Indiana § 28-10-2-17 LIBOR replacement date; recommended benchmark replacement as
benchmark replacement by operation of law

Indiana Statutes

§ 28-10-2-17 — LIBOR replacement date; recommended benchmark replacement as benchmark replacement by operation of law

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

(a)On the LIBOR replacement date, the recommended benchmark replacement, by operation of law, becomes the benchmark replacement for any contract, security, or instrument that uses LIBOR as a benchmark and that either:

(1)contains no fallback provisions; or

(2)contains fallback provisions that result in a benchmark replacement that:

(A)is not a recommended benchmark replacement; and

(B)is based in any way on any LIBOR value.

(b)After the occurrence of a LIBOR discontinuance event, any fallback provisions in a contract, security, or instrument that provide for a benchmark replacement based on or involving:

(1)a poll, survey, or inquiries for quotes or information concerning interbank lending rates; or

(2)any:

(A)interest rate; or

(B)dividend rate; based on LIBOR; shall be disregard

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(a) On the LIBOR replacement date, the
recommended benchmark replacement, by operation of law, becomes
the benchmark replacement for any contract, security, or instrument
that uses LIBOR as a benchmark and that either:
(1) contains no fallback provisions; or
(2) contains fallback provisions that result in a benchmark
replacement that:
(A) is not a recommended benchmark replacement; and
(B) is based in any way on any LIBOR value.
(b) After the occurrence of a LIBOR discontinuance event, any
fallback provisions in a contract, security, or instrument that provide
for a benchmark replacement based on or involving:
(1) a poll, survey, or inquiries for quotes or information
concerning interbank lending rates; or
(2) any:
(A) interest rate; or
(B) dividend rate;
based on LIBOR;
shall be disregarded as if not included in the contract, security, or
instrument, and are considered void and without any force or effect.

Indiana § 28-10-2-17 (LIBOR replacement date; recommended benchmark replacement as benchmark replacement by operation of law) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.