Common use of Determination of Certificate Interest Rates for Floating Rate Certificates Clause in Contracts

Determination of Certificate Interest Rates for Floating Rate Certificates. On each Interest Determination Date so long as the Floating Rate Certificates are outstanding, Xxxxxx Mae shall cause the Paying Agent to either (i) request each Reference Bank to inform the Paying Agent of the quotation offered by its principal London office for making one-month United States dollar deposits in leading banks in the London interbank market, as of 11:00 a.m. (London time) on such Interest Determination Date or (ii) in lieu of making any such request, rely on such Reference Bank quotations that appear at such time on the Reuters Screen LIBO Page (as defined in the International Swap Dealers Association Inc. Code of Standard Wording, Assumptions and Provisions for Swaps, 1986 Edition), to the extent available. LIBOR for the next Interest Accrual Period will be established by Xxxxxx Xxx or the Paying Agent on each Interest Determination Date as follows: (a) If on any Interest Determination Date two or more Reference Banks provide such offered quotations, LIBOR for the next Interest Accrual Period shall be the arithmetic mean of such offered quotations (rounding such arithmetic mean upwards if necessary to the nearest whole multiple of 1/32%). (b) If on any Interest Determination Date only one or none of the Reference Banks provides such offered quotations, LIBOR for the next Interest Accrual Period shall be whichever is the higher of (i) LIBOR as determined on the previous Interest Determination Date or (ii) the Reserve Interest Rate. The “Reserve Interest Rate” shall be the rate per annum that Xxxxxx Mae or the Paying Agent determines to be either (i) the arithmetic mean (rounded upwards if necessary to the nearest whole multiple of 1/32%) of the one-month United States dollar lending rates that New York City banks selected by Xxxxxx Xxx or the Paying Agent are quoting, on the relevant Interest Determination Date, to the principal London offices of at least two of the Reference Banks to which such quotations are, in the opinion of Xxxxxx Mae or the Paying Agent, being so made, or (ii) in the event that Xxxxxx Xxx or the Paying Agent can determine no such arithmetic mean, the lowest one-month United States dollar lending rate that New York City banks selected by Xxxxxx Mae or the Paying Agent are quoting on such Interest Determination Date to leading European banks. (c) If on the first Interest Determination Date Xxxxxx Xxx or the Paying Agent is required but is unable to determine the Reserve Interest Rate in the manner provided in paragraph (b) above, LIBOR shall be 5.375% per annum. Until the Floating Rate Certificates are paid in full, Xxxxxx Mae will at all times retain at least four Reference Banks for the purpose of determining LIBOR with respect to each Interest Determination Date. Each Reference Bank shall be a leading bank engaged in transactions in Eurodollar deposits in the international Eurocurrency market, shall not control, be controlled by, or be under common control with, Xxxxxx Xxx and shall have an established place of business in London. If any such Reference Bank should be unwilling or unable to act as such or if Xxxxxx Mae should terminate its appointment as Reference Bank, Xxxxxx Xxx will promptly appoint or cause to be appointed another Reference Bank. The Paying Agent and Xxxxxx Mae shall have no liability or responsibility to any Person for (i) the selection of any Reference Bank for purposes of determining LIBOR or (ii) any inability to retain at least four Reference Banks that is caused by circumstances beyond their reasonable control. The Certificate Interest Rate on the Floating Rate Certificates for each Interest Accrual Period after the initial Interest Accrual Period shall be determined by Xxxxxx Xxx or the Paying Agent on the Interest Determination Date in December 1996 and on each Interest Determination Date thereafter so long as the Floating Rate Certificates are outstanding on the basis of LIBOR and the applicable formulae appearing in footnote (1) to the table in Section 1. In determining LIBOR, any Certificate Interest Rate for the Floating Rate Certificates or any Reserve Interest Rate, Xxxxxx Mae or the Paying Agent may conclusively rely and shall be protected in relying upon the offered quotations (whether written, oral or on the Reuters screen) from the Reference Banks or the New York City banks as to LIBOR or the Reserve Interest Rate, as appropriate, in effect from time to time. Neither Xxxxxx Xxx nor the Paying Agent shall have any liability or responsibility to any Person for (i) the Paying Agent’s selection of New York City banks for purposes of determining any Reserve Interest Rate or (ii) its inability, following a good- faith reasonable effort, to obtain such quotations from the Reference Banks or the New York City banks or to determine such arithmetic mean, all as provided for in this Section 7. The establishment of LIBOR and each Certificate Interest Rate for the Floating Rate Certificates by Xxxxxx Mae or the Paying Agent shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a Certificate and Xxxxxx Xxx and any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns.

