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LIBOR Hardwired Fallbacks: Better & More Useable

Today the Alternative Reference Rates Committee (ARRC) published supplemental recommendations of abridged hardwired fallback language for both syndicated business loans and bilateral business loans. We…

Flooring It! LIBOR vs. SOFR

Interest rate floors have been in flux in the past year – and floor economics currently are moving against lenders. Prior to the Covid-19 crisis,…

NY State: Legislating LIBOR (Fallbacks)

Last week, the New York State 2022 budget was presented, and included the ARRC’s proposed LIBOR transition legislation (in Article 18-c). We describe the impact…

We Await LIBOR Announcements But Can Still Act Today

Once ICE Benchmark Administration’s (“IBA”) consultation on its intentions to cease the publication of LIBOR closes on Monday, their feedback statement could follow shortly thereafter.

LIBOR’s Death & Taxes

Some say only two things in life are guaranteed: death and taxes. But I say there are actually three: death, taxes, and the end of…

755 Reasons To Go Hardwired

With less than 450 days remaining until the end of 2021, the loan market’s focus on the transition away from LIBOR has increased considerably (and…

1H20: What Flavor is Your Fallback?

1H20 was all about “amendment” LIBOR fallbacks in loans. Of the 288 loans that Covenant Review tracked in 1H20, 33% used a “pure” ARRC, fallback…

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Market Advisory on FIRPTA

The LSTA published a Market Advisory which discusses the implications of The Foreign Investment in Real Property Tax Act (“FIRPTA”).