1. A reference to a benchmark in a contract or other arrangement is, at any time when the benchmark is an Article 23A benchmark, to be treated for all purposes as including the benchmark as it exists -
(a) when it is an Article 23A benchmark,
(b) when the FCA has exercised a power under Article 23D(2) in respect of the benchmark, and
(c) when the benchmark administrator has exercised a discretion or permission conferred on it by the FCA under Article 23D in respect of the benchmark,
whether or not the benchmark is representative of the Article 27 market or economic reality at those times.
2. If a contract or other arrangement describes a benchmark or other figure (rather than naming a benchmark), paragraph 1 applies as if the description were a reference to -
(a) each benchmark that falls within the description, and
(b) each Article 23A benchmark that fell, or was being treated by the parties to the contract or arrangement as falling, within the description immediately before it became
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