Documentation upstream. When a party has acquired the loans using LSTA documents, that party will almost always want to sell the loans to its buyer who uses LSTA documents (and vice versa, if such a party bought on LMA) to not be in conflict between the rights and obligations it acquired when acquiring the loans in relation to the rights and obligations acquired during the sale of the loan. Risks for a party who buys and sells a loan with different types of form documentation (for example. B buy on LSTA and sell on LMA) become more transparent when the different types of presentations provided by a seller using LSTA documentation versus LMA documentation are discussed. This is not the case with a struggling LSTA business. As noted above for concerned LSTA trades, after confirmation of the LSTA`s troubled trade, the parties will still be required to enter into a complementary purchase and sale agreement that is the subject of negotiations. Therefore, where, between the date of the trade and the settlement date, there has been something that a party has deemed necessary to change the standard terms, it is possible to negotiate these terms before the count. When a party signs an LMA confirmation without any change in standard terms, this confirmation governs all insurance, guarantees, agreements and agreements concluded by the seller or buyer not only on the date of negotiation, but also on the date of settlement of the trade. Therefore, if a commercial confirmation of the AML has been executed and an event occurs before the settlement date, but after the date of trading, this leads a party to request changes to the standard terms of the AML (since a standardized presentation of the AMA, which must be made by that party at the time of the settlement date , is no longer true without modification), this party may find itself in a precarious situation to the extent that its counterpart is not willing, to authorize changes to the standard conditions. after the commercial confirmation has been completed. Therefore, parties should be particularly careful before executing a commercial confirmation of the AML if the parties do not conduct credit trading on the day or around the same date as the execution of the commercial confirmation. To the extent that a party is aware of an atypical commercial term important to that party or wishes to deviate from the general terms of sale of the LSTA or LMA, that party must clearly and unambiguously state the non-standard conditions at the time of trading.