Determination of Certificate Interest Rates for Floating Rate Certificates. On each Interest Determination Date so long as the Floating Rate Certificates are outstanding, Xxxxxx Mae Xxx shall cause the Paying Agent to either (i) request each Reference Bank to inform the Paying Agent of the quotation offered by its principal London office for making one-month United States dollar deposits in leading banks in the London interbank market, as of 11:00 a.m. (London time) on such Interest Determination Date or (ii) in lieu of making any such request, rely on such Reference Bank quotations that appear at such time on the Reuters Screen LIBO Page (as defined in the International Swap Dealers Association Inc. Code of Standard Wording, Assumptions and Provisions for Swaps, 1986 Edition), to the extent available. LIBOR for the next Interest Accrual Period will be established by Xxxxxx Xxx Mae or the Paying Agent on each Interest Determination Date as follows: (a) If on any Interest Determination Date two or more Reference Banks provide such offered quotations, LIBOR for the next Interest Accrual Period shall be the arithmetic mean of such offered quotations (rounding such arithmetic mean upwards if necessary to the nearest whole multiple of 1/32%). (b) If on any Interest Determination Date only one or none of the Reference Banks provides such offered quotations, LIBOR for the next Interest Accrual Period shall be whichever is the higher of (i) LIBOR as determined on the previous Interest Determination Date or (ii) the Reserve Interest Rate. The “Reserve Interest Rate” shall be the rate per annum that Xxxxxx Mae Xxx or the Paying Agent determines to be either (i) the arithmetic mean (rounded upwards if necessary to the nearest whole multiple of 1/32%) of the one-month United States dollar lending rates that New York City banks selected by Xxxxxx Xxx Mae or the Paying Agent are quoting, on the relevant Interest Determination Date, to the principal London offices of at least two of the Reference Banks to which such quotations are, in the opinion of Xxxxxx Mae Xxx or the Paying Agent, being so made, or (ii) in the event that Xxxxxx Xxx Mae or the Paying Agent can determine no such arithmetic mean, the lowest one-month United States dollar lending rate that New York City banks selected by Xxxxxx Mae Xxx or the Paying Agent are quoting on such Interest Determination Date to leading European banks. (c) If on the first Interest Determination Date Xxxxxx Xxx Mae or the Paying Agent is required but is unable to determine the Reserve Interest Rate in the manner provided in paragraph (b) above, LIBOR shall be 5.375% per annumas determined for such Interest Accrual Period for the applicable Xxxxxx Xxx Securities. Until all of the Floating Rate Certificates are paid in full, Xxxxxx Mae will at all times retain at least four Reference Banks for the purpose of determining LIBOR with respect to each Interest Determination Date. Each Reference Bank shall be a leading bank engaged in transactions in Eurodollar deposits in the international Eurocurrency market, shall not control, be controlled by, or be under common control with, Xxxxxx Xxx and shall have an established place of business in London. If any such Reference Bank should be unwilling or unable to act as such or if Xxxxxx Mae should terminate its appointment as Reference Bank, Xxxxxx Xxx will promptly appoint or cause to be appointed another Reference Bank. The Paying Agent and Xxxxxx Mae shall have no liability or responsibility to any Person for (i) the selection of any Reference Bank for purposes of determining LIBOR or (ii) any inability to retain at least four Reference Banks that is caused by circumstances beyond their reasonable control. The Certificate Interest Rate on the Floating Rate Certificates for each Interest Accrual Period after the initial Interest Accrual Period shall be determined by Xxxxxx Xxx or the Paying Agent on the Interest Determination Date in December March 1996 and on each Interest Determination Date thereafter so long as the any Floating Rate Certificates are outstanding on the basis of LIBOR and the applicable formulae formula appearing in footnote (13) to the table in Section 1. In determining LIBOR, any Certificate Interest Rate for the Floating Rate Certificates or any Reserve Interest Rate, Xxxxxx Mae or the Paying Agent may conclusively rely and shall be protected in relying upon the offered quotations (whether written, oral or on the Reuters screen) from the Reference Banks or the New York City banks as to LIBOR or the Reserve Interest Rate, as appropriate, in effect from time to time. Neither Xxxxxx Xxx nor the Paying Agent shall have any liability or responsibility to any Person for (i) the Paying Agent’s selection of New York City banks for purposes of determining any Reserve Interest Rate or (ii) its inability, following a good- good-faith reasonable effort, to obtain such quotations from the Reference Banks or the New York City banks or to determine such arithmetic mean, all as provided for in this Section 7. The establishment of LIBOR and each Certificate Interest Rate for the Floating Rate Certificates by Xxxxxx Mae or the Paying Agent shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a Certificate and Xxxxxx Xxx and any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns.

