Hit the Mark with Your SOFR Benchmark Succession Clause

Read this article discussing trends in benchmark succession clauses in recent credit agreements using benchmark rates other than LIBOR. Despite the shift away from LIBOR and the critical importance of benchmark replacement setting clauses, benchmark succession clauses remain important in the event the market does not embrace SOFR or other rates now being used in credit agreements, or if the availability of such rates or their tenor changes.

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Related Content

• LIBOR Replacement Resource Kit
  Use this resource kit for an overview of replacing LIBOR as the benchmark interest rate in loan documents.

• Market Trends 2020/21: LIBOR Succession Clauses
  Review this practice note describing provisions in credit agreements that allow for a transition to a replacement reference interest rate upon the cessation of LIBOR and discusses current market trends in these fallback LIBOR clauses in publicly filed credit agreements from the second half of 2020 and first half of 2021.

• The Client Asks: What Happens When LIBOR Ends?
  Check out this practice note describing how you should proceed when your client calls and asks what happens to their loan documents after the end of LIBOR.

Practical Guidance Updates

Featuring the latest updates from your Practical Guidance account.

• Market Standards—Finance
• LIBOR Transition Video
  This video highlights the transition of LIBOR clauses in credit agreements and its implications in the market. 
• Market Trends 2021: Incremental Facilities
• Ship Finance Basics
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