Indiana Code 28-10-2-13. “Recommended spread adjustment”
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Sec. 13. As used in this chapter, “recommended spread adjustment” means a spread adjustment, or method for calculating or determining the spread adjustment, that:
(A) a recommended benchmark replacement;
(1) is selected or recommended by a relevant recommending body for:
Terms Used In Indiana Code 28-10-2-13
- 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. See Indiana Code 28-10-2-2
- benchmark replacement: means :
Indiana Code 28-10-2-3
- Contract: A legal written agreement that becomes binding when signed.
- LIBOR: means United States Dollar LIBOR (formerly known as the London Interbank Offered Rate), as administered by Intercontinental Exchange Benchmark Administration Limited (or by any predecessor or successor entity), that is used in making any calculation or determination under a particular contract, security or instrument. See Indiana Code 28-10-2-9
- relevant recommending body: means :
Indiana Code 28-10-2-14
(B) a particular type of contract, security, or instrument; and
(C) a particular term;
to account for the effects of the transition or change from LIBOR to the recommended benchmark replacement; and
(2) may:
(A) have a positive or negative value; or
(B) equal zero (0).
As added by P.L.67-2022, SEC.1.