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12 U.S.C. § 5803 — LIBOR contracts

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5803 — LIBOR contracts

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Source file: Laws/federal/codes/united-states-code/title-12/section-5803-libor-contracts--d20a636911.md
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Source location: Title 12, Chapter 55, § 5803; chapter-055-adjustable-interest-rate-libor.md

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**(a) In general** On the LIBOR replacement date, the Board-selected benchmark replacement shall be the benchmark replacement for any LIBOR contract that, after giving any effect to subsection (b)— (1) contains no fallback provisions; or (2) contains fallback provisions that identify neither— (A) a specific benchmark replacement; nor (B) a determining person. **(b) Fallback provisions** On the LIBOR replacement date, any reference in the fallback provisions of a LIBOR contract to— (1) 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 (2) 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; 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. **(c) Authority of determining person** (1) **In general** — Subject to subsection (f)(2), a determining person may select the Board-selected benchmark replacement as the benchmark replacement. (2) **Selection** — Any selection by a determining person of the Board-selected benchmark replacement pursuant to paragraph (1) shall be— (A) irrevocable; (B) made 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; and (C) used in any determinations of the benchmark under or with respect to the LIBOR contract occurring on and after the LIBOR replacement date. (3) **No selection** — 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. **(d) Conforming changes** (1) **In general** — 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. (2) **No consent required** — A calculating person shall not be required to obtain consent from any other person prior to the adoption of benchmark replacement conforming changes. **(e) Adjustment by Board** (1) **In general** — 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. (2) **Consumer loans** — For LIBOR contracts that are consumer loans, the Board shall adjust the Board-selected benchmark replacement as follows: (A) During the 1-year period beginning on the LIBOR replacement date, incorporate an amount, to be determined for any business day during that period, that transitions linearly from the difference between the Board-selected benchmark replacement and the corresponding LIBOR tenor determined as of the day immediately before the LIBOR replacement date to the relevant tenor spread adjustment. (B) On and after the date that is 1 year after the LIBOR replacement date, incorporate the relevant tenor spread adjustment. **(f) Rule of construction** Nothing in this chapter may be construed to alter or impair— (1) any written agreement specifying that a LIBOR contract shall not be subject to this chapter; (2) except as provided in subsection (b), any LIBOR contract that contains fallback provisions that identify a benchmark replacement that is not based in any way on any LIBOR value (including the prime rate or the effective Federal funds rate); (3) except as provided in subsection (b) or (c)(3), any LIBOR contract subject to subsection (c)(1) as to which a determining person does not elect to use a Board-selected benchmark replacement pursuant to that subsection; (4) the application to a Board-selected benchmark replacement of any cap, floor, modifier, or spread adjustment to which LIBOR had been subject pursuant to the terms of a LIBOR contract; (5) any provision of Federal consumer financial law that— (A) requires creditors to notify borrowers regarding a change-in-terms; or (B) governs the reevaluation of rate increases on credit card accounts under open-ended (not home-secured) consumer credit plans; or (6) except as provided in [section 5804(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5804/c&num=0&edition=prelim), the rights or obligations of any person, or the authorities of any agency, under Federal consumer financial law, as defined in [section 5481 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5481&num=0&edition=prelim).

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5801 — Findings and purpose

**(a) Findings** Congress finds that— (1) LIBOR is used as a benchmark rate in more than $200,000,000,000,000 worth of contracts worldwide; (2) a significant number of existing contracts that reference LIBOR do not provide for the use of a clearly defined or practicable replacement benchmark rate when LIBOR is discontinued; and (3) the cessation or nonrepresentativeness of LIBOR could result in disruptive litigation related to existing contracts that do not provide for the use of a clearly defined or practicable replacement benchmark rate. **(b) Purpose** It is the purpose of this chapter— (1) to establish a clear and uniform process, on a nationwide basis, for replacing LIBOR in existing contracts the terms of which do not provide for the use of a clearly defined or practicable replacement benchmark rate, without affecting the ability of parties to use any appropriate benchmark rate in new contracts; (2) to preclude litigation related to existing contracts the terms of which do not provide for the use of a clearly defined or practicable replacement benchmark rate; (3) to allow existing contracts that reference LIBOR but provide for the use of a clearly defined and practicable replacement rate, to operate according to their terms; and (4) to address LIBOR references in Federal law.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5481 — Transition oversight

