Applicability.

CFR · 2024-01-01 · US · Title 12

(a) (1) A LIBOR contract with one of the following characteristics as of the LIBOR replacement date, after giving effect to paragraph (a)(2) of this section: (i) The LIBOR contract contains no fallback provisions; (ii) The LIBOR contract contains fallback provisions that identify neither— (A) A specific benchmark replacement; nor (B) A determining person; or (iii) The LIBOR contract contains fallback provisions that identify a determining person, but the determining person has not selected a benchmark replacement by the earlier of the LIBOR replacement date and the latest date for selecting a benchmark replacement according to the terms of the LIBOR contract, for any reason. (2) For purposes of this part, on the LIBOR replacement date, any reference in any fallback provisions of a LIBOR contract to the following shall be disregarded as if not included in the fallback provisions of such LIBOR contract and shall be deemed null and void and without any force or effect: (i) A benchmark replacement that is based in any way on any LIBOR value, except to account for the difference between LIBOR and the benchmark replacement; or (ii) A requirement that a person (other than a benchmark administrator) conduct a poll, survey, or inquiries for quotes or information concerning interbank lending or deposit rates (including, but not limited to, Eurodollar deposit or lending rates). (b) (1) Any LIBOR contract that the parties have agreed in writing shall not be (2) Any LIBOR contract that co

official document · source cfr-2024 · id 12:§ 253.3