repurchase will result in prepayment of the principal balance or reduction in the notional balance of the securities ultimately backed by such mortgage loan. No assurances can be given as to the timing or frequency of any such repurchases. Extensions of the term to maturity of the Ginnie Mae construction loan certificates delay the payment of principal to the trust and will affect the yield to maturity on your securities. Depending on its date of issuance, the extension of the term to matur- ity of any Ginnie Mae construction loan cer- tificate will require the related Ginnie Mae issuer to obtain the consent of either (i) all the holders of the related Ginnie Mae con- struction loan certificates or (ii) the con- tracted security purchaser, the entity bound under contract with the Ginnie Mae issuer to purchase all the Ginnie Mae construction loan certificates related to a particular multi- family project. However, the sponsor, on be- half of itself and all future holders of each Ginnie Mae construction loan certificate to be deposited into the trust and all related Ginnie  Mae  construction  loan  certificates (whether or not currently outstanding), has waived the right to withhold consent to any requests of the related Ginnie Mae issuer to extend the term to maturity of those Ginnie Mae construction loan certificates (provided that any such extension, when combined with previously granted extensions in respect of such Ginnie Mae construction loan certifi- cates, would not extend the term to maturity beyond the term of the underlying mortgage loan insured by FHA). This waiver effectively permits the related Ginnie Mae issuer to extend the maturity of the Ginnie Mae con- struction loan certificates in its sole discre- tion,  subject  only  to  the  prior  written approval of Ginnie Mae. A holder of a Ginnie Mae construction loan certificate is only enti- tled to interest at the specified interest rate on the outstanding principal balance of the Ginnie Mae construction loan certificate un- til the earliest of (1) the liquidation of the mortgage loan, (2) at the related Ginnie Mae Issuer's option, either (a) the first Ginnie Mae certificate payment date of the Ginnie Mae project loan certificate following the conversion of the Ginnie Mae construction loan certificate or (b) the date of conversion of the Ginnie Mae construction loan certifi- cate to a Ginnie Mae project loan certificate, and (3) the maturity date (as adjusted for any previously granted extensions) of the Ginnie Mae construction loan certificate. Any extension of the term to maturity may delay the commencement of principal payments to the  trust  and  affect  the  yield  on  your securities. The failure of a Ginnie Mae construction loan certificate to convert into a Ginnie Mae project loan certificate prior to its maturity date (as adjusted for any previ- ously granted extensions), for any rea- son, will result in the full payment of the principal balance of the Ginnie Mae con- struction loan certificate on its maturity date and, accordingly, will affect the rate of prepayment. The Ginnie Mae construc- tion loan certificate may fail to convert if the prerequisites  for  conversion  outlined  in Chapter 32 of the MBS Guide are not satis- fied, including, but not limited to, (1) final endorsement by FHA of the underlying mort- gage loan, (2) completion of the cost certifi- cation  process,  and  (3)  the  delivery  of supporting documentation including, among other things, the note or other evidence of indebtedness and assignments endorsed to Ginnie Mae. Upon maturity of the Ginnie Mae construction loan certificates, absent any extensions, the related Ginnie Mae Issuer is obligated to pay to the holders of the Ginnie Mae construction loan certificates the out- standing principal amount. The payment of any Ginnie Mae construction loan certificate on the maturity date may affect the yield on your securities. Any delay in the conversion of a Ginnie Mae construction loan certificate to a Gin- nie Mae project loan certificate will delay the payment of principal on your securi- ties. The conversion of a Ginnie Mae con- struction loan certificate to a Ginnie Mae project loan certificate can be delayed for a wide variety of reasons, including work stop- S-9