Base Offering Circular – Multifamily 9 four highest rates and the four lowest rates, averaging the eight remaining rates, carrying the result (expressed as a percentage) out to six decimal places, and rounding to five decimal places. If, on any Floating Rate Adjustment Date, the Trustee or its agent is unable to calculate LIBOR in accordance with the method set forth in the immediately preceding paragraph, LIBOR for the next Accrual Period will be calculated in accordance with the method described below under “— LIBO Method.” LIBO Method.  If using this method of determining LIBOR, the Trustee or its agent will determine LIBOR on the basis of the offered quotations of the Reference Banks, as those quotations appear on the Reuters Screen LIBO Page, to the extent available.  If not available from the Reuters Screen LIBO Page, the Trustee or its agent will request the Reference Banks to provide the offered quotations to the Trustee as of 11:00 a.m. (London time) on that Floating Rate Adjustment Date, and will determine the applicable LIBOR based on those quotations. On each Floating Rate Adjustment Date, the Trustee or its agent will determine LIBOR for the next Accrual Period as follows: (i) If on any Floating Rate Adjustment Date two or more of the Reference Banks provide offered quotations of the applicable maturity, LIBOR for the next Accrual Period will be the arithmetic mean of those offered quotations (rounding that arithmetic mean upwards, if necessary, to the nearest whole multiple of 1/16%). (ii) If on any Floating Rate Adjustment Date only one or none of the Reference Banks provides these offered quotations, LIBOR for the next Accrual Period will be whichever is the higher of (x) LIBOR as determined on the previous Floating Rate Adjustment Date and (y) the Reserve Interest Rate. (iii) If on any Floating Rate Adjustment Date the Trustee is required but is unable to determine the Reserve Interest Rate, LIBOR for the next Accrual Period will be LIBOR as determined on the previous Floating Rate Adjustment Date, or, in the case of the first Floating Rate Adjustment Date, the level of LIBOR used to calculate the initial Interest Rate of the particular LIBOR Class. Determination of COFI Unless otherwise provided in the applicable Offering Circular Supplement, the Trustee (or its agent) will calculate the Interest Rates of COFI Classes for each Accrual Period (after the first) on the related Floating Rate Adjustment Date by reference to COFI as published most recently by the Federal Home Loan Bank of San Francisco (the “FHLB of San Francisco”). The FHLB of San Francisco currently publishes COFI on or about its last working day of each month. COFI is designed to represent the monthly weighted average cost of funds for savings institutions in the Eleventh District (which consists of Arizona, California and Nevada) for the month prior to the month of publication. The FHLB of San Francisco computes COFI for each month by first dividing the cost of funds (that is, interest paid during the month by Eleventh District savings institutions on savings, advances and other borrowings) by the average of the total amount of these funds outstanding at the end of that month and the prior month and second annualizing and adjusting the result to reflect the actual number of days in the particular month.