When implementing a new Contract Lifecycle Management (CLM) system, organizations often focus on the future—how the new system will streamline contract management, improve compliance, and provide actionable insights. However,...more
The U.S. Government continues to increase its Federal investment in space – not for exploration, but rather as a defense strategy – and this continued investment provides significant opportunity for commercial entities to...more
The New York Court of Appeals recently delivered an opinion in Skaneateles Country Club v. Cambs (unpublished at this time) that upheld an at-will termination of boat slip license. In 1999, Skaneateles Country Club (“SCC”)...more
A substantial number of U.S. and overseas corporations have legacy liabilities that are complicating their equity outlook due to their uncertainty and duration. Typical examples are liabilities derived from asbestos-related...more
What happens to social media accounts when an individual dies? As social media is a growing source of revenue for individuals, from influencers to public figures, and the dominant means of how people document their lives, it...more
Final Rule - On December 16, 2022, the Federal Reserve Board adopted the final rule (the “Final Rule”)1 implementing the Adjustable Interest Rate (LIBOR) Act (the “Libor Act”), which establishes benchmark replacements for...more
On December 16, 2022, the Board of Governors of the Federal Reserve System (the “Board”) adopted a final rule (the “Final Rule”) to implement the Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”). The Final Rule follows...more
Summary - The Alternative Reference Rate Committee (ARRC), convened by the Federal Reserve Board and the New York Fed to help ensure a successful transition from LIBOR to SOFR, this week published its LIBOR Legacy...more
On July 11, 2022, the Alternative Reference Rates Committee (the “ARRC”) published a “Playbook” to assist market participants in transitioning their legacy LIBOR contracts to an alternative rate by June 30, 2023. The...more
Earlier last week the President signed Federal legislation addressing LIBOR transition for legacy contracts. As Chair of the Alternative Reference Rates Committee, what does that mean for the financial markets?...more
On March 15, President Biden signed, as part of a larger appropriations act, legislation known as the “Adjustable Interest Rate (LIBOR) Act,” which addresses “tough legacy” contracts that do not provide for the use of clearly...more
Federal legislation addressing the transition of legacy LIBOR contracts took a big step forward when it was included in the Omnibus bill passed late last night by the House of Representatives. The bill would provide legal...more
It is starting to feel as if we are nearing the end of a long climb, in fact the end of a long period of uncertainty, for financial institutions and businesses alike, on how to deal with LIBOR transition. Having to keep an...more
On April 6, 2021, New York Governor Andrew Cuomo signed into law the New York State Legislature’s Senate Bill 297B/Assembly Bill 164B (the New York LIBOR Legislation), strengthening the groundwork for the forthcoming...more
On April 6, 2021, New York Governor Andrew Cuomo signed into law Senate Bill S297B/Assembly Bill 164B (the “New York Legislation”), which paves the way for a smoother transition from US Dollar LIBOR and, in particular,...more
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
On April 7, 2021, the proposed New York “legislative solution” for legacy USD LIBOR contracts became Article 18-C of the New York General Obligations Law. Article 18-C is primarily aimed at USD LIBOR contracts, securities or...more
A newly enacted New York statute will ease the transition from U.S. Dollar LIBOR to the Secured Overnight Financing Rate (SOFR) while reducing the uncertainty and litigation risk posed by agreements that cannot be amended to...more
LIBOR has been a key interest rate benchmark for many decades, used as the principal reference rate to several hundred trillions of dollars in derivatives, bonds, loans and securitizations. However, when the LIBOR...more
On Friday, October 9, 2020, the Internal Revenue Service released Revenue Procedure 2020-44 (the “Revenue Procedure”), providing retroactive but limited relief for amending specific types of legacy contracts to add fallback...more
On Friday, October 9, 2020, the US Internal Revenue Service released Revenue Procedure 2020-44 (the “Revenue Procedure”), providing retroactive but limited relief for amending specific types of legacy contracts to add...more
Following the DOJ’s favourable business review letter published on October 1, 2020, on October 9, 2020 ISDA released a statement from its Board of Directors in relation to the IBOR Fallbacks Supplement and Protocol. In it,...more
Companies with coronavirus (COVID-19)-related losses and legacy liabilities may appreciate significant additional tax benefits from funding those legacy liabilities through a captive insurer before the end of this year. ...more
While there are many challenges associated with the prospective LIBOR transition at the end of 2021, one of the most daunting challenges has to be the impact of the prospective transition on outstanding financings and other...more
The Situation: The International Swaps and Derivatives Association ("ISDA") is in the midst of consulting the market on a wide variety of issues to develop "triggers" and "fallbacks" related to LIBOR cessation. Thus far,...more