Indiana § 28-10-2-10 "LIBOR discontinuance event"

Indiana Statutes

§ 28-10-2-10 — "LIBOR discontinuance event"

Indiana·Art. 10 GENERAL PROVISIONS AND DEFINITIONS·Ch. 2 LIBOR Discontinuance and Replacement

(a)As used in this chapter, "LIBOR discontinuance event" means the earliest to occur of any of the following:

(1)A public statement or publication of information that:

(A)is made by, or on behalf of, the administrator of LIBOR;

(B)announces that the administrator has ceased or will cease to provide LIBOR, whether permanently or indefinitely; and

(C)when made, there is no successor administrator that will continue to provide LIBOR.

(2)A public statement or publication of information that:

(A)is made by the regulatory supervisor for the administrator of LIBOR, the United States Federal Reserve System, an insolvency official with jurisdiction over the administrator of LIBOR, a resolution authority with jurisdiction over the administrator of LIBOR, or a court or entity with similar inso

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(a) As used in this chapter, "LIBOR
discontinuance event" means the earliest to occur of any of the
following:
(1) A public statement or publication of information that:
(A) is made by, or on behalf of, the administrator of LIBOR;
(B) announces that the administrator has ceased or will cease to
provide LIBOR, whether permanently or indefinitely; and
(C) when made, there is no successor administrator that will
continue to provide LIBOR.
(2) A public statement or publication of information that:
(A) is made by the regulatory supervisor for the administrator
of LIBOR, the United States Federal Reserve System, an
insolvency official with jurisdiction over the administrator of
LIBOR, a resolution authority with jurisdiction over the
administrator of LIBOR, or a court or entity with similar
insolvency or resolution authority over the administrator of
LIBOR;
(B) states that the administrator of LIBOR has ceased or will
cease to provide LIBOR, whether permanently or indefinitely;
and
(C) when made, there is no successor administrator that will
continue to provide LIBOR.
(3) A public statement or publication of information that:
(A) is made by the regulatory supervisor for the administrator
of LIBOR; and
(B) announces that LIBOR is no longer representative.
(b) With respect to a particular contract, security, or instrument, the
term does not include a public statement or publication of information
that affects one (1) or more tenors of LIBOR in either of the following
circumstances:
(1) If:
(A) the contract, security, or instrument:
(i) provides for only one (1) tenor of LIBOR; and
(ii) requires interpolation; and
(B) the tenor provided for can be interpolated from LIBOR
tenors that are not affected by the public statement or
publication of information.
(2) If:
(A) the contract, security, or instrument permits a party to
choose from more than one (1) tenor of LIBOR; and
(B) any of the specified tenors:
(i) is not affected by the public statement or publication of
information; or
(ii) can be interpolated from LIBOR tenors that are not
affected by the public statement or publication of
information, if the contract, security, or instrument requires
interpolation.