Sec. 18. (a) This section applies to any contract, security, or instrument that uses LIBOR as a benchmark and that contains fallback provisions that permit or require the selection of a benchmark replacement that:
(1) is based in any way on any LIBOR value; or
(2) is:
(A) a commercially reasonable replacement for and a commercially substantial equivalent to LIBOR;
(B) a reasonable, comparable, or analogous term for LIBOR under or with respect to the contract, security, or instrument; or
(C) based on a methodology or information that is similar or comparable to LIBOR.
(b) With respect to any contract, security, or instrument to which this section applies, a determining person is authorized, but is not required, to select on or after the occurrence of a LIBOR discontinuance event the recommended benchmark replacement as the benchmark replacement for the contract, security, or instrument. A selection of the recommended benchmark replacement under this section must be:
(1) irrevocable;
(2) made by the earlier of:
(A) the LIBOR replacement date; or
(B) the latest date for selecting a benchmark replacement under the terms of the contract, security, or instrument; and
(3) used in any determination of the benchmark that is made under or with respect to the contract, security, or instrument on or after the LIBOR replacement date.