Base Offering Circular - Multifamily 482090 6 Floating Rate and Inverse Floating Rate Classes for each Accrual Period will be final and binding. Investors can obtain the rates for the current and preceding Accrual Periods on gREX. Determination of LIBOR Unless otherwise provided in the applicable Offering Circular Supplement, the Trustee, or its agent, will calculate the Interest Rates of LIBOR Classes for each Accrual Period (after the initial Accrual Period) on the second Business Day before the Accrual Period begins (a “Floating Rate Adjustment Date”). On each Floating Rate Adjustment Date, the Trustee or its agent will determine the applicable LIBOR in accordance with one of the two following methods described below.  The method that is used for determining LIBOR in a particular transaction will be specified in the related Offering Circular Supplement. BBA LIBOR.  If using this method of determining LIBOR, the Trustee or its agent will determine LIBOR on the basis of the British Bankers’ Association (“BBA”) “Interest Settlement Rate” for one-month deposits in U.S. Dollars as it appears on the Dow Jones Telerate Service page 3750 (or such other page as may replace page 3750 on that service or such other service as may be nominated by the BBA for the purpose of displaying BBA Interest Settlement Rates) as of 11:00 a.m. London time on the related Floating Rate Adjustment Date.  Interest Settlement Rates currently are based on rates quoted by sixteen BBA designated banks as being, in the view of such banks, the offered rate at which deposits are being quoted to prime banks in the London interbank market.  Such Interest Settlement Rates are calculated by eliminating the 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%).