ARRC Updates Bilateral Loan Recommended Hardwired Fallback Language and Syndicated Loan Conventions

Summary

On August 27, 2020, the Alternative Reference Rate Committee (ARRC) published an updated version of its recommended fallback language for new originations of USD LIBOR-denominated bilateral business loans. The press release can be found here. The ARRC also released a technical reference document of appendices in support of its conventions for syndicated business loans, published earlier this year (see ARRC Releases SOFR "In Arrears" Conventions for Syndicated Business Loans for more information on the ARRC’s syndicated loan conventions).