ARRC Issues Updated Fallback Language For LIBOR-Denominated Bilateral Business Loans
The Alternative Reference Rates Committee (“ARRC”) issued (i) updated recommended contractual fallback language for U.S. dollar LIBOR-denominated bilateral business loans; and (ii) a technical reference document to support previously released conventions for syndicated loans.
The ARRC updated the bilateral business loan fallback language revising the language released in May of 2019. Specifically, the updates (which the ARRC noted are similar to recommendations for new originations of syndicated loans) amended the (i) “Hardwired Approach” to include a recommended use of the Daily Simple Secured Overnight […]