Excerpt from Practical Guidance

8 Borrower Considerations For SOFR Loan Documentation

Law360 (September 10, 2020, 2:15 PM EDT) -- Bankers, lawyers and others involved in the loan market's transition from Libor to another reference rate have spent much of the past two years thinking about and drafting fallback provisions — the section of a loan agreement that describes what happens if Libor is not available.

Now that the likely disappearance of Libor is less than a year and a half away, and the Alternative Reference Rates Committee has identified the Secured Overnight Financing Rate, or SOFR, as the likely successor to U.S. dollar Libor, market participants are spending more time thinking about how to document loans that provide for interest accruing at a rate...

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