Dechert LIBORcast: “Demystifying the Trust Instruction Proceeding” – a Discussion with Wells Fargo as Trustee

At the end of June 2021, Matthew Hays, global head of Dechert's AFS practice, hosted a discussion with Wells Fargo’s Mike Johnson. Mike manages litigation matters arising from Wells Fargo’s commercial businesses and leads Wells Fargo’s LIBOR Litigation Risk Task Force, an in-house legal working group tasked with mitigating risks associated with the phase-out of the LIBOR benchmark rate.

Topics covered include:

• As a securitization Trustee, what are your main concerns regarding the LIBOR transition?
• How should issuers, investors and servicers prepare for the LIBOR transition?
• What is a Trust Instruction Proceeding (TIP)? When do they occur? Who can initiate a TIP?
• Do you anticipate a high number of TIPs surrounding LIBOR language?
• Do you think the legislative solutions will address discretion and ambiguity in documents?

Guest Speaker:

Mike Johnson - Senior Company Counsel, Wells Fargo