Occurrence of LIBOR discontinuance event or replacement date; selection of recommended benchmark replacement; implementation of benchmark replacement conforming changes; effect on existing rights and obligations

Sec. 22. (a) This section applies if any of the following occur or take place as described in, or by operation of, this chapter: (1) A LIBOR discontinuance event. (2) A LIBOR replacement date. (3) The selection or use of a recommended benchmark replacement as a benchmark replacement. (4) The determination, implementation, or performance of benchmark replacement conforming changes. (b) An event, occurrence, or action described in subsection (a) does not: (1) impair or affect the right of any person to receive a payment, or affect the amount or timing of the payment, under any contract, security, or instrument; (2) discharge or excuse performance under any contract, security, or instrument for any reason, claim, or defense, including any force majeure or other provision in a contract, security, or instrument; (3) give any person the right to unilaterally terminate or suspend performance under any contract, security, or instrument; (4) constitute a breach of a contract, security, or instrument; or (5) void or nullify any contract, security, or instrument, except as provided in section 17(b) of this chapter.