Tennessee § 47-33-104 Construction and effect of selection or use of a recommended benchmark replacement - Liability

Tennessee Statutes

§ 47-33-104 — Construction and effect of selection or use of a recommended benchmark replacement - Liability

Tennessee § 47-33-104

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This text of Tennessee § 47-33-104 (Construction and effect of selection or use of a recommended benchmark replacement - Liability) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 47-33-104 (2026).

Text

(a)The selection or use of a recommended benchmark replacement as a benchmark replacement under or in respect of a contract, security, or instrument by operation of § 47-33-103 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 in respect of 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 a person of a right or obligation relating to or based on LIBOR under or in respect of a contract, security, or instrument.

(b)A LIBOR replacement date, or an event or condition giving rise to a LIBOR replacement date; the selection or use of a recomm

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(a) The selection or use of a recommended benchmark replacement as a benchmark replacement under or in respect of a contract, security, or instrument by operation of § 47-33-103 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 in respect of 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 a person of a right or obligation relating to or based on LIBOR under or in respect of a contract, security, or instrument. (b) A LIBOR replacement date, or an event or condition giving rise to a LIBOR replacement date; the selection or use of a recommended benchmark replacement as a benchmark replacement; or the determination, implementation, or performance of benchmark replacement conforming changes, by operation of § 47-33-103 , does not: (1) Impair or affect the right of a person to receive a payment, or affect the amount or timing of the payment, under a contract, security, or instrument; (2) Have the effect of discharging or excusing performance under a contract, security, or instrument for a reason, claim, or defense, including, but not limited to, a force majeure or other provision in a contract, security, or instrument; (3) Have the effect of giving a person the right unilaterally to terminate or suspend performance under a contract, security, or instrument; (4) Have the effect of constituting a breach of a contract, security, or instrument; or (5) Have the effect of voiding a contract, security, or instrument. (c) A person does not have liability for damages to another person, and is not subject to a claim or request for equitable relief, arising out of or related to the selection or use of a recommended benchmark replacement or the determination, implementation, or performance of benchmark replacement conforming changes, in each case, by operation of § 47-33-103 , and the selection or use of the recommended benchmark replacement or the determination, implementation, or performance of benchmark replacement conforming changes does not give rise to a claim or cause of action by a person in law or in equity. (d) Neither the selection or use of a recommended benchmark replacement nor the determination, implementation, or performance of benchmark replacement conforming changes, by operation of § 47-33-103 , amends or modifies a contract, security, or instrument or prejudices, impairs, or affects a person's rights, interests, or obligations under or in respect of a contract, security, or instrument. (e) Except as provided in § 47-33-103(a) or (c) , this chapter does not create a negative inference or negative presumption regarding the validity or enforceability of: (1) A benchmark replacement that is not a recommended replacement benchmark; (2) A spread adjustment, or method for calculating or determining a spread adjustment, that is not a recommended spread adjustment; or (3) A change, alteration, or modification to or in respect of a contract, security, or instrument that is not a benchmark replacement conforming change.