Fox Legal Training LMA Member Programme
A Partnership With The Loan Market Association

Covenant and Documentation Training for LMA Member Firms

Fox Legal Training has partnered with the Loan Market Association to give member firms and individual members structured, practical training in leveraged loan documentation.

Register your Team Register as an Individual

Each firm’s seats are allocated according to its LMA membership tier and granted on a first-come, first-served basis.

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In Partnership With Fox Legal Training Loan Market Association
The Case For Training

Why Documentation Fluency Matters

Documentation risk is now central to leveraged loan outcomes. Covenant construction, definitions, EBITDA adjustments, baskets, intercreditor terms and events of default all shape what lenders can actually do when performance changes.

Small drafting differences affect lender protections, borrower flexibility, recoveries and enforcement options. For teams reviewing, negotiating, monitoring or managing leveraged loans, documentation fluency is no longer a specialist skill. It is a core market capability.

Yet most teams have limited time to build that fluency systematically. This programme gives member firms a shared, practical understanding of how covenant packages are built and where risk sits.

Audience

Who It’s For

This programme suits anyone working with leveraged loan documentation, at any level of experience.

Credit Analysts
Portfolio Managers
Origination and Underwriting Teams
Legal and Transaction Teams
Restructuring and Distressed Professionals
Senior Leads Building a Shared Documentation Language
What You Receive

Your Training Allocation

Two ways to take part, depending on whether you are registering a team or applying on your own.

For Firms & Teams

Allocated By Membership Tier

Every seat includes FLT’s core course, plus two further courses chosen by your team.

  • Leveraged Loan Covenant Training, the core course included with every seat.
  • Two additional courses selected from the FLT catalog.

For Individuals

One Course, Your Choice

Applying directly from an LMA member organization? You choose a single course.

  • One course of your choice from the FLT catalog.
  • Leveraged Loan Covenant Training is recommended, but not required.
TierFirm SizeSeats
Tier 3Under 1,000 employees2
Tier 21,001 to 10,000 employees5
Tier 1Over 10,000 employees10
View Full Course Catalog
The Process

How It Works

Five steps from request to first lesson.

STEP 01

Submit Your Request

Register as a team or as an individual, with your details and course preferences.

STEP 02

LMA Reviews Your Request

The LMA reviews your request and confirms your seat and course allocation.

STEP 03

Get Your Confirmation

Once reviewed, you receive a confirmation email with your final details.

STEP 04

Learners Are Enrolled

FLT sets up your learners and provides access to the training platform.

STEP 05

Complete The Training

Learners work through their courses online, at their own pace.

Who Delivers It

Why Fox Legal Training

Sabrina Fox
Sabrina Fox
Founder, Fox Legal Training

Sabrina Fox is a leading advocate for education and empowerment in leveraged finance. After beginning her career as a finance lawyer in Los Angeles and moving to London in 2004, she worked on high-yield bond transactions at Paul Weiss, advising private equity sponsors and corporations. In 2010, she transitioned into fintech, joining DebtExplained to help develop Market Maker software, which streamlines the comparison of deal terms. Later, at Covenant Review, she opened the London office and became a prominent voice on the growing erosion of lender protections in European leveraged finance, a period she describes as the “Covenant Wars.”

Recognizing the need for greater transparency and education, Sabrina founded the European Leveraged Finance Association (ELFA) in 2019 and later launched Fox Legal Training. Through these initiatives, she has worked to improve market disclosure, strengthen engagement among participants, and equip investors and lenders with the knowledge needed to negotiate stronger protections. Sabrina believes that understanding legal documentation is essential to effective credit analysis and that broader legal literacy can help the market reduce risk, improve returns, and make better-informed decisions.

Good To Know

Programme Details

Who Can Participate?

LMA member firms requesting access for a group of learners. Access is based on the approved seat allocation, and each approved learner receives Leveraged Loan Covenant Training plus two additional approved courses.

Individuals applying directly from an LMA member organization. The applicant receives one approved course.

What Is Included?

Firms and teams: the core Leveraged Loan Covenant Training course, plus two additional courses of your choice.

Individuals: one course of your choice, with Leveraged Loan Covenant Training recommended.

How Are Seats Allocated?

Seats are allocated by firm size and confirmed after registration.

  • Tier 3 (under 1,000 employees): 2 seats
  • Tier 2 (1,001 to 10,000 employees): 5 seats
  • Tier 1 (over 10,000 employees): 10 seats

Seats are granted on a first-come, first-served basis within each firm’s tier allocation.

How Long Is The Programme Available?

The programme is available through August 2027.

Can We Buy Additional Licenses?

Yes. LMA member firms receive 15% off additional FLT licenses.

How Do We Start?

Use the Register your Team or Register as an Individual button on this page to submit your request. The LMA will review it and confirm your allocation by email.

Places Open Now

Ready To Register?

Request seats for your team, or apply as an individual member.

Register your Team Register as an Individual

Each firm’s seats are allocated according to its LMA membership tier and granted on a first-come, first-served basis.