In a flurry of legislative activity on 24 March 2021, the New York State Senate and Assembly passed bills that, once signed by Governor Cuomo, will facilitate the transition from LIBOR of “tough legacy” contracts that are governed by New York law and that do not include adequate interest rate fallback provisions that contemplate a permanent cessation of LIBOR. Read the full Legal Update at mayerbrown.com.
Legislating LIBOR: New York State Poised to Enact LIBOR Transition Assistance Law to Facilitate “Tough Legacy” Contract Transition
