---
kind: "section"
citation: "12 U.S.C. § 5802"
title: "12"
title_heading: "Banks and Banking"
number: "5802"
heading: "Definitions"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/5802"
units:
  - "Chapter 55 — Adjustable Interest Rate (libor)"
---

# §5802. Definitions


In this chapter:

- (1) **Benchmark—** The term “benchmark” means an index of interest rates or dividend rates that is used, in whole or in part, as the basis of or as a reference for calculating or determining any valuation, payment, or other measurement.
- (2) **Benchmark administrator—** The term “benchmark administrator” means a [person](/usc/12/5481.md?p=19) that publishes a [benchmark](#1) for use by third parties.
- (3) **Benchmark replacement—** The term “benchmark replacement” means a [benchmark](#1), or an interest rate or dividend rate (which may or may not be based in whole or in part on a prior setting of [LIBOR](#15)), to replace [LIBOR](#15) or any interest rate or dividend rate based on [LIBOR](#15), whether on a temporary, permanent, or indefinite basis, under or with respect to a [LIBOR contract](#16).
- (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](#5) determines, in its discretion, would address 1 or more issues affecting the implementation, administration, and calculation of the [Board-selected benchmark replacement](#6) in [LIBOR contracts](#16); or
  - (B) solely with respect to a [LIBOR contract](#16) that is not a [consumer loan](#9), in the reasonable judgment of a [calculating person](#7), are otherwise necessary or appropriate to permit the implementation, administration, and calculation of the [Board-selected benchmark replacement](#6) under or with respect to a [LIBOR contract](#16) after giving due consideration to any [benchmark replacement conforming changes](#4) under [subparagraph (A)](#4-A).
- (5) **Board—** The term “Board” means the Board of Governors of the Federal Reserve System.
- (6) **Board-selected benchmark replacement—** The term “Board-selected benchmark replacement” means a [benchmark replacement](#3) identified by the [Board](#5) that is based on [SOFR](#19), including any [tenor spread adjustment](#20) pursuant to [section 5803(e) of this title](/usc/12/5803.md?p=e).
- (7) **Calculating person—** The term “calculating person” means, with respect to any [LIBOR contract](#16), any [person](/usc/12/5481.md?p=19), including the [determining person](#10), responsible for calculating or determining any valuation, payment, or other measurement based on a [benchmark](#1).
- (8) **Consumer; credit—** The terms “consumer” and “credit” have the meanings given the terms in [section 1602 of title 15](/usc/15/1602.md).
- (9) **Consumer loan—** The term “consumer loan” means a [consumer](#8) [credit](#8) transaction.
- (10) **Determining person—** The term “determining person” means, with respect to any [LIBOR contract](#16), any [person](/usc/12/5481.md?p=19) with the authority, right, or obligation, including on a temporary basis (as identified by the [LIBOR contract](#16) or by the governing law of the [LIBOR contract](#16), as appropriate) to determine a [benchmark replacement](#3).
- (11) **Fallback provisions—** The term “fallback provisions” means terms in a [LIBOR contract](#16) for determining a [benchmark replacement](#3), including any terms relating to the date on which the [benchmark replacement](#3) becomes effective.
- (12) **IBOR—** The term “IBOR” means [LIBOR](#15), any tenor of non-U.S. dollar currency rates formerly known as the London interbank offered rate as administered by ICE [Benchmark](#1) Administration Limited (or any predecessor or successor administrator thereof), and any other interbank offered rates that are expected to cease.
- (13) **IBOR benchmark replacement—** The term “IBOR benchmark replacement” means a [benchmark](#1), or an interest rate or dividend rate (which may or may not be based in whole or in part on a prior setting of an [IBOR](#12)), to replace an [IBOR](#12) or any interest rate or dividend rate based on an [IBOR](#12), whether on a temporary, permanent, or indefinite basis, under or with respect to an [IBOR contract](#14).
- (14) **IBOR contract—** The term “IBOR contract” means any contract, agreement, indenture, organizational document, guarantee, [mortgage](/usc/12/1707.md?p=a), deed of trust, lease, [security](#18) (whether representing debt or equity, including any interest in a corporation, a partnership, or a [limited liability company](/usc/12/1861.md?p=b-7)), instrument, or other obligation or asset that, by its terms, continues in any way to use an [IBOR](#12) as a [benchmark](#1).
- (15) **LIBOR—** The term “LIBOR”—
  - (A) means the overnight and 1-, 3-, 6-, and 12-month tenors of U.S. dollar [LIBOR](#15) (formerly known as the London interbank offered rate) as administered by ICE [Benchmark](#1) 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](#15).
- (16) **LIBOR contract—** The term “LIBOR contract” means any contract, agreement, indenture, organizational document, guarantee, [mortgage](/usc/12/1707.md?p=a), deed of trust, lease, [security](#18) (whether representing debt or equity, including any interest in a corporation, a partnership, or a [limited liability company](/usc/12/1861.md?p=b-7)), instrument, or other obligation or asset that, by its terms, uses [LIBOR](#15) as a [benchmark](#1).
- (17) **LIBOR replacement date—** The term “LIBOR replacement date” means the first London banking day after June 30, 2023, unless the [Board](#5) determines that any [LIBOR](#15) tenor will cease to be published or cease to be representative on a different date.
- (18) **Security—** The term “security” has the meaning given the term in [section 77b(a) of title 15](/usc/15/77b.md?p=a).
- (19) **SOFR—** The term “SOFR” means the Secured Overnight Financing Rate published by the Federal Reserve Bank of New York (or a successor administrator).
- (20) **Tenor spread adjustment—** The term “tenor spread adjustment” means—
  - (A) 0.00644 percent for overnight [LIBOR](#15);
  - (B) 0.11448 percent for 1-month [LIBOR](#15);
  - (C) 0.26161 percent for 3-month [LIBOR](#15);
  - (D) 0.42826 percent for 6-month [LIBOR](#15); and
  - (E) 0.71513 percent for 12-month [LIBOR](#15).

## Source credit

(Pub. L. 117–103, div. U, § 103, Mar. 15, 2022, 136 Stat. 826.)

## Notes

### 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.