Indiana § 28-10-2-10 - "LIBOR discontinuance event"

§ 28-10-2-10. "LIBOR discontinuance event"

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.

As added by P.L.67-2022, SEC.1.