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On 25 October 2019, the LMA published an exposure draft of a
reference rate selection agreement for use in relation to legacy transactions
and the transition to alternative reference rates. The purpose of the reference
rate selection agreement is to streamline the process of transition to
alternative reference rate(s) through the use of the same form of agreement on
different transactions. Key points to note on the draft reference rate
selection agreement are:
The advantage of the process is that it is not necessary to
get all lenders to review and sign the full amendment agreement. The LMA notes,
however, that parties may prefer that all lenders enter into the full amendment
agreement. Alternatively, the LMA suggests that users may determine that a
further amendment agreement is unnecessary and that, pursuant to the reference
rate selection agreement, amendments would be deemed to be made to the underlying
facility agreement in line with the provisions of the appropriate recommended
form of LMA syndicated facility agreement.
The LMA is looking for feedback from market participants on
the reference rate selection agreement and particularly that arising from
experiences relating to transition issues on transactions.
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Miranda is a solicitor specialising in leveraged and acquisition finance. She trained at Hogan Lovells International LLP and qualified into the international banking and finance team. During her time at Hogan Lovells she worked on a variety of domestic and cross-border transactions, acting for both borrowers and lenders. She also experienced secondments to Barclays Bank PLC and Kaupthing Bank hf.
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