May 9, 2019 - On April 25, 2019, the Alternative Reference Rates Committee (“ARRC”) released its recommended LIBOR fallback language for syndicated loans and floating rate notes. While the ARRC also published a very helpful narrative explaining how the legal language in the fallbacks worked, sometimes it is easier to understand complicated legal language by talking to the experts. And so, to that end, on May 8^th, the LSTA and Cadwalader hosted a webcast that walked through the LIBOR fallback language and explained how each provision worked. The presenters, Tess Virmani of the LSTA and Jeff Nagle of Cadwalader, were the primary drafters of the fallback language, so they understand this language better than anyone else in the world. We hope that this webcast can work both as a helpful introduction today to the ARRC LIBOR fallback language for syndicated loans as well as reference material in the future when parties are drafting fallback language in their credit agreements. The webcast and slides are available here and a short LIBOR Fallback FAQ is available here.