When reading the tables and the related text, investors should bear in mind that the
Modeling Assumptions, like any other stated assumptions, are unlikely to be entirely consistent
with actual experience.
• For example, many Distribution Dates will occur on the first Business Day after the 16th
of the month, prepayments may not occur during the Prepayment Penalty Period, and the
Trustee may cause a termination of the Trust as described under "Description of the
Securities – Termination" in this Supplement.
• In addition, distributions on the Securities are based on Certificate Factors, Corrected
Certificate Factors, and Calculated Certificate Factors, if applicable, which may not reflect
actual receipts on the Trust Assets.
See "Description of the Securities – Distributions" in the Multifamily Base Offering
Circular.
Prepayment Assumptions
Prepayments of mortgage loans are commonly measured by a prepayment standard or
model. One of the models used in this Supplement is the constant prepayment rate ("CPR")
model, which represents an assumed constant rate of voluntary prepayment each month relative
to the then outstanding principal balance of the Mortgage Loans to which the model is applied.
See "Yield, Maturity and Prepayment Considerations – Prepayment Assumption Models" in
the Multifamily Base Offering Circular.
In addition, this Supplement uses another model to measure involuntary prepayments. This
model is the Project Loan Default or PLD model provided by the Sponsor. The PLD model
represents an assumed rate of involuntary prepayments each month as specified in the table
below (the "PLD Model Rates"), in each case expressed as a per annum percentage of the then-
outstanding principal balance of each of the Mortgage Loans in relation to its loan age. For
example, 0% PLD represents 0% of such assumed rate of involuntary prepayments; 50% PLD
represents 50% of such assumed rate of involuntary prepayments; 100% PLD represents 100% of
such assumed rate of involuntary prepayments; and so forth.
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