**(a) Purpose** The purpose of this section is to ensure that the Bureau— (1) has an orderly and organized startup; (2) attracts and retains a qualified workforce; and (3) establishes comprehensive employee training and benefits programs. **(b) Reporting requirement** (1) **In general** — The Bureau shall submit an annual report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives that includes the plans described in paragraph (2). (2) **Plans** — The plans described in this paragraph are as follows: (A) *Training and workforce development plan* — The Bureau shall submit a training and workforce development plan that includes, to the extent practicable— (i) identification of skill and technical expertise needs and actions taken to meet those requirements; (ii) steps taken to foster innovation and creativity; (iii) leadership development and succession planning; and (iv) effective use of technology by employees. (B) *Workplace flexibilities plan* — The Bureau shall submit a workforce flexibility plan that includes, to the extent practicable— (i) telework; (ii) flexible work schedules; (iii) phased retirement; (iv) reemployed annuitants; (v) part-time work; (vi) job sharing; (vii) parental leave benefits and childcare assistance; (viii) domestic partner benefits; (ix) other workplace flexibilities; or (x) any combination of the items described in clauses (i) through (ix). (C) *Recruitment and retention plan* — The Bureau shall submit a recruitment and retention plan that includes, to the extent practicable, provisions relating to— (i) the steps necessary to target highly qualified applicant pools

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Federal law — U.S. Code and appendices · legal_authorities

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

**(a) In general** A Board-selected benchmark replacement and the selection or use of a Board-selected benchmark replacement as a benchmark replacement under or with respect to a LIBOR contract, and any benchmark replacement conforming changes, shall constitute— (1) a commercially reasonable replacement for and a commercially substantial equivalent to LIBOR; (2) a reasonable, comparable, or analogous rate, index, or term for LIBOR; (3) a replacement that is based on a methodology or information that is similar or comparable to LIBOR; (4) substantial performance by any person of any right or obligation relating to or based on LIBOR; and (5) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1601&num=0&edition=prelim) note) 11 So in original. Probably should be “([15 U.S.C. 1601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1601&num=0&edition=prelim) et seq.)”. and regulations promulgated under that division.22 So in original. Probably should be “that Act.” **(b) No impairment** Neither the selection or use of a Board-selected benchmark replacement as a benchmark replacement nor the determination, implementation, or performance of benchmark replacement conforming changes under [section 5803 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5803&num=0&edition=prelim) may— (1) 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 (2) have the effect of— (A) discharging or excusing performance under any LIBOR contrac

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 77ppp — Directions and waivers by bondholders; prohibition of impairment of holder’s right to payment; record date

**(a) Directions and waivers by bondholders** The indenture to be qualified— (1) shall automatically be deemed (unless it is expressly provided therein that any such provision is excluded) to contain provisions authorizing the holders of not less than a majority in principal amount of the indenture securities or if expressly specified in such indenture, of any series of securities at the time outstanding (A) to direct the time, method, and place of conducting any proceeding for any remedy available to such trustee, or exercising any trust or power conferred upon such trustee, under such indenture, or (B) on behalf of the holders of all such indenture securities, to consent to the waiver of any past default and its consequences; or (2) may contain provisions authorizing the holders of not less than 75 per centum in principal amount of the indenture securities or if expressly specified in such indenture, of any series of securities at the time outstanding to consent on behalf of the holders of all such indenture securities to the postponement of any interest payment for a period not exceeding three years from its due date. For the purposes of this subsection and paragraph (3) of subsection (d) of section 77ooo of this title, in determining whether the holders of the required principal amount of indenture securities have concurred in any such direction or consent, indenture securities owned by any obligor upon the indenture securities, or by any person directly or indirectly controlling or controlled by or under direct or indirect common control with any such obligor, shall be disregarded, except that for the purposes of determining whether the indenture trustee shall be protected in relying on any such direction or consent, only indenture securities which such trustee k

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5803 — LIBOR contracts

Page 2025 TITLE 12—BANKS AND BANKING § 5803 Editorial Notes REFERENCES IN TEXT This chapter, referred to in text, was in the original ‘‘this division’’, meaning div. U of Pub. L. 117–103, Mar. 15, 2022, 136 Stat. 825, known as the Adjustable Interest Rate (LIBOR) Act, which is classified principally to this chapter. For complete classification of div. U to the Code, see Short Title note set out under section 5801 of this title and Tables. § 5803. LIBOR contracts (a) In general On the LIBOR replacement date, the Board-se- lected benchmark replacement shall be the benchmark replacement for any LIBOR contract that, after giving any effect to subsection (b)— (1) contains no fallback provisions; or (2) contains fallback provisions that identify neither— (A) a specific benchmark replacement; nor (B) a determining person. (b) Fallback provisions On the LIBOR replacement date, any reference in the fallback provisions of a LIBOR contract to— (1) a benchmark replacement that is based in any way on any LIBOR value, except to ac- count for the difference between LIBOR and the benchmark replacement; or (2) 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; 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. (c) Authority of determining person (1) In general Subject to subsection (f)(2), a determining person may select the Board-selected bench- mark replacement as the benchmark replace- ment. (2) Selection Any selection by a determining person of the Board-selected benchmark replacement pursu- ant to paragraph (1) shall b

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