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