Determination of Certificate Interest Rates for Floating Rate Certificates. On each Interest Determination Date so long as the Floating Rate Certificates are outstanding, Xxxxxx Mae Xxx shall cause the Paying Agent to either (i) request each Reference Bank to inform the Paying Agent of the quotation offered by its principal London office for making one-month United States dollar deposits in leading banks in the London interbank market, as of 11:00 a.m. (London time) on such Interest Determination Date or (ii) in lieu of making any such request, rely on such Reference Bank quotations that appear at such time on the Reuters Screen LIBO Page (as defined in the International Swap Dealers Association Inc. Code of Standard Wording, Assumptions and Provisions for Swaps, 1986 Edition), to the extent available. LIBOR for the next Interest Accrual Period will be established by Xxxxxx Xxx Mae or the Paying Agent on each Interest Determination Date as follows: (a) If on any Interest Determination Date two or more Reference Banks provide such offered quotations, LIBOR for the next Interest Accrual Period shall be the arithmetic mean of such offered quotations (rounding such arithmetic mean upwards if necessary to the nearest whole multiple of 1/32%). (b) If on any Interest Determination Date only one or none of the Reference Banks provides such offered quotations, LIBOR for the next Interest Accrual Period shall be whichever is the higher of (i) LIBOR as determined on the previous Interest Determination Date or (ii) the Reserve Interest Rate. The “Reserve Interest Rate” shall be the rate per annum that which Xxxxxx Mae Xxx or the Paying Agent determines to be either (i) the arithmetic mean (rounded upwards if necessary to the nearest whole multiple of 1/32%) of the one-month United States dollar lending rates that New York City banks selected by Xxxxxx Xxx Mae or the Paying Agent are quoting, on the relevant Interest Determination Date, to the principal London offices of at least two of the Reference Banks to which such quotations are, in the opinion of Xxxxxx Mae Xxx or the Paying Agent, being so made, or (ii) in the event that Xxxxxx Xxx Mae or the Paying Agent can determine no such arithmetic mean, the lowest one-month United States dollar lending rate that which New York City banks selected by Xxxxxx Mae Xxx or the Paying Agent are quoting on such Interest Determination Date to leading European banks. (c) If on the first Interest Determination Date Xxxxxx Xxx Mae or the Paying Agent is required but is unable to determine the Reserve Interest Rate in the manner provided in paragraph (b) above, LIBOR shall be 5.375% per annumequal to 5.50%. Until all of the Floating Rate Certificates are paid in full, Xxxxxx Mae Xxx will at all times retain at least four Reference Banks for the purpose of determining LIBOR with respect to each Interest Determination Date. Each Reference Bank shall be a leading bank engaged in transactions in Eurodollar deposits in the international Eurocurrency market, shall not control, be controlled by, or be under common control with, Xxxxxx Xxx Mae and shall have an established place of business in London. If any such Reference Bank should be unwilling or unable to act as such or if Xxxxxx Mae Xxx should terminate its appointment as Reference Bank, Xxxxxx Xxx Mae will promptly appoint or cause to be appointed another Reference Bank. The Paying Agent and Xxxxxx Mae Xxx shall have no liability or responsibility to any Person for (i) the selection of any Reference Bank for purposes of determining LIBOR or (ii) any inability to retain at least four Reference Banks that which is caused by circumstances beyond their reasonable control. The Certificate Interest Rate on the Floating Rate Certificates for each Interest Accrual Period after the initial Interest Accrual Period shall be determined by Xxxxxx Xxx Mae or the Paying Agent on the Interest Determination Date in December November 1996 and on each Interest Determination Date thereafter so long as the Floating Rate Certificates are outstanding on the basis of LIBOR and the applicable formulae appearing in footnote (1) to the table in Section 13.01. In determining LIBOR, any Certificate Interest Rate for the Floating Rate Certificates Certificates, or any Reserve Interest Rate, Xxxxxx Mae Xxx or the Paying Agent may conclusively rely and shall be protected in relying upon the offered quotations (whether written, oral or on the Reuters screen) from the Reference Banks or the New York City banks as to LIBOR or the Reserve Interest Rate, as appropriate, in effect from time to time. Neither Xxxxxx Xxx Mae nor the Paying Agent shall have any liability or responsibility to any Person for (i) the Paying Agent’s selection of New York City banks for purposes of determining any Reserve Interest Rate or (ii) its inability, following a good- good-faith reasonable effort, to obtain such quotations from the Reference Banks or the New York City banks or to determine such arithmetic mean, all as provided for in this Section 73.03. The establishment of LIBOR and each Certificate Interest Rate for the Floating Rate Certificates by Xxxxxx Mae Xxx or the Paying Agent shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a Certificate and Xxxxxx Xxx Mae and any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns.

