Sec. 17. (a) On the LIBOR replacement date, the recommended benchmark replacement, by operation of law, becomes the benchmark replacement for any contract, security, or instrument that uses LIBOR as a benchmark and that either:
(1) contains no fallback provisions; or
(2) contains fallback provisions that result in a benchmark replacement that:
(A) is not a recommended benchmark replacement; and
(B) is based in any way on any LIBOR value.
(b) After the occurrence of a LIBOR discontinuance event, any fallback provisions in a contract, security, or instrument that provide for a benchmark replacement based on or involving:
(1) a poll, survey, or inquiries for quotes or information concerning interbank lending rates; or
(2) any:
(A) interest rate; or
(B) dividend rate;
based on LIBOR;
shall be disregarded as if not included in the contract, security, or instrument, and are considered void and without any force or effect.