Federal · Title 12 — Banks and Banking

12 U.S.C. § 5804: Continuity of contract and safe harbor

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a commercially reasonable replacement for and a commercially substantial equivalent to LIBOR; a reasonable, comparable, or analogous rate, index, or term for LIBOR; a replacement that is based on a methodology or information that is similar or comparable to LIBOR; substantial performance by any person of any right or obligation relating to or based on LIBOR; and a replacement that has historical fluctuations that are substantially similar to those of LIBOR for purposes of the Truth in Lending Act ( 15 U.S.C. 1601 note) 1 and regulations promulgated under that division. 1 So in original. Probably should be “( 15 U.S.C. 1601 et seq.)”. 2 2 So in original. Probably should be “that Act.” be deemed to impair or affect the right of any person to receive a payment, or to affect the amount or timing of such payment, under any LIBOR contract; or discharging or excusing performance under any LIBOR contract for any reason, claim, or defense (including any force majeure or other provision in any LIBOR contract); giving any person the right to unilaterally terminate or suspend performance under any LIBOR contract; constituting a breach of any LIBOR contract; or voiding or nullifying any LIBOR contract. the selection or use of a Board-selected benchmark replacement; the implementation of benchmark replacement conforming changes; or with respect to a LIBOR contract that is not a consumer loan, the determination of benchmark replacement conforming changes, be an amendment or modification of any LIBOR contract; or prejudice, impair, or affect the rights, interests, or obligations of any person under or with respect to any LIBOR contract. any benchmark replacement (including any method for calculating, determining, or implementing an adjustment to the benchmark replacement to account for any historical differences between LIBOR and the benchmark replacement) that is not a Board-selected benchmark replacement; or any changes, alterations, or modifications to or with respect to a LIBOR contract that are not benchmark replacement conforming changes.

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