March 16, 2022

Federal LIBOR Legislation Signed Into Law; Amends Section 316(b) of the Trust Indenture Act of 1939

The “Economic Continuity and Stability Act,” which includes, as Division U, the “Adjustable Interest Rate (LIBOR) Act,” was enacted on March 15, 2022. The Adjustable Interest Rate (LIBOR) Act (“AIRLA”) will affect all US dollar LIBOR (“LIBOR”) contracts regardless of governing state law, and will also pre-empt state LIBOR statutes, such as Article 18-C of the New York General Obligations Law (“Article 18-C”).

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