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Today the Federal Reserve Board (the Board) adopted its final rule implementing the LIBOR Act. The final rule establishes SOFR-based Board selected benchmark replacements for so called ?...
In light of the global transition away from interbank offered rates, the CFTC has proposed amendments to its list of interest rate swaps subject to mandatory clearing to remove swaps refe...
In a welcome development for so-called “tough legacy” contracts, Congress has passed legislation with the goal of establishing a clear and uniform nationwide process for replacing LIB...
The Federal Reserve has opened the Main Street Lending Program to nonprofits. Main Street loans are complicated, and the fact that Main Street’s nonprofit lending facilities were bolted...
We have updated our visual memo on the Main Street Program to reflect the expansion of the program and the revised program documents that the Federal Reserve announced this week. This dec...
We have updated our memo on the legal architecture of the Main Street Program to reflect the expansion of the program and the revised program documents that the Federal Reserve announced ...
A key feature of many modern credit agreements is an “incremental” or “accordion” provision, which can allow a borrower to increase the aggregate amount of financing available und...
In a typical “term loan B” (TLB) financing, the initial lenders expect to distribute the TLB paper to investors prior to funding. But what happens when that expectation cannot be met,...