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Indiana Code Title 28. Financial Institutions § 28-10-2-18

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

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 commercially substantial equivalent to LIBOR;

(B) a reasonable, comparable, or analogous term for LIBOR under or with respect to the contract, security, or instrument;  or

(C) based on a methodology or information that is similar or comparable to LIBOR.

(b) With respect to any contract, security, or instrument to which this section applies, a determining person is authorized, but is not required, to select on or after the occurrence of a LIBOR discontinuance event the recommended benchmark replacement as the benchmark replacement for the contract, security, or instrument.  A selection of the recommended benchmark replacement under this section must be:

(1) irrevocable;

(2) made by the earlier of:

(A) the LIBOR replacement date;  or

(B) the latest date for selecting a benchmark replacement under the terms of the contract, security, or instrument;  and

(3) used in any determination of the benchmark that is made under or with respect to the contract, security, or instrument on or after the LIBOR replacement date.

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Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-10-2-18 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-10-2-18/

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