United States Code
USC most recently checked for updates: May 29, 2023
Subject to subsection (f)(2), a determining person may select the Board-selected benchmark replacement as the benchmark replacement.
If a determining person does not select a benchmark replacement by the date specified in paragraph (2)(B), the Board-selected benchmark replacement, on and after the LIBOR replacement date, shall be the benchmark replacement for the LIBOR contract.
If the Board-selected benchmark replacement becomes the benchmark replacement for a LIBOR contract pursuant to subsection (a) or (c), all benchmark replacement conforming changes shall become an integral part of the LIBOR contract.
A calculating person shall not be required to obtain consent from any other person prior to the adoption of benchmark replacement conforming changes.
Except as provided in paragraph (2), on the LIBOR replacement date, the Board shall adjust the Board-selected benchmark replacement for each category of LIBOR contract that the Board may identify to include the relevant tenor spread adjustment.