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Email On June 30, 2020, the Alternative Reference Rates Committee (“ARRC”) published recommendations regarding more robust fallback language for new originations of U.S. dollar-denominated syndicated business loans that reference LIBOR. The ARRC’s recommendations contain refreshed hardwired fallback language (the “Updated Fallback Language”) and an updated user’s guide regarding such hardwired language and potential drafting alternatives (the “Updated User’s Guide”). https://www.cadwalader.com/resources/clients-friends-memos/arrc-publishes-refreshed-recommended-fallback-language-for-syndicated-business-loans-for-libor-transition-planning