ARRC Webinar To Review Consultation On U.S. Dollar LIBOR Fallback Contract Language

On October 5, 2018, the Alternative Reference Rates Committee ("ARRC") will hold a webinar to review the recently released consultation on U.S. dollar LIBOR fallback contract language for floating rate notes. The purpose of the webinar is to help market participants understand and respond to the request for feedback during the comment period.

The ARRC seeks feedback on key fallback provisions:

• Trigger Events - events that start the transition from LIBOR to a new reference rate;
• Successor Rate "Waterfall" - a provision specifying the priority of unadjusted rates that would replace LIBOR; and
• Spread Adjustment "Waterfall" - a provision specifying the priority of spread adjustments that would be applied to the successor rate because of differences between LIBOR and the Secured Overnight Financing Rate ("SOFR").