Stop creating new USD LIBOR contracts as soon as possible.
Identify existing contracts that reference USD LIBOR (early identification is key).
Identify if there are any ‘tough legacy contracts’ or loan-linked transactions which may require separate treatment through bilateral amendment.
Identify any ambiguous language providing for fallbacks in existing contracts. Determine which party the fallback language may benefit.
Decide whether and when to amend existing contracts (multilaterally, by signing up to the ISDA 2020 IBOR Fallbacks Protocol, or bilaterally).
Be proactive about amending contracts (not reactive).
Understand that amendment may not be possible for multi-party contracts, so decide how to deal with those to mitigate risks of mismatch to the economics.
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