(a) On the LIBOR replacement date, the recommended benchmark replacement, by operation of law, becomes the benchmark replacement for any contract, security, or instrument that uses LIBOR as a benchmark and that either:(1) contains no fallback provisions; or(2) contains fallback provisions that result in a benchmark replacement that:(A) is not a recommended benchmark replacement; and(B) is based in any way on any LIBOR value.(b) After the occurrence of a LIBOR discontinuance event, any fallback provisions in a contract, security, or instrument that provide for a benchmark replacement based on or involving:(1) a poll, survey, or inquiries for quotes or information concerning interbank lending rates; or(2) any:(A) interest rate; or(B) dividend rate;based on LIBOR;shall be disregarded as if not included in the contract, security, or instrument, and are considered void and without any force or effect.As added by P.L.67-2022, SEC.1.
Indiana Legal Code