This risk factor is meant for use in a public company's periodic disclosure or registration statement to disclose risks relating to the phase-out of the London Interbank Offered Rate (LIBOR) which occurred in 2021, although some tenors of U.S. LIBOR were extended until June 30, 2023. This clause contains practical guidance and drafting notes. LIBOR is an interest rate that was commonly used as a basis for calculating interest rates in all kinds of indebtedness, including credit facilities and notes, in securities (particularly asset-backed securities), and in interest rate swaps and other derivatives. In 2017, the Chief Executive of the U.K. Financial Conduct Authority announced that, in 2021, it would no longer require or persuade banks to submit rates to be used to calculate LIBOR. On December 31, 2021, certain tenors (rates) for U.S. Dollar LIBOR (along with all tenors of GBP, EUR, CHF, and JPY) were discontinued, with others remaining in place until June 30, 2023. The U.S. Federal ...