Base Offering Circular - Multifamily 482090 18 The Weighted Average Life of a Class is determined by (a) multiplying the amount of the net reduction, if any, of the Class Principal Balance of such Class 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 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 Based on a prepayment model or standard and assumptions identified therein, the Offering Circular Supplement for each Series will contain a table setting forth (i) the weighted average life of each related Class of Securities and (ii) the percentage of the initial Class Principal Balance of each related Class of Securities that would be outstanding on specified Distribution Dates for the related Series, in each case, based on the assumption that prepayments on the related Mortgage Loans are made at specified rates and based on such other assumptions as may be specified in such Offering Circular Supplement.  The actual final distribution on each Class is likely to be made earlier, and could be made significantly earlier, than its Final Distribution Date because (i) the rate of distributions on the Securities of the related Series will be affected by the actual rate of payment (including prepayments) of principal on the related Mortgage Loans and (ii) except in those cases where the Final Distribution Dates are based on the actual characteristics of the Mortgage Loans, some of the related Mortgage Loans have stated maturities prior to the dates assumed and may have interest rates lower than those assumed. However, there can be no assurance that the final distribution of principal of any Class will be earlier than the Final Distribution Date specified for such Class in the related Offering Circular Supplement. No representation is made about the anticipated rate of prepayments or foreclosures on the Mortgage Loans underlying the Trust MBS or about the anticipated yield to maturity of any Class of Securities. Investors are urged to base their decisions whether to invest in any Class of Securities upon a comparison of desired yield to maturity with the yield to maturity that would