFT MTLA seeks to be a cornerstone agreement for bank to bank trade loans around the world. We are very pleased to have helped BAFT develop the 2025 agreement which reflects current industry standards and addresses key issues. I have no doubt it will help create a more robust and future-proof trade finance framework.”

Craig Weeks, Senior Vice President, Trade at BAFT, added: “The 2025 BAFT MTLA is consistent with BAFT’s mission, as the leading global industry association for international transaction banking, to collaborate on defining and delivering best market practices to facilitate efficient delivery of trade finance products for our members and their clients.  Standardizing documentation to make trade transactions more “user friendly” is foundational to our purpose.  BAFT is grateful to Sullivan & Worcester UK LLP, especially Geoff Wynne and Matilda Johnson, and the BAFT Working Group, who worked long hours to complete this document.”

The Sullivan team advising BAFT was led by Geoff Wynne in London, with associate Matilda Johnson.

Further information about the 2025 BAFT MTLA can be found here.

The 2025 BAFT MTLA – English Law differs in structure from the previous 2014 BAFT MTLA – English Law but does not replace it. The 2014 version is still available for use.

Geoff will participate in a fireside chat discussing the latest updates to BAFT’s MTLA with Deepesh Patel of Trade Finance Global (TFG) on March 11, 2025 at the BAFT Europe Bank to Bank Forum in Amsterdam.

In recent years, Sullivan has advised, through its London and New York offices, BAFT and ITFA on the Amendment Agreements to the Master Participation Agreements following the replacement of LIBOR. The firm also advised BAFT and ITFA in relation to the publication of new CRR opinions on the English and New York law master participation agreements (MPAs) - for both the 2008 and 2019 English law versions of the MPAs, as well as the New York 2019 version as updated for the recent LIBOR transition.

About Sullivan
Sullivan & Worcester (Sullivan) is a global, mid-sized law firm with lawyers in Boston, London, New York, Tel Aviv and Washington, D.C. Sullivan’s clients, including Fortune 500 companies, leading financial services firms and asset managers, boards of directors, real estate companies, and emerging businesses, rely on Sullivan’s ability to navigate complex legal and operational landscapes, the impeccable judgment of its lawyers, and its commitment to best‑in‑class client service.

In London, the office’s market-leading and multiple award-winning trade finance practice is the premium provider of legal advice in relation to trade, export and commodity finance transactions to major trade finance banks and other financial institutions, funds, corporate borrowers, agents and trustees, and national and international organisations. The team’s unique offering includes an integrated insurance and dispute resolution service handling both transactional and contentious instructions.

The firm hosts monthly webinars for 150+ clients, addressing key trade and export finance issues, as well as writing its Talking Trade Finance blog and contributing to industry events.