From ACT Wiki
1. Interest rates - reference rates.
A 'fallback' is a specified alternative reference interest rate, for use in the event that the originally envisaged reference rate is unavailable.
"Whilst fallbacks are contained in existing documentation should a reference rate become (temporarily) unavailable, these were not drafted as a long-term solution [to the permanent retirement of LIBOR]."
ACT Briefing Note, Transition to risk free rate benchmarks.
Similar arrangements in other contexts.
- Alternate Base Rate
- Bloomberg Index Services Limited (BISL)
- Reference rate
- Risk-free rates
- Waterfall methodology
A World without Libor - FCA speech - July 2018
The future of LIBOR: what you need to know, ACT & LMA, March 2018
2021: A Benchmark Odyssey, Practical Guidance for Treasurers on interest rate benchmarks, Slaughter and May