Sec. 17. (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) contains no fallback provisions; or (2) contains fallback provisions that result in a benchmark replacement that: (A) is not a recommended benchmark replacement; and (B) is based in any way on any LIBOR value. (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) a poll, survey, or inquiries for quotes or information concerning interbank lending rates; or (2) any:
(A) interest rate; or (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.