LMA publishes revised Replacement of Screen Rate clause to provide further flexibility in light of uncertainty over the future of LIBOR

The Revised Replacement of Screen Rate Clause was developed in conjunction with members of the LMA and the Association of Corporate Treasurers (including lenders, borrowers and major law firms) in order to facilitate further flexibility than the existing clause allows in light of uncertainty over the future of LIBOR and other benchmark rates. The Revised Replacement of Screen Rate Clause permits amendments to be made to documents with a lower consent threshold than may otherwise be required in a wider range of circumstances than the existing clause.

The Revised Replacement of Screen Rate Clause has been produced as a standalone rider (with a users guide) for the time being. It will be incorporated into the LMA facility agreements in due course.

Click here to view the Revised Replacement of Screen Rate Clause. Revised Replacement of Screen Rate Clause may be found within the "Facility Documentation" section for each sector.