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LIBOR Hardwired Fallbacks: Better & More Useable

March 25, 2021

Today the Alternative Reference Rates Committee (ARRC) published supplemental recommendations of abridged hardwired fallback language for both syndicated business loans and bilateral business loans. We…

Flooring It! LIBOR vs. SOFR

February 24, 2021

Interest rate floors have been in flux in the past year – and floor economics currently are moving against lenders. Prior to the Covid-19 crisis,…

NY State: Legislating LIBOR (Fallbacks)

January 26, 2021

Last week, the New York State 2022 budget was presented, and included the ARRC’s proposed LIBOR transition legislation (in Article 18-c). We describe the impact…

We Await LIBOR Announcements But Can Still Act Today

January 21, 2021

Once ICE Benchmark Administration’s (“IBA”) consultation on its intentions to cease the publication of LIBOR closes on Monday, their feedback statement could follow shortly thereafter.

LIBOR’s Death & Taxes

October 21, 2020

Some say only two things in life are guaranteed: death and taxes. But I say there are actually three: death, taxes, and the end of…

755 Reasons To Go Hardwired

October 14, 2020

With less than 450 days remaining until the end of 2021, the loan market’s focus on the transition away from LIBOR has increased considerably (and…

What Do The Recommended Conventions Mean For Hardwired Fallback Language?

August 6, 2020

The LSTA’s recent webcast, “Surviving the End of LIBOR: Tools and Tips From the Trenches” answered that question in addition to unpacking the recently launched…

ARRC Updated Final Recommended Language

July 23, 2020

On June 30th the ARRC published an updated recommendation for fallback language for syndicated loans (“the 2020 recommendation”), which can be found below. Document reposted…

ARRC Recommended Fallback Language for Syndicated Loans (Fallback Language Only)

July 23, 2020

On June 30th the ARRC published an updated recommendation for fallback language for syndicated loans (“the 2020 recommendation”). For member convenience we have also prepared…

1H20: What Flavor is Your Fallback?

July 16, 2020

1H20 was all about “amendment” LIBOR fallbacks in loans. Of the 288 loans that Covenant Review tracked in 1H20, 33% used a “pure” ARRC, fallback…

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