Section 28-10-2-21 - Selection or use of recommended benchmark replacement as substantial performance 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.Added by P.L. 67-2022,SEC. 1, eff. 3/10/2022.