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30 chapters · 545 sections in this title.
Ala. Code § 5-28-1 Short Title
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This chapter shall be known and may be cited as the LIBOR Discontinuance and Replacement Act of 2021. (Act 2021-323, §1.)
Ala. Code § 5-28-2 Definitions
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As used in this chapter, the following terms shall have the following meanings: (1) BENCHMARK. An index of interest rates or dividend rates that is used, in whole or in part, as the basis of, or as a reference for, calculating or determining any valuation, payment, or other measu…
Ala. Code § 5-28-3 Recommended Benchmark Replacement for Certain Contracts, Securities, or Instruments; Fallback Provisions
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(a) On the LIBOR replacement date, the recommended benchmark replacement, by operation of law, shall be the benchmark replacement for any contract, security, or instrument that uses LIBOR as a benchmark and meets one of the following requirements: (1) Contains no fallback provisi…
Ala. Code § 5-28-4 Construction and Effect of Selection or Use of a Recommended Benchmark Replacement; Liability
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(a) The selection or use of a recommended benchmark replacement as a benchmark replacement under or in respect of a contract, security, or instrument by operation of Section 5-28-3 shall constitute all of the following: (1) A commercially reasonable replacement for and a commerci…