Parties to existing loan agreements referencing LIBOR are advised to review the benchmark provisions in order to understand whether they provide for a replacement rate or a process for determining a substitute benchmark rate if LIBOR is discontinued.
The regression results are consistent with the benchmark regression after the substitute of the dependent variables.
The real lesson here is that we have substituted slogans and benchmarks for sound policy, and for this reason the Bush and Obama administrations are culpable too.
In column (2) of Appendix B: Table 10 we substitute the cohort dummies of the benchmark specification (which imply one dummy every 5 birth years from 1927 to 1960) with birth-year dummies, with no consequence on the results.
While it's useful to read competitive benchmark reports, there is no substitute for hands-on exploration of vendor programs.
The best and most realistic way forward is to retire the 10% benchmark after 42 years of service and substitute the DDRs, which DA members have already endorsed in a closely related context.
Therefore, it can substitute in these cases finite element applications and be used as a benchmark for more general and complex formulations as well.
The idea is that the benchmark, a more diversified reflection of borrowing, could be used as a substitute for Libor.
As a substitute for the NOAEL of the most sensitive endpoint (TM renal clearance), a hybrid benchmark dose response of 10% above background (BD10) was derived using the Fortran program BENCH_C (Crump 1995; Crump and Van Landingham 1996).
Accordingly, we acknowledge that "rather than a substitute for the 30 items of PANSS, development of a concise outcome measure for remission would create a benchmark for treatment and maintenance goals in clinical research and general practice" [ 33].
