Sec. 4. As used in this chapter, “benchmark replacement conforming changes” means any technical, administrative, or operational changes, alterations, or modifications that:

(1) are made to a contract, security, or instrument;

Terms Used In Indiana Code 28-10-2-4

  • 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.
  • Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
  • 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

  • United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
(2) are associated with and reasonably necessary for the use, adoption, calculation, or implementation of a recommended benchmark replacement; and

(3) either:

(A) have been selected or recommended by a relevant recommending body; or

(B) if, in the reasonable judgment of the calculating person for a particular contract, security, or instrument, the changes selected or recommended under clause (A):

(i) do not apply to the contract, security, or instrument; or

(ii) are insufficient to permit the administration and calculation of the recommended benchmark replacement;

consist of such other changes, alterations, or modifications that, in the reasonable judgment of the calculating person, are necessary to permit the administration and calculation of the recommended benchmark replacement in a manner consistent with market practice for substantially similar contracts, securities, or instruments and, to the extent practicable, in the manner in which the particular contract, security, or instrument was administered immediately before the LIBOR replacement date, and that would not result in a disposition of the contract, security, or instrument for United States federal income tax purposes.

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

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