Section 28-10-2-18 - Fallback provisions permitting or requiring a benchmark replacement based on LIBOR; determining person authorized to select recommended benchmark replacement; conditions(a) This section applies to any contract, security, or instrument that uses LIBOR as a benchmark and that contains fallback provisions that permit or require the selection of a benchmark replacement that:(1) is based in any way on any LIBOR value; or(2) is:(A) a commercially reasonable replacement for and a commercially substantial equivalent to LIBOR;(B) a reasonable, comparable, or analogous term for LIBOR under or with respect to the contract, security, or instrument; or(C) based on a methodology or information that is similar or comparable to LIBOR.(b) With respect to any contract, security, or instrument to which this section applies, a determining person is authorized, but is not required, to select on or after the occurrence of a LIBOR discontinuance event the recommended benchmark replacement as the benchmark replacement for the contract, security, or instrument. A selection of the recommended benchmark replacement under this section must be: (2) made by the earlier of: (A) the LIBOR replacement date; or(B) the latest date for selecting a benchmark replacement under the terms of the contract, security, or instrument; and(3) used in any determination of the benchmark that is made under or with respect to the contract, security, or instrument on or after the LIBOR replacement date.Added by P.L. 67-2022,SEC. 1, eff. 3/10/2022.