What are some transition issues that may need to be dealt with?
In current credit agreements, there exists market disruption provisions. This is a sufficient bridge to the loss of LIBOR and the decision to adopt the SOFR rate. These provisions provide that if either the LIBOR Screen rate is no longer available or the LIBOR Screen does not adequately cover banks’ cost of funds, then the LIBOR benchmark rate shall no longer be applicable. This video reviews what the replacement rate would calculate to be and discusses the path forward with new deals and fallback language.
Agenda
Faculty
Ronald Scheinberg
Vedder Price
- Shareholder in Vedder Price's New York office
- Practice largely involves the representation of banks and other financial institutions in the financing of commercial aircraft
- Conducts regular seminars and workshops on numerous topics concerning aircraft finance, including as to loan pricing
- Has written extensively on aircraft financing matters, including as to loan pricing
- Earned numerous distinctions and rankings in his industry
- Received the highest rankings possible in Chambers USA in the categories of Nationwide Transportation: Aviation: Finance; New York Banking & Finance: Equipment Finance & Leasing; and Nationwide Banking & Finance: Equipment Finance & Leasing
- J.D. degree, Harvard Law School; B.A. degree, Brown University
- Can be contacted at 212-407-7730 or [email protected]
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