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.
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