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ARTICLE · 07 APRIL 2021

Interest Rates Watch: LIBOR Transition – Updated Fallback Language For USD LIBOR Syndicated And Bilateral Loans

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Welcome back to our Interest Rates Watch series, developed to provide timely updates and practical advice on developments related...

CanadaFinance and Banking
Jennifer Wasylyk
Jennifer Wasylyk
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Welcome back to our Interest Rates Watch series, developed to provide timely updates and practical advice on developments related to interest rates and benchmarks on a regular basis. As always, we are here to help.

In connection with the recent announcements of ICE Benchmark Administration and the UK Financial Conduct Authority regarding the future cessation or loss of representativeness of LIBOR (see our commentary on these announcements here), the Alternative Reference Rates Committee (ARRC) has released updated recommended fallback language (2021 Hardwired Fallback Language) for credit documentation that utilizes USD LIBOR.1

The 2021 Hardwired Fallback Language builds on the previous recommended fallback language (which was released in June 2020 for syndicated loans and August 2020 for bilateral loans (2020 Hardwired Fallback Language)) and addresses both (1) the replacement of USD LIBOR specifically and (2) the potential replacement of any future benchmarks

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