Sec. 10. (a) As used in this chapter, "LIBOR discontinuance event" means the earliest to occur of any of the following: (1) A public statement or publication of information that: (A) is made by, or on behalf of, the administrator of LIBOR; (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.
‹ Prev All Indiana sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.