Indiana Code 28-10-2-3. “Benchmark replacement”
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Sec. 3. As used in this chapter, “benchmark replacement” means:
(2) an interest rate; or
(1) a benchmark;
Terms Used In Indiana Code 28-10-2-3
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- 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
(3) a dividend rate;
that may or may not be based in whole or in part on a prior setting of LIBOR, and that replaces LIBOR (or any interest rate or dividend rate based on LIBOR), whether on a temporary, permanent, or indefinite basis, under or with respect to a contract, security, or instrument.
As added by P.L.67-2022, SEC.1.