None of the following shall have the effect of discharging or excusing performance under any contract, security, or instrument, or give a party the right unilaterally to alter or terminate any contract, security, or instrument:
        (1) The introduction of the euro.

Terms Used In Illinois Compiled Statutes 815 ILCS 617/15

  • Contract: A legal written agreement that becomes binding when signed.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

        (2) Tendering euros in connection with any obligation
    
in compliance with subsections (a) or (b) of Section 10.
        (3) Determining the value of any obligation in
    
compliance with subsections (a) or (b) of Section 10.
        (4) Calculating or determining the subject or medium
    
of payment of a contract, security, or instrument with reference to a substituted or replaced interest rate or other basis that is deemed a commercially reasonable substitute and substantial equivalent according to the terms of Section 10 of this Act.
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