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Current as of January 02, 2024 | Updated by Findlaw Staff
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, whether permanently or indefinitely; and
(C) when made, there is no successor administrator that will continue to provide LIBOR.
(2) A public statement or publication of information that:
(A) is made by the regulatory supervisor for the administrator of LIBOR, the United States Federal Reserve System, an insolvency official with jurisdiction over the administrator of LIBOR, a resolution authority with jurisdiction over the administrator of LIBOR, or a court or entity with similar insolvency or resolution authority over the administrator of LIBOR;
(B) states that the administrator of LIBOR has ceased or will cease to provide LIBOR, whether permanently or indefinitely; and
(C) when made, there is no successor administrator that will continue to provide LIBOR.
(3) A public statement or publication of information that:
(A) is made by the regulatory supervisor for the administrator of LIBOR; and
(B) announces that LIBOR is no longer representative.
(b) With respect to a particular contract, security, or instrument, the term does not include a public statement or publication of information that affects one (1) or more tenors of LIBOR in either of the following circumstances:
(1) If:
(A) the contract, security, or instrument:
(i) provides for only one (1) tenor of LIBOR; and
(ii) requires interpolation; and
(B) the tenor provided for can be interpolated from LIBOR tenors that are not affected by the public statement or publication of information.
(2) If:
(A) the contract, security, or instrument permits a party to choose from more than one (1) tenor of LIBOR; and
(B) any of the specified tenors:
(i) is not affected by the public statement or publication of information; or
(ii) can be interpolated from LIBOR tenors that are not affected by the public statement or publication of information, if the contract, security, or instrument requires interpolation.
Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-10-2-10 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-10-2-10/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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