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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 ..22 Step 3: Borrower and Administrative Agent Selected Rate + Rate 23 Use of Screen 23 D.
Jun 30, 2020 · securitizations, and closed- end residential ARMs. These recommendations set forth robust fallback provisions that define the trigger events 2, and allow for the s election of a benchmark replacement and a spread adjustment between LIBOR and that benchmark replacement to account for differences between these two benchmarks.
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