The State of New York has enacted a new law that should ease the transition away from US dollar LIBOR for legacy financial contracts that are governed by New York law but do not contain modern benchmark fallback provisions. ...more
4/20/2021
/ Alternative Reference Rates Committee (ARRC) ,
Benchmarks ,
Consumer Financial Products ,
Financial Contracts ,
ICE Benchmark Administration (IBA) ,
Interest Rates ,
ISDA ,
Legacy Contracts ,
Libor ,
Loans ,
New Legislation ,
Secured Overnight Funding Rate (SOFR)
As the Small Business Administration grafts preexisting eligibility rules atop the Paycheck Protection Program, courts step in to expand access. ...more