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On April 6, 2021, New York Governor Andrew Cuomo signed into law the New York State Legislature’s Senate Bill 297B/Assembly Bill 164B (the New York LIBOR Legislation)
1, strengthening the groundwork for the forthcoming transition from US dollar LIBOR (formally known as the London Interbank Offered Rate) as the benchmark interest rate. The New York LIBOR Legislation is primarily intended for “tough legacy” contracts, securities and instruments governed by New York law that either lack fallback provisions or include ineffective fallback provisions in the event US dollar LIBOR is no longer published or representative. The New York LIBOR Legislation applies to tough legacy contracts that do not mature until after December 31, 2021 (in the case of the one-week and two-month US dollar LIBOR tenors), or June 30, 2023 (in the case of the overnight, one-month, two-month, six-month or 12-month US dollar LIBOR tenors)