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Mortgages contain complex provisions relating to release of property from lien of Mortgage and use of property held by company as basis for issuance of bonds. Of particular interest are certification requirements for fair value in connection with these operations.
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Lawmakers from both parties are pushing for legislation to automatically substitute a new interest rate benchmark for the expiring London interbank offered rate in certain hard-to-amend legacy contracts.
Lawmakers from both parties are pushing for legislation to automatically substitute a new interest rate benchmark for the expiring London interbank offered rate in certain hard-to-amend legacy contracts.
Last week, the New York State Legislature passed legislation 1 that is expected to facilitate the transition from LIBOR of any contract, security or instrument that (i) is governed by New York law, (ii) uses USD LIBOR in making any calculation or determination, and (iii) either does not include a LIBOR fallback provision or contains fallback provisions that would result in a LIBOR-based rate. 2 The legislation seeks to encourage broad adoption of the ARRC-recommended benchmark replacement (i.e., a SOFR-based benchmark plus the recommended spread adjustment), as well as to minimize legal...