Contracts; legal effects of the discontinuance of LIBOR; provisions

A BILL to be entitled an Act to amend Title 13 of the O.C.G.A., relating to contracts, so as to provide for the legal effects of the discontinuance of LIBOR on contracts, securities, or instruments; to provide for the circumstances under which the recommended benchmark replacement shall be used and whether it is optional or mandatory; to provide that the use of such replacement does not amend or modify a contract, security, or instrument or change any person's rights or obligations; to prohibit parties from refusing to perform contractual obligations or declaring a breach of contract as a result of the discontinuance of LIBOR or the use of a replacement; to establish that the replacement is a commercially reasonable substitute for and a commercially substantial equivalent to LIBOR; to provide for a safe harbor from litigation for the use of the recommended benchmark replacement; to provide for definitions; to provide for related matters; to provide for an effective date; to repeal conflicting laws; and for other purposes.