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Indiana Code Title 28. Financial Institutions § 28-10-2-11

Current as of January 02, 2024 | Updated by Findlaw Staff

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, as applicable;  or

(B) the date on which the administrator of LIBOR permanently or indefinitely ceases to provide LIBOR.

(2) In the case of a LIBOR discontinuance event described in section 10(a)(3) of this chapter, the date of the public statement or publication of information described in section 10(a)(3) of this chapter.

(b) With respect to a particular contract, security, or instrument, the term does not include a date 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 on the date.

(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 on the date;  or

(ii) can be interpolated from LIBOR tenors that are not affected on the date, if the contract, security, or instrument requires interpolation.

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Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-10-2-11 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-10-2-11/

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