§ 28-10-2-4 — "Benchmark replacement conforming changes"

Indiana § 28-10-2-4

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

Text

As used in this chapter, "benchmark
replacement conforming changes" means any technical, administrative,
or operational changes, alterations, or modifications that:
(1) are made to a contract, security, or instrument;
(2) are associated with and reasonably necessary for the use,
adoption, calculation, or implementation of a recommended
benchmark replacement; and
(3) either:
(A) have been selected or recommended by a relevant
recommending body; or
(B) if, in the reasonable judgment of the calculating person for
a particular contract, security, or instrument, the changes
selected or recommended under clause (A):
(i) do not apply to the contract, security, or instrument; or
(ii) are insufficient to permit the administration and
calculation of the recommended benchmark replacement;
consist of such other changes, alterations, or modifications that,
in the reasonable judgment of the calculating person, are
necessary to permit the administration and calculation of the
recommended benchmark replacement in a manner consistent
with market practice for substantially similar contracts,
securities, or instruments and, to the extent practicable, in the
manner in which the particular contract, security, or instrument
was administered immediately before the LIBOR replacement
date, and that would not result in a disposition of the contract,
security, or instrument for United States federal income tax
purposes.

Legislative History

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