§ 28-10-2-22 — Occurrence of LIBOR discontinuance event or replacement date; selection of recommended benchmark replacement; implementation of benchmark replacement conforming changes; effect on existing rights and obligations

Indiana § 28-10-2-22

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

Text

(a) This section applies if any of the
following occur or take place as described in, or by operation of, this
chapter:
(1) A LIBOR discontinuance event.
(2) A LIBOR replacement date.
(3) The selection or use of a recommended benchmark
replacement as a benchmark replacement.
(4) The determination, implementation, or performance of
benchmark replacement conforming changes.
(b) An event, occurrence, or action described in subsection (a) does
not:
(1) impair or affect the right of any person to receive a payment,
or affect the amount or timing of the payment, under any contract,
security, or instrument;
(2) discharge or excuse performance under any contract, security,
or instrument for any reason, claim, or defense, including any
force majeure or other provision in a contract, security, or
instrument;
(3) give any person the right to unilaterally terminate or suspend
performance under any contract, security, or instrument;
(4) constitute a breach of a contract, security, or instrument; or
(5) void or nullify any contract, security, or instrument, except as
provided in section 17(b) of this chapter.

Legislative History

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