IC 28-10-2-21 : Selection or use of recommended benchmark replacement as substantial performance

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:

(1) a commercially reasonable replacement for and a commercially substantial equivalent to LIBOR;

(2) a reasonable, comparable, or analogous term for LIBOR under or with respect to the contract, security, or instrument;

(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.