Base Offering Circular – Multifamily 22 from one Distribution Date to the next Distribution Date by the number of years from the Closing Date to such next Distribution Date, (b) summing the results and (c) dividing the sum by the aggregate amount of the net reductions in Class Principal Balance (or Class Notional Balance) of such Class referred to in clause (a). The Weighted Average Lives of the Securities will be influenced by, among other things, the rate at which principal is paid on the Mortgage Loans (or, in the case of a Security Group, on the Mortgage Loans underlying the related Trust Asset Group).  In general, the Weighted Average Lives of the Securities will be shortened if the rate of prepayments of principal of the Mortgage Loans increases.  However, the Weighted Average Lives will depend upon a variety of other factors, including the timing of changes in such rate of principal prepayments.   Accordingly, no assurance can be given as to the Weighted Average Life of any Class.  Further, to the extent the prices of the Securities represent discounts or premiums to their respective original principal balances, variability in the Weighted Average Lives of such Classes could result in variability in the related yields to maturity. In general, changes in the rate of prepayments on the Mortgage Loans, whether as a result of borrower prepayments, payments in respect of liquidations, or cash payments by the Sponsor as a result of the Sponsor’s breach of a representation or warranty, will have a greater effect on the yield of a Class of Securities having an earlier Final Distribution Date than for any Class having a later Final Distribution Date. Prepayment Assumption Models Prepayments of Mortgage Loans are commonly measured by a prepayment standard or model.  The models used in the Offering Circular Supplement are the standard prepayment assumption model of The Bond Market Association (“PSA”) and/or the constant prepayment rate (“CPR”) model. CPR represents a constant rate of prepayment on the Mortgage Loans each month relative to the then outstanding aggregate principal balance of the Mortgage Loans for the life of those Mortgage Loans. PSA represents an assumed rate of prepayment each month relative to the then outstanding principal balance of the Mortgage Loans to which the model is applied.  A prepayment assumption of 100% PSA assumes prepayment of the then aggregate outstanding principal balances of the Mortgage Loans in the month following their origination at an annual rate of 0.2% and an additional 0.2% in each month after that (for example, at an annual rate of 0.1% in the second month) until the thirtieth month.  Beginning in the thirtieth month, and in each month after that, until all of the Mortgage Loans are paid in full, 100% PSA assumes that the rate of prepayment remains constant at 6% per annum.  A prepayment assumption of 0% PSA assumes no prepayments, and a prepayment assumption of 200% PSA assumes prepayment rates equal to the product of 2.0 and the 100% PSA assumed prepayment rates.  PSA does not purport to be a historical description of prepayment experience or a prediction of the anticipated rate of prepayment of any of the Mortgage Loans.  In addition, the person may utilize other prepayment assumption models as further described in the Offering Circular Supplement.