Indiana § 28-10-2-21 Selection or use of recommended benchmark replacement as
substantial performance

Indiana Statutes

§ 28-10-2-21 — Selection or use of recommended benchmark replacement as substantial performance

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

The selection or use of a recommended benchmark replacement as a benchmark replacement under or with respect to a contract, security, or instrument by operation of this chapter constitutes:

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

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

(3)a replacement that is based on a methodology or information that is similar or comparable to LIBOR; and

(4)substantial performance by any person of any right or obligation relating to or based on LIBOR under or with respect to the contract, security, or instrument.

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The selection or use of a recommended
benchmark replacement as a benchmark replacement under or with
respect to a contract, security, or instrument by operation of this
chapter constitutes:
(1) a commercially reasonable replacement for and a
commercially substantial equivalent to LIBOR;
(2) a reasonable, comparable, or analogous term for LIBOR under
or with respect to the contract, security, or instrument;
(3) a replacement that is based on a methodology or information
that is similar or comparable to LIBOR; and
(4) substantial performance by any person of any right or
obligation relating to or based on LIBOR under or with respect to
the contract, security, or instrument.

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