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ARRC recommendations REGARDING MORE ROBUST FALLBACK LANGUAGE FOR NEW ORIGINATIONS OF LIBOR S YNDICATED LOANS JUNE 30, 2020 Table of Contents Part I: Background about the ARRC and LIBOR Fallback Language .. 2 Part II: Fallback Language for New Originations of LIBOR Syndicated Loans .. 4 Part III: User s Guide to Fallback Language for Syndicated Loans ..10 A. Introduction to the Fallback Language ..11 2019 Fallback Language ..11 Interpretative Concepts of Interest Period, Available Tenor and Corresponding Tenor ..12 B. Triggers ..13 Permanent Cessation Triggers ..13 Pre-cessation Trigger - Benchmark is No Longer Representative ..14 Unavailability of Tenor of Benchmark ..15 "Early Opt-in ..16 C. Benchmark Replacement ..18 Waterfall ..18 Step 1: Term SOFR + Step 2: Daily Simple SOFR + Adju stment ..19 Modifications to the Waterfall.
Jun 30, 2020 · recommendation, the extent to which any market participant decides to implement or adopt any suggested contract language is completely voluntary. Therefore, each market participant should make its own independent evaluation and decision about whether or to what extent any suggested contract language is adopted.
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