Indiana Code 28-10-2-11. “LIBOR replacement date”
(1) In the case of a LIBOR discontinuance event described in section 10(a)(1) or 10(a)(2) of this chapter, the later of:
Terms Used In Indiana Code 28-10-2-11
- 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 discontinuance event: means the earliest to occur of any of the following:
Indiana Code 28-10-2-10
(B) the date on which the administrator of LIBOR permanently or indefinitely ceases to provide LIBOR.
(2) In the case of a LIBOR discontinuance event described in section 10(a)(3) of this chapter, the date of the public statement or publication of information described in section 10(a)(3) of this chapter.
(b) With respect to a particular contract, security, or instrument, the term does not include a date 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 on the date.
(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 on the date; or
(ii) can be interpolated from LIBOR tenors that are not affected on the date, if the contract, security, or instrument requires interpolation.
As added by P.L.67-2022, SEC.1.