Base Offering Circular - Multifamily
482090
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rate, on three-month or six-month U.S. Treasury bills that is available on the Treasury Public
Affairs Information Line, an automated telephone system.
The Statistical Release No. H.15 (519) is published by the Federal Reserve on Monday or
Tuesday of each week. Investors can order it from the Publications Department at the Board of
Governors of the Federal Reserve System, 21st and C Streets, N.W., M.S. 138, Washington, D.C.
20551. The Trustee will consider a new value for the Treasury Index to have been available on
the day following the date that Statistical Release No. H.15 (519) is released by the Federal
Reserve Board or the Public Debt News is placed on the Treasury Public Affairs Public
Information Line and available to the public.
The applicable auction average (investment) yield for a given week is the yield resulting
from the auction of three-month or six-month U.S. Treasury bills held the preceding week. The
weekly average yield reflects the average yields of the five calendar days ending on Friday of the
previous week. Yields on Treasury securities at constant maturity are estimated from the
Treasurys daily yield curve. This curve, which relates the yield on a security to its time to
maturity, is based on the closing market bid yields on actively traded Treasury securities in the
over-the-counter market. These market yields are calculated from composites of quotations
reported by five leading U.S. Government securities dealers to the Federal Reserve Bank of New
York. This method permits estimation of the yield for a given maturity even if no security with
that exact maturity is outstanding.
In the event that the applicable Treasury Index becomes unavailable, the Trustee (or its
agent) will designate a new index, approved by Ginnie Mae, based upon comparable information
and methodology. The Trustee will select a particular index as the alternative index only if it
receives an Opinion of Counsel that the selection of the alternative index will not cause the
related Trust REMIC or Trust REMICs to lose their status as REMICs for federal income tax
purposes.
If at any time after the applicable Treasury Index becomes unavailable it again becomes
available, the Interest Rates for the related Treasury Index Classes for each subsequent Accrual
Period will be calculated by reference to the applicable Treasury Index.
Determination of the Prime Rate
Unless otherwise provided in the applicable Offering Circular Supplement, on each
Floating Rate Adjustment Date, the Trustee (or its agent) will calculate the Interest Rates of
Prime Rate Classes for the next Accrual Period by reference to the rate published as the Prime
Rate in the Money Rates section or other comparable section of The Wall Street Journal on
that Floating Rate Adjustment Date. If The Wall Street Journal publishes a prime rate range,
then the average of that range, as determined by the Trustee, will be the Prime Rate. In the event
The Wall Street Journal no longer publishes a Prime Rate entry, the Trustee (or its agent) will
designate a new methodology for determining the Prime Rate based on comparable data. The
Trustee (or its agent) will select a particular methodology as the alternative methodology only if
it receives an Opinion of Counsel that the selection of that methodology will not cause the related
Trust REMIC or Trust REMICs to lose their status as REMICs for federal income tax purposes.