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

Indiana § 28-10-2-17

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

Text

(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.

Legislative History

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