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Replacing LIBOR: The End of the World's Most Important Number

Understand of how LIBOR met its timely end and how market participants should prepare for the decommission of the prominent benchmark.

In accordance with statements from the UK Financial Conduct Authority dating back to July of 2017, the London Interbank Offered Rate (LIBOR) will no longer be published, beginning at the end of 2021 for certain tenors, and by June of 2023 for the most popular tenors of USD-LIBOR. As a result, trillions of dollars of contracts that reference LIBOR (including loan agreements and derivatives contracts), will need to be amended and new contracts will need to account for a LIBOR replacement rate. Loan and derivatives market participants will also need to determine which replacement rate they will rely on in lieu of LIBOR (including the Secured Overnight Financing Rate (SOFR)). This presentation will help participants understand why LIBOR is going away, which terms need to be added to existing and new loan and derivatives contracts, what is "SOFR" and how does it differ from USD-LIBOR, and what an efficient LIBOR transition process looks like.

89 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Understanding LIBOR

  • How Is LIBOR Currently Calculated?
  • Why Is LIBOR Going Away?
  • Which Contracts Are Impacted by the LIBOR Transition?

SOFR: The USD - LIBOR Replacement

  • What Is SOFR and How Does It Compare to LIBOR?
  • Conventions and Other Practical Considerations
  • SOFR Alternatives
  • Federal Reserve Guidance and New York Legislation Re: SOFR

Impact on Derivatives Transactions

  • The ISDA Solution : IBOR Fallbacks Protocol and 2006 Definitions
  • LIBOR Transition Mechanics in Derivatives Transactions
  • Considerations for Hedged Loans

Impact on Lending Transactions

  • The ARRC Solution (Hardwired vs. Amendment vs. Hedged Loan Approach)
  • Alternatives to the ARRC Solution
  • Considerations for Legacy and New Contracts
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More Program Information

Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on May 27, 2021.

Call 1-866-352-9540 for further credit information.

  • AK CLE 1.5
     
  • Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
     
  • AL CLE 1.5
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.5 hours credit.
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ND CLE 1.5
     
  • North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.5 hours of CLE credit.
     
  • NH MCLE 1.5
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 89 Minutes.
     
  • NJ CLE 1.8
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.5
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
     
  • VT CLE 1.5
     
  • This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 6 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
     
  • WI CLE 1.5
     
  • This program qualifies for 1.5 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
     
  • WV MCLE 1.8
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • HI CLE 1.5
     
  • NJ CLE 1.8
     
  • VT CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Cheryl L. Isaac

Cheryl L. Isaac

Michael Best Friedrich LLP

  • Senior counsel in the Washington, DC office of Michael Best Friedrich LLP
  • Represents clients in a variety of complex financial transactions, including interest rate swaps and other derivatives products, venture debt finance, commercial lending, cryptocurrencies, and digital asset offerings; advises on the impact of the LIBOR transition on each of these types of financing transactions
  • Drafts and negotiates ISDA documentation (including the ISDA Master Agreement, Schedule, Credit Support Annex, and related documents) for interest rate, foreign exchange, and commodities derivatives, and advises clients on compliance with Title VII of the Dodd-Frank Act and related rules and guidance issued by the Commodity Futures Trading Commission (CFTC) and other federal regulators
  • Represents both borrowers and lenders in various lending transactions, focusing on traditional bank loans as well as customized debt finance solutions for start-up and early growth companies
  • Author of several publications related to the areas of derivatives, the LIBOR transition, and cryptocurrencies
  • Member of the New York, Connecticut, and Washington, D.C. bars
  • LL.M. degree, Georgetown University Law Center; J.D. degree, Boston College Law School; B.A. degree, University of Pennsylvania
  • Can be contacted at [email protected] or 202-595-7934
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 408603
Published 2021
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