Indiana Code 28-10-2-10. “LIBOR discontinuance event”
(1) A public statement or publication of information that:
Terms Used In Indiana Code 28-10-2-10
- Contract: A legal written agreement that becomes binding when signed.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
- 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
(B) announces that the administrator has ceased or will cease to provide LIBOR, whether permanently or indefinitely; and
(C) when made, there is no successor administrator that will continue to provide LIBOR.
(2) A public statement or publication of information that:
(A) is made by the regulatory supervisor for the administrator of LIBOR, the United States Federal Reserve System, an insolvency official with jurisdiction over the administrator of LIBOR, a resolution authority with jurisdiction over the administrator of LIBOR, or a court or entity with similar insolvency or resolution authority over the administrator of LIBOR;
(B) states that the administrator of LIBOR has ceased or will cease to provide LIBOR, whether permanently or indefinitely; and
(C) when made, there is no successor administrator that will continue to provide LIBOR.
(3) A public statement or publication of information that:
(A) is made by the regulatory supervisor for the administrator of LIBOR; and
(B) announces that LIBOR is no longer representative.
(b) With respect to a particular contract, security, or instrument, the term does not include a public statement or publication of information that affects one (1) or more tenors of LIBOR in either of the following circumstances:
(1) If:
(A) the contract, security, or instrument:
(i) provides for only one (1) tenor of LIBOR; and
(ii) requires interpolation; and
(B) the tenor provided for can be interpolated from LIBOR tenors that are not affected by the public statement or publication of information.
(2) If:
(A) the contract, security, or instrument permits a party to choose from more than one (1) tenor of LIBOR; and
(B) any of the specified tenors:
(i) is not affected by the public statement or publication of information; or
(ii) can be interpolated from LIBOR tenors that are not affected by the public statement or publication of information, if the contract, security, or instrument requires interpolation.
As added by P.L.67-2022, SEC.1.