March 29, 2019
Breakage and Yield Protection in a Post-LIBOR World
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This Legal Update discusses the origins of the London interbank offered rate (LIBOR) as a “cost of funds” rate, two pricing theories that are reflected in contractual provisions for LIBOR-priced loans, the likely replacement of LIBOR with the Secured Overnight Financing Rate (SOFR), and the applicability of those contractual provisions in SOFR-priced loans.
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