Determination of Certificate Interest Rates for Floating Rate Certificates. On each Interest Determination Date for the Floating Rate Certificates so long as the Floating Rate any such Certificates are outstanding, Xxxxxx Mae Xxx shall cause the Paying Agent to either (i) request each Reference Bank to inform the Paying Agent of the quotation offered by its principal London office for making one-month United States dollar deposits in leading banks in the London interbank market, as of 11:00 a.m. (London time) on such Interest Determination Date or (ii) in lieu of making any such request, rely on such Reference Bank quotations that appear at such time on the Reuters Screen LIBO Page (as defined in the International Swap Dealers Association Inc. Code of Standard Wording, Assumptions and Provisions for Swaps, 1986 Edition), to the extent available. LIBOR for the next Interest Accrual Period will be established by Xxxxxx Xxx Mae or the Paying Agent on each Interest Determination Date as follows: (a) If on any Interest Determination Date two or more Reference Banks provide such offered quotations, LIBOR for the next Interest Accrual Period shall be the arithmetic mean of such offered quotations (rounding such arithmetic mean upwards if necessary to the nearest whole multiple of 1/32%). (b) If on any Interest Determination Date only one or none of the Reference Banks provides such offered quotations, LIBOR for the next Interest Accrual Period shall be whichever is the higher of (i) LIBOR as determined on the previous Interest Determination Date or (ii) the Reserve Interest Rate. The “Reserve Interest Rate” shall be the rate per annum that which Xxxxxx Mae Xxx or the Paying Agent determines to be either (i) the arithmetic mean (rounded upwards if necessary to the nearest whole multiple of 1/32%) of the one-month United States dollar lending rates that New York City banks selected by Xxxxxx Xxx Mae or the Paying Agent are quoting, on the relevant Interest Determination Date, to the principal London offices of at least two of the Reference Banks to which such quotations are, in the opinion of Xxxxxx Mae Xxx or the Paying Agent, being so made, or (ii) in the event that Xxxxxx Xxx Mae or the Paying Agent can determine no such arithmetic mean, the lowest one-month United States dollar lending rate that which New York City banks selected by Xxxxxx Mae Xxx or the Paying Agent are quoting on such Interest Determination Date to leading European banks. (c) If on the first Interest Determination Date Xxxxxx Xxx Mae or the Paying Agent is required but is unable to determine the Reserve Interest Rate in the manner provided in paragraph (b) above, LIBOR shall be 5.375% per annumequal to 5.4375%. Until the Floating Rate Certificates are paid in full, Xxxxxx Mae Xxx will at all times retain at least four Reference Banks for the purpose of determining LIBOR with respect to each Interest Determination Date. Each Reference Bank shall be a leading bank engaged in transactions in Eurodollar deposits in the international Eurocurrency market, shall not control, be controlled by, or be under common control with, Xxxxxx Xxx Mae and shall have an established place of business in London. If any such Reference Bank should be unwilling or unable to act as such or if Xxxxxx Mae Xxx should terminate its appointment as Reference Bank, Xxxxxx Xxx Mae will promptly appoint or cause to be appointed another Reference Bank. The Paying Agent and Xxxxxx Mae Xxx shall have no liability or responsibility to any Person for (i) the selection of any Reference Bank for purposes of determining LIBOR or (ii) any inability to retain at least four Reference Banks that which is caused by circumstances beyond their reasonable control. The Certificate Interest Rate on the Floating Rate Certificates for each Interest Accrual Period after the initial Interest Accrual Period shall be determined by Xxxxxx Xxx Mae or the Paying Agent on the Interest Determination Date in December 1996 January 1997 and on each Interest Determination Date thereafter so long as the any Floating Rate Certificates are outstanding on the basis of LIBOR and the applicable formulae formula appearing in footnote (12) to the table in Section 13.01. In determining LIBOR, any Certificate Interest Rate for the Floating Rate Certificates or any Reserve Interest Rate, Xxxxxx Mae Xxx or the Paying Agent may conclusively rely and shall be protected in relying upon the offered quotations (whether written, oral or on the Reuters screen) from the Reference Banks or the New York City banks as to LIBOR or the Reserve Interest Rate, as appropriate, in effect from time to time. Neither Xxxxxx Xxx Mae nor the Paying Agent shall have any liability or responsibility to any Person for (i) the Paying Agent’s selection of New York City banks for purposes of determining any Reserve Interest Rate or (ii) its inability, following a good- good-faith reasonable effort, to obtain such quotations from the Reference Banks or the New York City banks or to determine such arithmetic mean, all as provided for in this Section 73.03. The establishment of LIBOR and each Certificate Interest Rate for the Floating Rate Certificates by Xxxxxx Mae Xxx or the Paying Agent shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a Certificate and Xxxxxx Xxx Mae and any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns.

