§ 18-400. Definitions. As used in this article the following terms\nshall have the following meanings:\n 1. "LIBOR" shall mean, for purposes of the application of this article\nto any particular contract, security or instrument, U.S. dollar LIBOR\n(formerly known as the London interbank offered rate) as administered by\nICE Benchmark Administration Limited (or any predecessor or successor\nthereof), or any tenor thereof, as applicable, that is used in making\nany calculation or determination thereunder.\n 2. "LIBOR discontinuance event" shall mean the earliest to occur of\nany of the following:\n a. a public statement or publication of information by or on behalf of\nthe administrator of LIBOR announcing that such administrator has ceased\nor will cease to provide LIBOR, permanently or indefinitely, provided\nthat, at the time of the statement or publication, there is no successor\nadministrator that will continue to provide LIBOR;\n b. a public statement or publication of information by the regulatory\nsupervisor for the administrator of LIBOR, the United States Federal\nReserve System, an insolvency official with jurisdiction over the\nadministrator for LIBOR, a resolution authority with jurisdiction over\nthe administrator for LIBOR or a court or an entity with similar\ninsolvency or resolution authority over the administrator for LIBOR,\nwhich states that the administrator of LIBOR has ceased or will cease to\nprovide LIBOR permanently or indefinitely, provided that, at the time of\nthe statement or publication, there is no successor administrator that\nwill continue to provide LIBOR; or\n c. a public statement or publication of information by the regulatory\nsupervisor for the administrator of LIBOR announcing that LIBOR is no\nlonger representative. For purposes of this subdivision two, a public\nstatement or publication of information that affects one or more tenors\nof LIBOR shall not constitute a LIBOR discontinuance event with respect\nto any contract, security or instrument that (i) provides for only one\ntenor of LIBOR, if such contract, security or instrument requires\ninterpolation and such tenor can be interpolated from LIBOR tenors that\nare not so affected, or (ii) permits a party to choose from more than\none tenor of LIBOR and any of such tenors (A) is not so affected or (B)\nif such contract, security or instrument requires interpolation, can be\ninterpolated from LIBOR tenors that are not so affected.\n 3. "LIBOR replacement date" shall mean:\n a. in the case of a LIBOR discontinuance event described in paragraph\na or b of subdivision two of this section, the later of (i) the date of\nthe public statement or publication of information referenced therein;\nand (ii) the date on which the administrator of LIBOR permanently or\nindefinitely ceases to provide LIBOR; and\n b. in the case of a LIBOR discontinuance event described in paragraph\nc of subdivision two of this section, the date of the public statement\nor publication of information referenced therein. For purposes of this\nsubdivision, a date that affects one or more tenors of LIBOR shall not\nconstitute a LIBOR replacement date with respect to any contract,\nsecurity or instrument that (i) provides for only one tenor of LIBOR, if\nsuch contract, security or instrument requires interpolation and such\ntenor can be interpolated from LIBOR tenors that are not so affected, or\n(ii) permits a party to choose from more than one tenor of LIBOR and any\nof such tenors (A) is not so affected or (B) if such contract, security\nor instrument requires interpolation, can be interpolated from LIBOR\ntenors that are not so affected.\n 4. "Fallback provisions" shall mean terms in a contract, security or\ninstrument that set forth a methodology or procedure for determining a\nbenchmark replacement, including any terms relating to the date on which\nthe benchmark replacement becomes effective, without regard to whether a\nbenchmark replacement can be determi
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