On August 18, 2021 the International Swaps and Derivatives Association, Inc. (“ISDA”) published a Form of Amendment to enable parties to amend one or more existing confirmations to incorporate the GBP LIBOR ICE Swap Rate Fallback Provisions, which introduce fallbacks for provisions in the 2006 ISDA Definitions which refer or relate to the GBP LIBOR ICE Swap Rate.

On November 10, 2021, ISDA published a second Form of Amendment to enable parties to amend one or more existing confirmations to incorporate the GBP LIBOR ICE Swap Rate Fallback Provisions, the USD LIBOR ICE Swap Rate Fallback Provisions and/or the JPY LIBOR Tokyo Swap Rate Fallback Provisions, which introduce fallbacks for provisions in the 2006 ISDA Definitions which refer or relate to the GBP LIBOR ICE Swap Rate, the USD LIBOR ICE Swap Rate and/or the JPY LIBOR Tokyo Swap Rate (as applicable).

On November 22, 2021, ISDA published a standalone Form of Agreement for use in adding the new fallbacks for JPY LIBOR TSR; and a standalone Form of Agreement for use in adding the new fallbacks for USD LIBOR ICE Swap Rate.

On June 15, 2022, ISDA published a standalone Form of Agreement for adoption of USD LIBOR ICE Swap Rate Fallback Provisions in Confirmations for legacy transactions incorporating either the 2000 ISDA Definitions, the 2006 ISDA Definitions or the 2021 ISDA Interest Rate Derivatives Definitions or Confirmations referencing the “USD LIBOR ICE Swap Rate.”

On June 15, 2022, ISDA also published the June 2022 Benchmark Module of the ISDA 2021 Fallbacks Protocol enabling parties to Protocol Covered Documents which incorporate or reference the USD LIBOR Swap Rate as defined in a Covered ISDA Definitions Booklet, to amend the terms of each such Protocol Covered Document to include in the terms of such Protocol Covered Document the terms of, or a particular defined term included in, either version 3.0 of the 2021 Definitions or Supplement 88 to the 2006 Definitions, each as published by ISDA and effective on November 10, 2021 (as applicable), or such equivalent provisions as they relate to that Covered ISDA Definitions Booklet.