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LIBOR-Related Provisions: What Borrowers Should Know Now

The market has been awash with talk of the London Interbank Offered Rate (LIBOR)’s obsolescence since the Financial Stability Board’s July 2014 report recommending reforms to LIBOR.1 On March 5, 2021, the Intercontinental Exchange and the Financial Conduct Authority confirmed that LIBOR will, in some cases, cease on December 31, 2021, and for others, on June 30, 2023.2 Phillips Lytle sifted through the noise and has identified important provisions to look for in existing loan documents or in loan documents a business may negotiate in the coming months.

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