Indiana § 28-10-2-18 Fallback provisions permitting or requiring a benchmark replacement
based on LIBOR; determining person authorized to select
recommended benchmark replacement; conditions

Indiana Statutes

§ 28-10-2-18 — Fallback provisions permitting or requiring a benchmark replacement based on LIBOR; determining person authorized to select recommended benchmark replacement; conditions

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

(a)This section applies to any contract, security, or instrument that uses LIBOR as a benchmark and that contains fallback provisions that permit or require the selection of a benchmark replacement that:

(1)is based in any way on any LIBOR value; or

(2)is:

(A)a commercially reasonable replacement for and a commercially substantial equivalent to LIBOR;

(B)a reasonable, comparable, or analogous term for LIBOR under or with respect to the contract, security, or instrument; or

(C)based on a methodology or information that is similar or comparable to LIBOR.

(b)With respect to any contract, security, or instrument to which this section applies, a determining person is authorized, but is not required, to select on or after the occurrence of a LIBOR discontinuance event the recommended benc

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(a) This section applies to any contract,
security, or instrument that uses LIBOR as a benchmark and that
contains fallback provisions that permit or require the selection of a
benchmark replacement that:
(1) is based in any way on any LIBOR value; or
(2) is:
(A) a commercially reasonable replacement for and a
commercially substantial equivalent to LIBOR;
(B) a reasonable, comparable, or analogous term for LIBOR
under or with respect to the contract, security, or instrument; or
(C) based on a methodology or information that is similar or
comparable to LIBOR.
(b) With respect to any contract, security, or instrument to which
this section applies, a determining person is authorized, but is not
required, to select on or after the occurrence of a LIBOR
discontinuance event the recommended benchmark replacement as the
benchmark replacement for the contract, security, or instrument. A
selection of the recommended benchmark replacement under this
section must be:
(1) irrevocable;
(2) made by the earlier of:
(A) the LIBOR replacement date; or
(B) the latest date for selecting a benchmark replacement under
the terms of the contract, security, or instrument; and
(3) used in any determination of the benchmark that is made
under or with respect to the contract, security, or instrument on or
after the LIBOR replacement date.

Indiana § 28-10-2-18 (Fallback provisions permitting or requiring a benchmark replacement based on LIBOR; determining person authorized to select recommended benchmark replacement; conditions) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.