December 11, 2018

ARRC Releases Consultations on Fallback Contract Language for Bilateral Business Loans and Securitizations for Public Feedback

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The Alternative Reference Rates Committee (“ARRC“) released consultations on U.S. dollar (“USD“) LIBOR fallback contract language for bilateral business loans and securitizations for public feedback. These consultations outline draft language for new contracts that reference LIBOR so as to ensure these contracts will continue to be effective in the event that LIBOR is no longer usable.

The ARRC is seeking feedback on each proposed approach and on the key issues involved. Comments should be sent to the ARRC Secretariat (arrc@ny.frb.org) no later than February 5, 2019.

Questions regarding the consultations should also be sent to the ARRC Secretariat (arrc@ny.frb.org) and will not be posted for attribution.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.