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Immediately after 31 December 2021, LIBOR, the benchmark
rate used as a key component of interest, default interest and
other calculations in a wide range of contracts, will cease to be
published. To ensure that your agreements remain functional and
robust, any references to LIBOR in contracts
expiring after the end of this year will need to be sense checked
and amended where necessary.
With so much to think about and limited time to action these
changes, where do you start and how can you plan effectively for
the end of LIBOR? In this
ThinkHouse session members from our Banking and Finance team
explain:
the new SONIA and
other new 'risk free rates' (RFRs) that are replacing LIBOR;
how RFRs based interest calculations work;
the operational issues using RFRs might create and what
you need to be aware of before amending documents;
why LIBOR
phase out affects both banking and non-banking documents and what
you need to think about if you see a LIBOR reference in
any contract;
how to approach and plan your LIBOR re-papering
exercise successfully.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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