Determination of Certificate Interest Rates for Floating Rate Certificates. On each Interest Determination Date for the Floating Rate Certificates so long as the Floating Rate such Certificates are outstanding, Xxxxxx Mae Xxx shall cause the Paying Agent to either (i) request each Reference Bank to inform the Paying Agent of the quotation offered by its principal London office for making one-month United States dollar deposits in leading banks in the London interbank market, as of 11:00 a.m. (London time) on such Interest Determination Date or (ii) in lieu of making any such request, rely on such Reference Bank quotations that appear at such time on the Reuters Screen LIBO Page (as defined in the International Swap Dealers Association Inc. Code of Standard Wording, Assumptions and Provisions for Swaps, 1986 Edition), to the extent available. LIBOR for the next Interest Accrual Period will be established by Xxxxxx Xxx Mae or the Paying Agent on each Interest Determination Date as follows: (a) If on any Interest Determination Date two or more Reference Banks provide such offered quotations, LIBOR for the next Interest Accrual Period shall be the arithmetic mean of such offered quotations (rounding such arithmetic mean upwards if necessary to the nearest whole multiple of 1/32%). (b) If on any Interest Determination Date only one or none of the Reference Banks provides such offered quotations, LIBOR for the next Interest Accrual Period shall be whichever is the higher of (i) LIBOR as determined on the previous Interest Determination Date or (ii) the Reserve Interest Rate. The “Reserve Interest Rate” shall be the rate per annum that which Xxxxxx Mae Xxx or the Paying Agent determines to be either (i) the arithmetic mean (rounded upwards if necessary to the nearest whole multiple of 1/32%) of the one-month United States dollar lending rates that New York City banks selected by Xxxxxx Xxx Mae or the Paying Agent are quoting, on the relevant Interest Determination Date, to the principal London offices of at least two of the Reference Banks to which such quotations are, in the opinion of Xxxxxx Mae Xxx or the Paying Agent, being so made, or (ii) in the event that Xxxxxx Xxx Mae or the Paying Agent can determine no such arithmetic mean, the lowest one-month United States dollar lending rate that which New York City banks selected by Xxxxxx Mae Xxx or the Paying Agent are quoting on such Interest Determination Date to leading European banks. (c) If on the first Interest Determination Date Xxxxxx Xxx Mae or the Paying Agent is required but is unable to determine the Reserve Interest Rate in the manner provided in paragraph (b) above, LIBOR shall be 5.375% per annumequal to LIBOR as determined for such Interest Accrual Period for the related Underlying REMIC Certificates. Until all of the Floating Rate Certificates are paid in full, Xxxxxx Mae Xxx will at all times retain at least four Reference Banks for the purpose of determining LIBOR with respect to each Interest Determination Date. Each Reference Bank shall be a leading bank engaged in transactions in Eurodollar deposits in the international Eurocurrency market, shall not control, be controlled by, or be under common control with, Xxxxxx Xxx Mae and shall have an established place of business in London. If any such Reference Bank should be unwilling or unable to act as such or if Xxxxxx Mae Xxx should terminate its appointment as Reference Bank, Xxxxxx Xxx Mae will promptly appoint or cause to be appointed another Reference Bank. The Paying Agent and Xxxxxx Mae Xxx shall have no liability or responsibility to any Person for (i) the selection of any Reference Bank for purposes of determining LIBOR or (ii) any inability to retain at least four Reference Banks that which is caused by circumstances beyond their reasonable control. The Certificate Interest Rate on the Floating Rate Certificates for each Interest Accrual Period after the initial Interest Accrual Period shall be determined by Xxxxxx Xxx Mae or the Paying Agent on the Interest Determination Date in December 1996 April 1997 and on each Interest Determination Date thereafter so long as the Floating Rate Certificates are outstanding on the basis of LIBOR and the applicable formulae formula appearing in footnote (14) to the table in Section 13.01 hereof. In determining LIBOR, any Certificate Interest Rate for the Floating Rate Certificates or any Reserve Interest Rate, Xxxxxx Mae Xxx or the Paying Agent may conclusively rely and shall be protected in relying upon the offered quotations (whether written, oral or on the Reuters screen) from the Reference Banks or the New York City banks as to LIBOR or the Reserve Interest Rate, as appropriate, in effect from time to time. Neither Xxxxxx Xxx Mae nor the Paying Agent shall have any liability or responsibility to any Person for (i) the Paying Agent’s selection of New York City banks for purposes of determining any Reserve Interest Rate or (ii) its inability, following a good- good-faith reasonable effort, to obtain such quotations from the Reference Banks or the New York City banks or to determine such arithmetic mean, all as provided for in this Section 73.04. The establishment of LIBOR and each Certificate Interest Rate for the Floating Rate Certificates by Xxxxxx Mae Xxx or the Paying Agent shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a Certificate and Xxxxxx Xxx Mae and any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns.

Determination of Certificate Interest Rates for Floating Rate Certificates. On each Interest Determination Date so long as the Floating Rate Certificates are outstanding, Xxxxxx Mae Xxx shall cause the Paying Agent to either (i) request each Reference Bank to inform the Paying Agent of the quotation offered by its principal London office for making one-month United States dollar deposits in leading banks in the London interbank market, as of 11:00 a.m. (London time) on such Interest Determination Date or (ii) in lieu of making any such request, rely on such Reference Bank quotations that appear at such time on the Reuters Screen LIBO Page (as defined in the International Swap Dealers Association Inc. Code of Standard Wording, Assumptions and Provisions for Swaps, 1986 Edition), to the extent available. LIBOR for the next Interest Accrual Period will be established by Xxxxxx Xxx Mae or the Paying Agent on each Interest Determination Date as follows: (a) If on any Interest Determination Date two or more Reference Banks provide such offered quotations, LIBOR for the next Interest Accrual Period shall be the arithmetic mean of such offered quotations (rounding such arithmetic mean upwards if necessary to the nearest whole multiple of 1/32%). (b) If on any Interest Determination Date only one or none of the Reference Banks provides such offered quotations, LIBOR for the next Interest Accrual Period shall be whichever is the higher of (i) LIBOR