Sec. 22. (a) This section applies if any of the following occur or take place as described in, or by operation of, this chapter:

(1) A LIBOR discontinuance event.

Terms Used In Indiana Code 28-10-2-22

  • 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

  • benchmark replacement conforming changes: means any technical, administrative, or operational changes, alterations, or modifications that:

    Indiana Code 28-10-2-4

  • 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
  • LIBOR replacement date: means the following:

    Indiana Code 28-10-2-11

(2) A LIBOR replacement date.

(3) The selection or use of a recommended benchmark replacement as a benchmark replacement.

(4) The determination, implementation, or performance of benchmark replacement conforming changes.

     (b) An event, occurrence, or action described in subsection (a) does not:

(1) impair or affect the right of any person to receive a payment, or affect the amount or timing of the payment, under any contract, security, or instrument;

(2) discharge or excuse performance under any contract, security, or instrument for any reason, claim, or defense, including any force majeure or other provision in a contract, security, or instrument;

(3) give any person the right to unilaterally terminate or suspend performance under any contract, security, or instrument;

(4) constitute a breach of a contract, security, or instrument; or

(5) void or nullify any contract, security, or instrument, except as provided in section 17(b) of this chapter.

As added by P.L.67-2022, SEC.1.

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