Refinitiv USD IBOR Cash Fallbacks

The Refinitiv USD IBOR Cash Fallbacks are a family of rates that support participants of the markets migrate away from USD LIBOR. They seek to be commercially substantially equivalent to USD LIBOR by capturing both a risk-free rate, which is measured by different forms of Secured Overnight Financing Rate (SOFR), plus a fixed spread adjustment that measures the average difference between USD LIBOR and SOFR.

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Disclaimer

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USD IBOR Cash Fallbacks (shown as “Production” rates).

From 1 January 2022 if you have not signed up to a licensing agreement with Refinitiv for the use of Refinitiv USD IBOR Cash Fallbacks (“Fallback Rates”) you will be unable to use Fallback Rates for any commercial purpose or use whatsoever including, but not limited to as a reference rate in financial instruments, financial contracts or for valuation and pricing activities, or as an input into a benchmark or an index or otherwise.

Refinitiv Limited, its affiliates (“Refinitiv”) and its third party providers (together “Refinitiv and Third Parties”) do not guarantee the quality, accuracy and/or completeness of the Fallback Rates or any data included therein. Refinitiv and Third Parties make no express or implied warranties, representations or guarantees concerning the accuracy or completeness of the Fallback Rates or as to the results to be obtained by you, or any other person or entity from the use of the Fallback Rates or any data included therein. In no event shall Refinitiv and Third Parties have any liability for any loss of profits, special, punitive indirect, incidental or consequential relating to any use of the Fallback Rates.

Prototype USD IBOR Cash Fallbacks (shown as “Prototype” rates)

Prototypes of the USD IBOR Cash Fallbacks (“Prototype Fallback Rates”) are provided for informational purposes only. Refinitiv Limited, its affiliates (“Refinitiv”) and its third party providers (together “Refinitiv and Third Parties”) do not guarantee the quality, accuracy and/or completeness of the Prototype Fallback Rates or any data included therein. Refinitiv and Third Parties make no express or implied warranties, representations or guarantees concerning the accuracy or completeness of the Prototype Fallback Rates or as to the results to be obtained by you, or any other person or entity from the use of the Prototype Fallback Rates or any data included therein. In no event shall Refinitiv and Third Parties have any liability for any loss of profits, special, punitive indirect, incidental or consequential relating to any use of the Prototype Fallback Rates.

No information provided, displayed or contained in the Prototype Fallback Rates is intended to be, or should be construed or used as, a benchmark, whether as a reference rate in financial instruments, or financial contract; or for valuation and pricing activities ("Prohibited Use"). Whether you have entered into a contract with Refinitiv or not, you are not permitted to access or use in any way such information for the Prohibited Use and may breach the Benchmark Regulation and/or any contract with Refinitiv if you do. Refinitiv does not warrant that the Prototype Fallback Rates are provided in accordance with the Benchmark Regulation. "Benchmark Regulation" means, in respect of the EEA, EU Regulation 2016/1011 and in respect of another country, the equivalent legislation. If you are in any doubt about the meaning of Prohibited Use or your obligations under the Benchmark Regulation, you should seek professional advice.

Third party accreditation/disclaimers

USD ICE LIBOR, which is administered and published by ICE Benchmark Administration Limited (IBA), serves as an input for the Prototype Fallback Rates and/or Fallback Rates. LIBOR®, ICE LIBOR® and ICE Benchmark Administration® are registered trade marks of IBA and/or its affiliates. USD ICE LIBOR , and the registered trade marks LIBOR, ICE LIBOR and ICE Benchmark Administration, are used by Refinitiv with permission under licence by IBA. The Prototype Fallback Rates and/or Fallback Rates are not sponsored, endorsed or provided by IBA or any of IBA’s affiliates. IBA and its affiliates make no claim, predication, warranty or representation whatsoever, express or implied, as to the results to be obtained from any use of LIBOR® or Prototype Fallback Rates and/or Fallback Rates, or the appropriateness or suitability of LIBOR® or the Prototype Fallback Rates and/or Fallback Rates for any particular purpose to which it might be put, including with respect to the Prototype Fallback Rates and/or Fallback Rates. To the fullest extent permitted by applicable law, all implied terms, conditions and warranties, including, without limitation, as to quality, merchantability, fitness for purpose, title or non-infringement, in relation to LIBOR® and Prototype Fallback Rates and/or Fallback Rates, are hereby excluded and none of IBA or any of its affiliates will be liable in contract or tort (including negligence), for breach of statutory duty or nuisance, for misrepresentation, or under antitrust laws or otherwise, in respect of any inaccuracies, errors, omissions, delays, failures, cessations or changes (material or otherwise) in LIBOR® or Prototype Fallback Rates and/or Fallback Rates, or for any damage, expense or other loss (whether direct or indirect) you may suffer arising out of or in connection with LIBOR® or Prototype Fallback Rates and/or Fallback Rates or any reliance you may place upon it.

The Fallback Rates and Prototype Fallback Rates are subject to the Terms of Use posted at newyorkfed.org. The New York Fed is not responsible for publication of the Fallback Rates or Prototype Fallback Rates by Refinitiv, does not sanction or endorse any particular republication, and has no liability for your use. Refinitiv is not affiliated with the New York Fed. The New York Fed does not sanction, endorse, or recommend any products or services offered by Refinitiv.