as determined on the previous Interest Determination Date or (ii) the Reserve Interest Rate. The “Reserve Interest Rate” shall be the rate per annum that which Xxxxxx Mae Xxx or the Paying Agent determines to be either (i) the arithmetic mean (rounded upwards if necessary to the nearest whole multiple of 1/32%) of the one-month United States dollar lending rates that New York City banks selected by Xxxxxx Xxx Mae or the Paying Agent are quoting, on the relevant Interest Determination Date, to the principal London offices of at least two of the Reference Banks to which such quotations are, in the opinion of Xxxxxx Mae Xxx or the Paying Agent, being so made, or (ii) in the event that Xxxxxx Xxx Mae or the Paying Agent can determine no such arithmetic mean, the lowest one-month United States dollar lending rate that which New York City banks selected by Xxxxxx Mae Xxx or the Paying Agent are quoting on such Interest Determination Date to leading European banks. (c) If on the first Interest Determination Date Xxxxxx Xxx Mae or the Paying Agent is required but is unable to determine the Reserve Interest Rate in the manner provided in paragraph (b) above, LIBOR shall be 5.375equal to LIBOR as determined for such Interest Accrual Period for the related Underlying REMIC Certificates in the case of the Class 28-SE, Class 28- FB, Class 28-SB, Class 28-FC, Class 28-SC, Class 28-FD and Class 28-SD Certificates, and shall be equal to 5.50% per annumin the case of the Class 28-F, Class 28-S, Class 28-FA and Class 28-SA Certificates. Until all of the Floating Rate Certificates are paid in full, Xxxxxx Mae Xxx will at all times retain at least four Reference Banks for the purpose of determining LIBOR with respect to each Interest Determination Date. Each Reference Bank shall be a leading bank engaged in transactions in Eurodollar deposits in the international Eurocurrency market, shall not control, be controlled by, or be under common control with, Xxxxxx Xxx Mae and shall have an established place of business in London. If any such Reference Bank should be unwilling or unable to act as such or if Xxxxxx Mae Xxx should terminate its appointment as Reference Bank, Xxxxxx Xxx Mae will promptly appoint or cause to be appointed another Reference Bank. The Paying Agent and Xxxxxx Mae Xxx shall have no liability or responsibility to any Person for (i) the selection of any Reference Bank for purposes of determining LIBOR or (ii) any inability to retain at least four Reference Banks that which is caused by circumstances beyond their reasonable control. The Certificate Interest Rate on the Floating Rate Certificates for each Interest Accrual Period after the initial Interest Accrual Period shall be determined by Xxxxxx Xxx Mae or the Paying Agent on the Interest Determination Date in December July 1996 and on each Interest Determination Date thereafter so long as the Floating Rate Certificates are outstanding on the basis of LIBOR and the applicable formulae appearing in footnote (1) to the table in Section 13.01. In determining LIBOR, any Certificate Interest Rate for the Floating Rate Certificates Certificates, any Interest Rate for the Floating Rate Lower Tier Interests or any Reserve Interest Rate, Xxxxxx Mae Xxx or the Paying Agent may conclusively rely and shall be protected in relying upon the offered quotations (whether written, oral or on the Reuters screen) from the Reference Banks or the New York City banks as to LIBOR or the Reserve Interest Rate, as appropriate, in effect from time to time. Neither Xxxxxx Xxx Mae nor the Paying Agent shall have any liability or responsibility to any Person for (i) the Paying Agent’s selection of New York City banks for purposes of determining any Reserve Interest Rate or (ii) its inability, following a good- good-faith reasonable effort, to obtain such quotations from the Reference Banks or the New York City banks or to determine such arithmetic mean, all as provided for in this Section 73.03. The establishment of LIBOR and LIBOR, each Certificate Interest Rate for the Floating Rate Certificates and each Interest Rate for the Floating Rate Lower Tier Interest by Xxxxxx Mae Xxx or the Paying Agent shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a Certificate and Xxxxxx Xxx Mae and any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns.

Determination of Certificate Interest Rates for Floating Rate Certificates. On each Interest Determination Date for the Floating Rate Certificates so long as the Floating Rate such Certificates are outstanding, Xxxxxx Mae Xxx shall cause the Paying Agent to either (i) request each Reference Bank to inform the Paying Agent of the quotation offered by its principal London office for making one-month United States dollar deposits in leading banks in the London interbank market, as of 11:00 a.m. (London time) on such Interest Determination Date or (ii) in lieu of making any such request, rely on such Reference Bank quotations that appear at such time on the Reuters Screen LIBO Page (as defined in the International Swap Dealers Association Inc. Code of Standard Wording, Assumptions and Provisions for Swaps, 1986 Edition), to the extent available. LIBOR for the next Interest Accrual Period will be established by Xxxxxx Xxx Mae or the Paying Agent on each Interest Determination Date as follows: (a) If on any Interest Determination Date two or more Reference Banks provide such offered quotations, LIBOR for the next Interest Accrual Period shall be the arithmetic mean of such offered quotations (rounding such arithmetic mean upwards if necessary to the nearest whole multiple of 1/32%). (b) If on any Interest Determination Date only one or none of the Reference Banks provides such offered quotations, LIBOR for the next Interest Accrual Period shall be whichever is the higher of (i) LIBOR as determined on the previous Interest Determination Date or (ii) the Reserve Interest Rate. The “Reserve Interest Rate” shall be the rate per annum that which Xxxxxx Mae Xxx or the Paying Agent determines to be either (i) the arithmetic mean (rounded upwards if necessary to the nearest whole multiple of 1/32%) of