28-10-2-17. Libor Replacement Date; Recommended Benchmark Replacement as Benchmark Replacement by Operation of Law
Sec. 17. (a) On the LIBOR replacement date, the recommended benchmark replacement, by operation of law, becomes the benchmark replacement for any contract, security, or instrument that uses LIBOR as a benchmark and that either: (1) contains no fallback provisions; or (2) contains fallback provisions that result in a benchmark replacement that: (A) is not […]
28-10-2-18. Fallback Provisions Permitting or Requiring a Benchmark Replacement Based on Libor; Determining Person Authorized to Select Recommended Benchmark Replacement; Conditions
Sec. 18. (a) This section applies to any contract, security, or instrument that uses LIBOR as a benchmark and that contains fallback provisions that permit or require the selection of a benchmark replacement that: (1) is based in any way on any LIBOR value; or (2) is: (A) a commercially reasonable replacement for and a […]
28-10-2-19. Benchmark Replacement Conforming Changes Applicable to Recommended Benchmark Replacement; Incorporated by Operation of Law
Sec. 19. If a recommended benchmark replacement becomes the benchmark replacement for any contract, security, or instrument under this chapter, any benchmark replacement conforming changes that are applicable to the recommended benchmark replacement become an integral part of the contract, security, or instrument by operation of law. As added by P.L.67-2022, SEC.1.
28-10-2-20. Certain Agreements, Contracts, Securities, and Instruments Not Affected
Sec. 20. 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 […]
28-10-2-21. Selection or Use of Recommended Benchmark Replacement as Substantial Performance
Sec. 21. 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 […]
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
Sec. 22. (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 […]
28-10-2-23. Recommended Benchmark Replacement; Benchmark Conforming Changes; Immunity From Liability; Rights, Interests, and Obligations Not Impaired or Affected
Sec. 23. (a) A person is not liable for damages to any person, and is not subject to any claim or request for equitable relief, arising out of or related to: (1) the selection or use of a recommended benchmark replacement; or (2) the determination, implementation, or performance of benchmark replacement conforming changes; by operation […]
28-10-2-24. No Negative Inference or Presumption as to Validity or Enforceability of Certain Terms
Sec. 24. Except as provided in sections 17 and 18 of this chapter, this chapter shall not be construed as creating any negative inference or negative presumption regarding the validity or enforceability of any of the following: (1) Any benchmark replacement that is not a recommended benchmark replacement. (2) Any spread adjustment, or method for […]
28-10-2-25. Severability
Sec. 25. The provisions of this chapter are severable as provided in IC 1-1-1-8(b). As added by P.L.67-2022, SEC.1.
28-10-2-10. “Libor Discontinuance Event”
Sec. 10. (a) As used in this chapter, “LIBOR discontinuance event” means the earliest to occur of any of the following: (1) A public statement or publication of information that: (A) is made by, or on behalf of, the administrator of LIBOR; (B) announces that the administrator has ceased or will cease to provide LIBOR, […]