View all text of Chapter 55 [§ 5801 - § 5807]
§ 5802. Definitions
In this chapter:
(1) Benchmark
(2) Benchmark administrator
(3) Benchmark replacement
(4) Benchmark replacement conforming changes
The term “benchmark replacement conforming changes” means any technical, administrative, or operational changes, alterations, or modifications that—
(A) the Board determines, in its discretion, would address 1 or more issues affecting the implementation, administration, and calculation of the Board-selected benchmark replacement in LIBOR contracts; or
(B) solely with respect to a LIBOR contract that is not a consumer loan, in the reasonable judgment of a calculating person, are otherwise necessary or appropriate to permit the implementation, administration, and calculation of the Board-selected benchmark replacement under or with respect to a LIBOR contract after giving due consideration to any benchmark replacement conforming changes under subparagraph (A).
(5) Board
(6) Board-selected benchmark replacement
(7) Calculating person
(8) Consumer; credit
(9) Consumer loan
(10) Determining person
(11) Fallback provisions
(12) IBOR
(13) IBOR benchmark replacement
(14) IBOR contract
(15) LIBOR
The term “LIBOR”—
(A) means the overnight and 1-, 3-, 6-, and 12-month tenors of U.S. dollar LIBOR (formerly known as the London interbank offered rate) as administered by ICE Benchmark Administration Limited (or any predecessor or successor administrator thereof); and
(B) does not include the 1-week or 2-month tenors of U.S. dollar LIBOR.
(16) LIBOR contract
(17) LIBOR replacement date
(18) Security
(19) SOFR
(20) Tenor spread adjustment
The term “tenor spread adjustment” means—
(A) 0.00644 percent for overnight LIBOR;
(B) 0.11448 percent for 1-month LIBOR;
(C) 0.26161 percent for 3-month LIBOR;
(D) 0.42826 percent for 6-month LIBOR; and
(E) 0.71513 percent for 12-month LIBOR.
(Pub. L. 117–103, div. U, § 103, Mar. 15, 2022, 136 Stat. 826.)