§ 18-400. Definitions. As used in this article the following terms shall have the following meanings: 1. “LIBOR” shall mean, for purposes of the application of this article to any particular contract, security or instrument, U.S. dollar LIBOR (formerly known as the London interbank offered rate) as administered by ICE Benchmark Administration Limited (or any […]
§ 18-401. Effect of LIBOR discontinuance on agreements. 1. On the LIBOR replacement date, the recommended benchmark replacement shall, by operation of law, be the benchmark replacement for any contract, security or instrument that uses LIBOR as a benchmark and: a. contains no fallback provisions; or b. contains fallback provisions that result in a benchmark […]
§ 18-402. Continuity of contract and safe harbor. 1. 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 section 18-401 of this article shall constitute: a. a commercially reasonable replacement for and a commercially substantial equivalent to LIBOR; […]
§ 18-403. Severability. If any provision of this article or application thereof to any person or circumstance is held invalid, the invalidity shall not affect other provisions or applications of this article that can be given effect without the invalid provision or application, and to this end the provisions of this article shall be severable.
