Indiana Code 28-10-2-21. Selection or use of recommended benchmark replacement as substantial performance
Current as of: 2023 | Check for updates
|
Other versions
Sec. 21. The selection or use of a recommended benchmark replacement as a benchmark replacement under or with respect to a contract, security, or instrument by operation of this chapter constitutes:
(2) a reasonable, comparable, or analogous term for LIBOR under or with respect to the contract, security, or instrument;
(1) a commercially reasonable replacement for and a commercially substantial equivalent to LIBOR;
Terms Used In Indiana Code 28-10-2-21
- 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
- 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.
(3) a replacement that is based on a methodology or information that is similar or comparable to LIBOR; and
(4) substantial performance by any person of any right or obligation relating to or based on LIBOR under or with respect to the contract, security, or instrument.
As added by P.L.67-2022, SEC.1.