https://wiki-dev.treasurers.org/w/index.php?action=history&feed=atom&title=Hardwired 2026-04-20T00:35:07Z Revision history for this page on the wiki MediaWiki 1.40.0 https://wiki-dev.treasurers.org/w/index.php?title=Hardwired&diff=24511&oldid=prev 2021-07-17T19:33:56Z

<p>Remove surplus link.</p> <table style="background-color: #fff; color: #202122;" data-mw="interface"> <col class="diff-marker" /> <col class="diff-content" /> <col class="diff-marker" /> <col class="diff-content" /> <tr class="diff-title" lang="en-GB"> <td colspan="2" style="background-color: #fff; color: #202122; text-align: center;">← Older revision</td> <td colspan="2" style="background-color: #fff; color: #202122; text-align: center;">Revision as of 19:33, 17 July 2021</td> </tr><tr><td colspan="2" class="diff-lineno" id="mw-diff-left-l51">Line 51:</td> <td colspan="2" class="diff-lineno">Line 51:</td></tr> <tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>* [[Facility agent]]</div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>* [[Facility agent]]</div></td></tr> <tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>* [[Fallback]]</div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>* [[Fallback]]</div></td></tr> <tr><td class="diff-marker" data-marker="−"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div><del style="font-weight: bold; text-decoration: none;">* [[Hardware]]</del></div></td><td colspan="2" class="diff-side-added"></td></tr> <tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>* [[IBOR]]</div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>* [[IBOR]]</div></td></tr> <tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>* [[Legacy]]</div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>* [[Legacy]]</div></td></tr> <!-- diff cache key acta01_wikidev:diff::1.12:old-24510:rev-24511 --> </table>

imported>Doug Williamson https://wiki-dev.treasurers.org/w/index.php?title=Hardwired&diff=24510&oldid=prev 2021-07-17T19:04:09Z

<p>Update 3rd definition.</p> <table style="background-color: #fff; color: #202122;" data-mw="interface"> <col class="diff-marker" /> <col class="diff-content" /> <col class="diff-marker" /> <col class="diff-content" /> <tr class="diff-title" lang="en-GB"> <td colspan="2" style="background-color: #fff; color: #202122; text-align: center;">← Older revision</td> <td colspan="2" style="background-color: #fff; color: #202122; text-align: center;">Revision as of 19:04, 17 July 2021</td> </tr><tr><td colspan="2" class="diff-lineno" id="mw-diff-left-l39">Line 39:</td> <td colspan="2" class="diff-lineno">Line 39:</td></tr> <tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>By analogy, innate behaviours that are less easy to modify.</div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>By analogy, innate behaviours that are less easy to modify.</div></td></tr> <tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><br/></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><br/></td></tr> <tr><td class="diff-marker" data-marker="−"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>By extension certain learned<del style="font-weight: bold; text-decoration: none;">, </del>but deeply embedded behaviours.</div></td><td class="diff-marker" data-marker="+"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>By extension<ins style="font-weight: bold; text-decoration: none;">, </ins>certain learned <ins style="font-weight: bold; text-decoration: none;">- </ins>but deeply embedded <ins style="font-weight: bold; text-decoration: none;">- </ins>behaviours <ins style="font-weight: bold; text-decoration: none;">in individuals, organisations or wider groups</ins>.</div></td></tr> <tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><br/></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><br/></td></tr> <tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><br/></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><br/></td></tr> </table>

imported>Doug Williamson https://wiki-dev.treasurers.org/w/index.php?title=Hardwired&diff=24509&oldid=prev 2021-07-17T19:01:59Z

<p>Create page. Source: LMA https://www.lma.eu.com/application/files/5415/5351/9145/SESSION_9_-_LMA_LSTA_Conference_2019_-_KM_Slides.pdf</p> <p><b>New page</b></p><div>1. ''Interest rates - reference rates - transition from LIBOR to other RFRs - rate switching''.<br /> <br /> In this context, a ''hardwired approach'' refers to the mechanism for switching a reference interest rate from LIBOR to another appropriate risk-free rate, because of the discontinuation of LIBOR.<br /> <br /> The wording of provisions in loan agreements broadly follow either an ''amendment'' approach or a ''hardwired'' approach to the rate switch.<br /> <br /> A ''hardwired'' approach anticipates the transition from LIBOR and sets all the terms for the transition at the origination of the loan, avoiding the need for any future amendments in most cases.<br /> <br /> <br /> :&lt;span style=&quot;color:#4B0082&quot;&gt;'''''Hardwired rate switch wording accommodated in RCF'''''&lt;/span&gt;<br /> <br /> :&quot;Alongside its ESG core, the RCF was one of the first products of its kind to include hardwired switch wording to anticipate the discontinuation of LIBOR. <br /> <br /> :In a market dominated by efforts to build contingencies against COVID-19, Ahold Delhaize faced challenges with encouraging its lenders to focus and align on that aspect of the deal.<br /> <br /> <br /> :However, in light of the firm’s track record as a credible borrower with a clear IBOR reform plan, constructive legal counsels and a facility agent were able to accommodate the feature operationally. <br /> <br /> :Rewarding discussions, concluded in a tight time frame, produced wording that satisfied all parties and set an example for other deals to follow.&quot;<br /> <br /> :''ACT Deals of the Year Awards 2020 - Ahold Delhaize''<br /> <br /> <br /> 2. ''Information technology - hardware''.<br /> <br /> ''(a)''<br /> <br /> Hard-wired systems and processes are ones embedded in IT hardware, and are relatively more difficult - or impossible - for the user to change.<br /> <br /> Contrasted with software-based systems and processes.<br /> <br /> ''(b)''<br /> <br /> Connected by fixed cables, rather than wirelessly.<br /> <br /> <br /> 3. ''Behavioural skills - organisations - individuals''.<br /> <br /> By analogy, innate behaviours that are less easy to modify.<br /> <br /> By extension certain learned, but deeply embedded behaviours.<br /> <br /> <br /> == See also ==<br /> * [[Alternate Base Rate]]<br /> * [[Alternative Reference Rates Committee]]<br /> * [[Amendment approach]]<br /> * [[Behavioural skills]]<br /> * [[Benchmark]]<br /> * [[Counsel]]<br /> * [[Facility agent]]<br /> * [[Fallback]]<br /> * [[Hardware]]<br /> * [[IBOR]]<br /> * [[Legacy]]<br /> * [[LIBOR]]<br /> * [[Provision]]<br /> * [[Rate switch]]<br /> * [[Reference rate]]<br /> * [[Revolving credit facility]] (RCF)<br /> * [[Risk-free rates]] (RFRs)<br /> * [[Software]]<br /> * [[Transition]]<br /> * [[Transition risk]]<br /> <br /> [[Category:Accounting,_tax_and_regulation]]<br /> [[Category:The_business_context]]<br /> [[Category:Corporate_finance]]<br /> [[Category:Investment]]<br /> [[Category:Long_term_funding]]<br /> [[Category:Identify_and_assess_risks]]<br /> [[Category:Manage_risks]]<br /> [[Category:Risk_frameworks]]<br /> [[Category:Risk_reporting]]<br /> [[Category:Financial_products_and_markets]]<br /> [[Category:Technology]]</div>

imported>Doug Williamson