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Legacy Contracts

Integreon

Unlocking Your CLM System to Its Full Potential: The Importance of Migrating Legacy Contracts

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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

Sheppard Mullin Richter & Hampton LLP

The Next Frontier: Key Takeaways from the New U.S. Government Commercial Space Strategies

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

Cadwalader, Wickersham & Taft LLP

Slips Happen – A Reminder on the Importance of Defining Terms

The New York Court of Appeals recently delivered an opinion in Skaneateles Country Club v. Cambs (unpublished at this time) that upheld an at-will termination of boat slip license.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

Skadden, Arps, Slate, Meagher & Flom LLP

New Market Emerges for Legacy Liability Dispositions

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

DarrowEverett LLP

See You on the Other Side: Planning Your Digital Legacy

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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

Akin Gump Strauss Hauer & Feld LLP

Final Rule Implementing Libor Act Confirms Use of CME Term SOFR Plus CSA for Tough Legacy Contracts

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

Cadwalader, Wickersham & Taft LLP

Federal Reserve Issues Final Rule Implementing LIBOR Act

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

Ballard Spahr LLP

LIBOR Committee Publishes ‘Playbook’ as a Guide for Final Year of Conversion

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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

Cadwalader, Wickersham & Taft LLP

ARRC Publishes LIBOR Legacy Playbook

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

Cadwalader, Wickersham & Taft LLP

Cadwalader Corner Q&A: Morgan Stanley's Thomas Wipf, Chairman of the Federal Reserve's Alternative Reference Rates Committee

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

Orrick, Herrington & Sutcliffe LLP

Tough Legacy Made Easy: An Overview of the Federal LIBOR Legislation

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

Cadwalader, Wickersham & Taft LLP

LIBOR Federal Legislation Takes Big Step Forward

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

Sullivan & Worcester

Autumn 2021 Updates on LIBOR Reform

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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

Eversheds Sutherland (US) LLP

Legislating for LIBOR’s cessation

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

Goulston & Storrs PC

New York State LIBOR Transition Bill Signed into Law

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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

Morgan Lewis

New York Enacts Legislative ‘Fix’ for Legacy LIBOR Contracts Governed by NY Law; Will a Federal Fix Be Next?

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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

Mayer Brown Free Writings + Perspectives

The New York LIBOR Legislative Solution Becomes Law

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

Hogan Lovells

New York paves the way for LIBOR transition

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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

Cadwalader, Wickersham & Taft LLP

Springing Forward, March 2021 | Issue No. 22: LIBOR Update

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

Mayer Brown Free Writings + Perspectives

Limited US Tax Guidance for Adding ARRC and ISDA Fallbacks

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

Mayer Brown

New Rev Proc 2020-44 Provides Limited Relief for Amending Legacy Contracts to Add IBOR Fallbacks

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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

McGuireWoods LLP

ISDA Announce Launch Date and Effective Date for IBOR Supplement and Protocol

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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

Morgan Lewis

Captive Insurance Opportunities and Solutions Post-COVID-19

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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

Orrick, Herrington & Sutcliffe LLP

The LIBOR Transition – What a Legacy!

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

Jones Day

ISDA Pre-Cessation Trigger Consultation on LIBOR Renders Inconclusive Verdict

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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

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