Phaseout of LIBOR: Navigating the Final Stages, Implementing Alternative Reference Rates, and Fallback Language
A live 90-minute premium CLE video webinar with interactive Q&A
This CLE webinar will discuss the scheduled phaseout of LIBOR (London Interbank Offered Rate) and outline steps real estate and commercial finance counsel must take now to review and consider amendments to existing floating rate loan documents. The panel will discuss the "hard" dates recently announced by IBA and FCA, alternative rates to LIBOR recommended by the Alternative Reference Rate Committee (ARRC), and best practices for incorporating alternative rate language into form documents.
- LIBOR: recently announced timeline for the phaseout
- Impact on floating rate transactions
- Impact on securitized loans
- Alternative reference rates: SOFR, others
- Recommended ARRC fallback provisions contemplating a change in reference rate under loan agreements
- Amendment approach
- Hardwired approach
- Supplemental recommendations made in response to "hard" end dates for LIBOR
- Impact on derivatives: ISDA adjustment provisions
- Recently passed NY legislation designed to smooth transition for certain legacy contracts
The panel will review these and other key issues:
- What is the timeline, and what kinds of transactions will be impacted by the phaseout of LIBOR?
- What are the issues with alternative rate language currently contained in floating rate loan documents?
- How should the floating rate forms be revised to address the phaseout given the current uncertainty as to the substitute rate?
- What should counsel look for in ISDA agreements to confirm a suitable alternative rate?
Neal R. Pandozzi
Adler Pollock & Sheehan
Mr. Pandozzi is Co-Chair of the firm’s Public Finance group. He has drafted primary financing documents,... | Read More
Mr. Pandozzi is Co-Chair of the firm’s Public Finance group. He has drafted primary financing documents, including master indentures, loan and trust agreements, lease agreements, official statements, purchase contracts, blue sky memoranda, resolutions, closing certificates, legislation, and opinions. Mr. Pandozzi has served as bond counsel, disclosure counsel, borrower’s counsel, underwriter’s counsel, trustee’s counsel, and lender’s counsel in a wide variety of bond transactions. He has also represented clients in various corporate and business matters, including mergers and acquisitions, commercial finance, corporate formation and governance, contract negotiations and affordable housing transactions.Close
Amy McDaniel Williams
Hunton Andrews Kurth
Ms. Williams is Chair of the firm’s Opinion Committee, Audit Response Committee and Ethics in Marketing... | Read More
Ms. Williams is Chair of the firm’s Opinion Committee, Audit Response Committee and Ethics in Marketing Committee, as well as the firm’s Uniform Commercial Code Subcommittee. She is a seasoned structured finance lawyer who has represented both borrowers and lenders in structuring and closing asset-based finance transactions involving a variety of assets, including residential and commercial loans, servicing advances, servicing rights, RMBS and CMBS. Ms. Williams has represented Ginnie Mae since she helped develop its multiclass program in the early 1990s. She assists a variety of clients in transactions involving government-insured loans and the GSEs, including warehouse financings, early buy-out transactions and MSR financings. Ms. Williams helps clients modernize their programs, including advising about LIBOR transition and the trend of moving toward electronic mortgages, e-notes, and hybrid mortgage closings.Close
Early Discount (through 07/02/21)
Cannot Attend July 27?
Early Discount (through 07/02/21)
You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. Strafford will process CLE credit for one person on each recording. All formats include program handouts.