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ARTICLE · 15 MAY 2019

ARRC Releases Fallback Language For Syndicated Loans And Floating Rate Notes

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On April 25th, the Alternative Reference Rates Committee, an advisory committee of the New York Federal Reserve Bank (ARRC),

United StatesFinance and Banking
J. Paul Forrester
J. Paul Forrester
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On April 25th, the Alternative Reference Rates Committee, an advisory committee of the New York Federal Reserve Bank (ARRC), released recommended contractual fallback language for U.S. dollar LIBOR denominated floating rate notes and syndicated loans.

This language is part of ARRC's mandate to help resolve issues with contracts that reference LIBOR. The ARRC recommends the Secured Overnight Financing Rate (SOFR) as s replacement to LIBOR and has put in place a comprehensive plan of transition – the Paced Transition Plan

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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