Thursday , April 22 2021

New York’s Legacy LIBOR Legislation: A User’s Guide to Fall Back On – Sidley Austin LLP

Introduction On April 6, 2021, New York’s Governor signed into law the state’s long-awaited legislation to address certain contracts, securities and instruments (which we will refer to as “contracts”) that: are governed by New York; have interest rates or dividend rates determined by reference to U.S. dollar LIBOR; and have no “fallback” rate provisions or have “fallback” rate provisions that basically won’t work once U.S. dollar...

 

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