Indiana Code 28-10-2-20. Certain agreements, contracts, securities, and instruments not affected
(1) Any written agreement by all requisite parties that, retrospectively or prospectively, a contract, security, or instrument is not subject to any provisions set forth in this chapter, regardless of whether the written agreement refers specifically to this chapter. For purposes of this subdivision, “all requisite parties” means all parties required to amend the terms and provisions of a contract, security, or instrument that, but for a written agreement described in this subdivision, would otherwise be altered or affected by this chapter.
Terms Used In Indiana Code 28-10-2-20
- 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.
- fallback provisions: means terms that are included in a contract, security, or instrument and that set forth a methodology or procedure for determining a benchmark replacement, including any terms relating to the effective date of the benchmark replacement, regardless of whether a benchmark replacement can be determined in accordance with the specified methodology or procedure. See Indiana Code 28-10-2-8
- 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
- LIBOR discontinuance event: means the earliest to occur of any of the following:
Indiana Code 28-10-2-10
(3) Any contract, security, or instrument described in section 18(a) of this chapter and with respect to which:
(A) a determining person does not elect to use the recommended benchmark replacement under section 18(b) of this chapter; or
(B) a determining person elects to use the recommended benchmark replacement before the occurrence of a LIBOR discontinuance event.
However, a contract, security, or instrument described in this subdivision is subject to section 17(b) of this chapter.
(4) The application to a recommended benchmark replacement of any cap, floor, modifier, or spread adjustment to which LIBOR had been subject under the terms of a contract, security, or instrument.
As added by P.L.67-2022, SEC.1.