Sec. 1. Notwithstanding IC 26-1 or any other Indiana law, this chapter applies to any contract, security, or instrument, including contracts involving commercial transactions. If there is a conflict between a provision in this chapter and another provision of the Indiana Code, this chapter controls. As added by P.L.67-2022, SEC.1.
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, […]
Sec. 11. (a) As used in this chapter, “LIBOR replacement date” means the following: (1) In the case of a LIBOR discontinuance event described in section 10(a)(1) or 10(a)(2) of this chapter, the later of: (A) the date of the public statement or publication of information described in section 10(a)(1) or 10(a)(2) of this chapter, […]
Sec. 12. As used in this chapter, “recommended benchmark replacement”, with respect to a particular type of contract, security, or instrument, means a benchmark replacement based on SOFR, including any recommended spread adjustment and any benchmark replacement conforming changes, that is selected or recommended by a relevant recommending body with respect to the type of […]
Sec. 13. As used in this chapter, “recommended spread adjustment” means a spread adjustment, or method for calculating or determining the spread adjustment, that: (1) is selected or recommended by a relevant recommending body for: (A) a recommended benchmark replacement; (B) a particular type of contract, security, or instrument; and (C) a particular term; to […]
Sec. 14. As used in this chapter, “relevant recommending body” means: (1) the Federal Reserve Board or any successor; (2) the Federal Reserve Bank of New York or any successor; or (3) the Alternative Reference Rates Committee or any successor. As added by P.L.67-2022, SEC.1.
Sec. 15. As used in this chapter, “secured overnight financing rate”, or “SOFR”, with respect to any day, means the secured overnight financing rate published for the day by the Federal Reserve Bank of New York, as the administrator of the benchmark, or by any successor administrator, on the SOFR administrator’s Internet web site. As […]
Sec. 16. As used in this chapter, “SOFR administrator’s Internet web site” means the Internet web site of the Federal Reserve Bank of New York, or of any successor source for the secured overnight financing rate, that is identified as such by the administrator of SOFR from time to time. As added by P.L.67-2022, SEC.1.
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 […]
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 […]
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.
Sec. 2. As used in this chapter, “benchmark” means an index of interest rates or dividend rates that is used, in whole or in part, as the basis of, or as a reference for, calculating or determining any valuation, payment, or other measurement under or with respect to a contract, security, or instrument. As added […]
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 […]
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 […]
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 […]
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 […]
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 […]
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.
Sec. 3. As used in this chapter, “benchmark replacement” means: (1) a benchmark; (2) an interest rate; or (3) a dividend rate; that may or may not be based in whole or in part on a prior setting of LIBOR, and that replaces LIBOR (or any interest rate or dividend rate based on LIBOR), whether […]
Sec. 4. 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 […]
