Benchmark Functionality

See attached document for complete details.

The attached document explains how the ASPIRE Benchmark functionality works and focuses on the Tasks menu - Benchmark Setup screen and the Contract Explorer - Main screen - Payment Schedule tab. 

Benchmarks can be used on variable rate leases and loans to change the contract rate at different times, often based on a Benchmark Rate that often represents the cost of borrowing the money and can be based on different indexes like SOFR or SONIA. These are rates banks use to borrow money to each other. 

This document came to be after several bug fixes redefined some of the behavior of the benchmarks when going from fix rates to benchmarks, and back and forth.

The document goes over fundamental benchmark terminology and ways to add a variable rate to a contract. Outlines the Benchmark Update process, explains the new behavior when multiple benchmarks are applied to a contract, and steps to follow to see the different benchmark changes and how they look on a Benchmark Rate table and Customer Amortization. 

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