the one-month United States dollar lending rates that New York City banks selected by Xxxxxx Xxx Mae or the Paying Agent are quoting, on the relevant Interest Determination Date, to the principal London offices of at least two of the Reference Banks to which such quotations are, in the opinion of Xxxxxx Mae Xxx or the Paying Agent, being so made, or (ii) in the event that Xxxxxx Xxx Mae or the Paying Agent can determine no such arithmetic mean, the lowest one-month United States dollar lending rate that which New York City banks selected by Xxxxxx Mae Xxx or the Paying Agent are quoting on such Interest Determination Date to leading European banks. (c) If on the first Interest Determination Date Xxxxxx Xxx Mae or the Paying Agent is required but is unable to determine the Reserve Interest Rate in the manner provided in paragraph (b) above, LIBOR shall be equal to 5.4375% in the case of the Class 25-F, Class 25-S and Class 25-SA Certificates, and 5.375% per annumin the case of the Class 25-FB, Class 25-SB, Class 25- FC and Class 25-SC Certificates. Until the Floating Rate Certificates are paid in full, Xxxxxx Mae Xxx will at all times retain at least four Reference Banks for the purpose of determining LIBOR with respect to each Interest Determination Date. Each Reference Bank shall be a leading bank engaged in transactions in Eurodollar deposits in the international Eurocurrency market, shall not control, be controlled by, or be under common control with, Xxxxxx Xxx Mae and shall have an established place of business in London. If any such Reference Bank should be unwilling or unable to act as such or if Xxxxxx Mae Xxx should terminate its appointment as Reference Bank, Xxxxxx Xxx Mae will promptly appoint or cause to be appointed another Reference Bank. The Paying Agent and Xxxxxx Mae Xxx shall have no liability or responsibility to any Person for (i) the selection of any Reference Bank for purposes of determining LIBOR or (ii) any inability to retain at least four Reference Banks that which is caused by circumstances beyond their reasonable control. The Certificate Interest Rate on the Floating Rate Certificates for each Interest Accrual Period after the initial Interest Accrual Period shall be determined by Xxxxxx Xxx Mae or the Paying Agent on the Interest Determination Date in December 1996 April 1997 and on each Interest Determination Date thereafter so long as the Floating Rate Certificates are outstanding on the basis of LIBOR and the applicable formulae formula appearing in footnote (12) to the table in Section 13.01. In determining LIBOR, any Certificate Interest Rate for the Floating Rate Certificates or any Reserve Interest Rate, Xxxxxx Mae Xxx or the Paying Agent may conclusively rely and shall be protected in relying upon the offered quotations (whether written, oral or on the Reuters screen) from the Reference Banks or the New York City banks as to LIBOR or the Reserve Interest Rate, as appropriate, in effect from time to time. Neither Xxxxxx Xxx Mae nor the Paying Agent shall have any liability or responsibility to any Person for (i) the Paying Agent’s selection of New York City banks for purposes of determining any Reserve Interest Rate or (ii) its inability, following a good- good-faith reasonable effort, to obtain such quotations from the Reference Banks or the New York City banks or to determine such arithmetic mean, all as provided for in this Section 73.03. The establishment of LIBOR and each Certificate Interest Rate for the Floating Rate Certificates by Xxxxxx Mae Xxx or the Paying Agent shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a Certificate and Xxxxxx Xxx Mae and any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns.

Determination of Certificate Interest Rates for Floating Rate Certificates. On each Interest Determination Date so long as the Floating Rate Certificates are outstanding, Xxxxxx Mae Xxx shall cause the Paying Agent to either (i) request each Reference Bank to inform the Paying Agent of the quotation offered by its principal London office for making one-month United States dollar deposits in leading banks in the London interbank market, as of 11:00 a.m. (London time) on such Interest Determination Date or (ii) in lieu of making any such request, rely on such Reference Bank quotations that appear at such time on the Reuters Screen LIBO Page (as defined in the International Swap Dealers Association Inc. Code of Standard Wording, Assumptions and Provisions for Swaps, 1986 Edition), to the extent available. LIBOR for the next Interest Accrual Period will be established by Xxxxxx Xxx Mae or the Paying Agent on each Interest Determination Date as follows: (a) If on any Interest Determination Date two or more Reference Banks provide such offered quotations, LIBOR for the next Interest Accrual Period shall be the arithmetic mean of such offered quotations (rounding such arithmetic mean upwards if necessary to the nearest whole multiple of 1/32%). (b) If on any Interest Determination Date only one or none of the Reference Banks provides such offered quotations, LIBOR for the next Interest Accrual Period shall be whichever is the higher of (i) LIBOR as determined on the previous Interest Determination Date or (ii) the Reserve Interest Rate. The “Reserve Interest Rate” shall be the rate per annum that which Xxxxxx Mae Xxx or the Paying Agent determines to be either (i) the arithmetic mean (rounded upwards if necessary to the nearest whole multiple of 1/32%) of the one-month United States dollar lending rates that New York City banks selected by Xxxxxx Xxx Mae or the Paying Agent are quoting, on the relevant Interest Determination Date, to the principal London offices of at least two of the Reference Banks to which such quotations are, in the opinion of Xxxxxx Mae Xxx or the Paying Agent, being so made, or (ii) in the event that Xxxxxx Xxx Mae or the Paying Agent can determine no such arithmetic mean, the lowest one-month United States dollar lending rate that which New York City banks selected by Xxxxxx Mae Xxx or the Paying Agent are quoting on such Interest Determination Date to leading European banks. (c) If