1. (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. (1) contains no fallback provisions; or

   2. (2) contains fallback provisions that result in a benchmark replacement that:

      1. (A) is not a recommended benchmark replacement; and
      2. (B) is based in any way on any LIBOR value.

2. (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. (1) a poll, survey, or inquiries for quotes or information concerning interbank lending rates; or

   2. (2) any:

      1. (A) interest rate; or

      2. (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.