§ 28-10-2-20 — Certain agreements, contracts, securities, and instruments not affected

Indiana § 28-10-2-20

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

Text

This chapter does not alter or impair any of
the following:
(1) Any written agreement by all requisite parties that,
retrospectively or prospectively, a contract, security, or instrument
is not subject to any provisions set forth in this chapter, regardless
of whether the written agreement refers specifically to this
chapter. For purposes of this subdivision, "all requisite parties"
means all parties required to amend the terms and provisions of
a contract, security, or instrument that, but for a written agreement
described in this subdivision, would otherwise be altered or
affected by this chapter.
(2) Any contract, security, or instrument that contains fallback
provisions that would result in a benchmark replacement that is
not based on LIBOR, including any benchmark replacement that
is based on the prime rate or on the federal funds rate. However,
a contract, security, or instrument described in this subdivision is
subject to section 17(b) of this chapter.
(3) Any contract, security, or instrument described in section
18(a) of this chapter and with respect to which:
(A) a determining person does not elect to use the
recommended benchmark replacement under section 18(b) of
this chapter; or
(B) a determining person elects to use the recommended
benchmark replacement before the occurrence of a LIBOR
discontinuance event.
However, a contract, security, or instrument described in this
subdivision is subject to section 17(b) of this chapter.
(4) The application to a recommended benchmark replacement of
any cap, floor, modifier, or spread adjustment to which LIBOR
had been subject under the terms of a contract, security, or
instrument.

Legislative History

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