Transcription of Statement of the Alternative Reference Rates Committee as ...
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Statement of the Alternative Reference Rates Committee as ...
Statement of the Alternative Reference Rates Committee as the Relevant Recommending Body under State LIBOR Legislation with respect to 1-week and 2-month USD LIBOR tenors Published December 3, 2021. I. Purpose. Legislation enacted in the State of New York and in the State of Alabama 1 (the State LIBOR Legislation ) addresses the effect of certain LIBOR discontinuance events on Contracts, Securities and Instruments 2 that Reference dollar LIBOR and that are governed by those states' laws. The State LIBOR Legislation provides that the Alternative Reference Rates Committee (the ARRC ) is a Relevant Recommending Body that is authorized to select and recommend the Recommended Benchmark Replacement, Recommended Spread Adjustment and Benchmark Replacement Conforming Changes that are applicable to Contracts, Securities and Instruments subject to the State LIBOR Legislation. The purpose of this Statement is to set forth certain of the ARRC's selections and recommendations in this regard.
” means a guaranty, surety bond, financial guaranty insurance policy, letter of credit or similar contract or instrument under which a payment obligation is continge nt upon, and measured ( in whole or in part ) by reference to, a failure to make a payment determined on the basis of LIBOR under another Covered Contract .
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