Fallback Rate means the alternative rate of interest that would have been applicable under the terms of the Facility (absent this Rider) if the Bank had given notice that USD LIBOR had become unavailable or, if no such alternative rate is specified, the Base Rate.

What are LIBOR fallback rates?

Fallback language refers to document terms that are intended to provide for a smooth transition to an alternative reference rate in the event LIBOR ceases to exist.

How do you calculate fallback rate?

The SOFR fallback rate for each tenor of USD Libor, determined for each calculation period, will be calculated as the sum of 1) the Adjusted SOFR Rate plus 2) the Spread Adjustment. This fallback rate is referred to in the Amendments as Fallback Rate (SOFR).