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

Indiana § 28-10-2-10

• Jurisdiction: Indiana
• Art. 10: GENERAL PROVISIONS AND DEFINITIONS
• Ch. 2: LIBOR Discontinuance and Replacement

Text

(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.

Legislative History

As added by P.L.67-2022, SEC.1.