on the first Interest Determination Date Xxxxxx Xxx Mae or the Paying Agent is required but is unable to determine the Reserve Interest Rate in the manner provided in paragraph (b) above, LIBOR shall be 5.375equal to LIBOR as determined for such Interest Accrual Period for the related Underlying REMIC Certificate in the case of the Class 27-FE Certificates, and shall be equal to 5.4375% per annumin the case of the remaining Classes of Floating Rate Certificates. Until all of the Floating Rate Certificates are paid in full, Xxxxxx Mae Xxx will at all times retain at least four Reference Banks for the purpose of determining LIBOR with respect to each Interest Determination Date. Each Reference Bank shall be a leading bank engaged in transactions in Eurodollar deposits in the international Eurocurrency market, shall not control, be controlled by, or be under common control with, Xxxxxx Xxx Mae and shall have an established place of business in London. If any such Reference Bank should be unwilling or unable to act as such or if Xxxxxx Mae Xxx should terminate its appointment as Reference Bank, Xxxxxx Xxx Mae will promptly appoint or cause to be appointed another Reference Bank. The Paying Agent and Xxxxxx Mae Xxx shall have no liability or responsibility to any Person for (i) the selection of any Reference Bank for purposes of determining LIBOR or (ii) any inability to retain at least four Reference Banks that which is caused by circumstances beyond their reasonable control. The Certificate Interest Rate on the Floating Rate Certificates for each Interest Accrual Period after the initial Interest Accrual Period shall be determined by Xxxxxx Xxx Mae or the Paying Agent on the Interest Determination Date in December August 1996 and on each Interest Determination Date thereafter so long as the Floating Rate Certificates are outstanding on the basis of LIBOR and the applicable formulae appearing in footnote (1) to the table in Section 13.01. In determining LIBOR, any Certificate Interest Rate for the Floating Rate Certificates Certificates, any Interest Rate for the Floating Rate Lower Tier Interests or any Reserve Interest Rate, Xxxxxx Mae Xxx or the Paying Agent may conclusively rely and shall be protected in relying upon the offered quotations (whether written, oral or on the Reuters screen) from the Reference Banks or the New York City banks as to LIBOR or the Reserve Interest Rate, as appropriate, in effect from time to time. Neither Xxxxxx Xxx Mae nor the Paying Agent shall have any liability or responsibility to any Person for (i) the Paying Agent’s selection of New York City banks for purposes of determining any Reserve Interest Rate or (ii) its inability, following a good- good-faith reasonable effort, to obtain such quotations from the Reference Banks or the New York City banks or to determine such arithmetic mean, all as provided for in this Section 73.03. The establishment of LIBOR and LIBOR, each Certificate Interest Rate for the Floating Rate Certificates and each Interest Rate for the Floating Rate Lower Tier Interests by Xxxxxx Mae Xxx or the Paying Agent shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a Certificate and Xxxxxx Xxx Mae and any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns.

Determination of Certificate Interest Rates for Floating Rate Certificates. On each Interest Determination Date for the Floating Rate Certificates so long as the Floating Rate such Certificates are outstanding, Xxxxxx Mae shall cause the Paying Agent to either (i) request each Reference Bank to inform the Paying Agent of the quotation offered by its principal London office for making one-month United States dollar deposits in leading banks in the London interbank market, as of 11:00 a.m. (London time) on such Interest Determination Date or (ii) in lieu of making any such request, rely on such Reference Bank quotations that appear at such time on the Reuters Screen LIBO Page (as defined in the International Swap Dealers Association Inc. Code of Standard Wording, Assumptions and Provisions for Swaps, 1986 Edition), to the extent available. LIBOR for the next Interest Accrual Period will be established by Xxxxxx Xxx or the Paying Agent on each Interest Determination Date as follows: (a) If on any Interest Determination Date two or more Reference Banks provide such offered quotations, LIBOR for the next Interest Accrual Period shall be the arithmetic mean of such offered quotations (rounding such arithmetic mean upwards if necessary to the nearest whole multiple of 1/32%). (b) If on any Interest Determination Date only one or none of the Reference Banks provides such offered quotations, LIBOR for the next Interest Accrual Period shall be whichever is the higher of (i) LIBOR as determined on the previous Interest Determination Date or (ii) the Reserve Interest Rate. The “Reserve Interest Rate” shall be the rate per annum that which Xxxxxx Mae or the Paying Agent determines to be either (i) the arithmetic mean (rounded upwards if necessary to the nearest whole multiple of 1/32%) of the one-month United States dollar lending rates that New York City banks selected by Xxxxxx Xxx or the Paying Agent are quoting, on the relevant Interest Determination Date, to the principal London offices of at least two of the Reference Banks to which such quotations are, in the opinion of Xxxxxx Mae or the Paying Agent, being so made, or (ii) in the event that Xxxxxx Xxx or the Paying Agent can determine no such arithmetic mean, the lowest one-month United States dollar lending rate that which New York City banks selected by Xxxxxx Mae or the Paying Agent are quoting on such Interest Determination Date to leading European banks. (c) If on the first Interest Determination Date Xxxxxx Xxx or the Paying Agent is required but is unable to determine the Reserve Interest Rate in the manner provided in paragraph (b) above, LIBOR shall be 5.375equal to 5.65625% per annumin the case of the Class 1-F and Class 1- S Certificates and shall be equal to 5.50% in the case of the Class 1-FA and Class 1-SA Certificates. Until all of the Floating Rate Certificates are paid in full, Xxxxxx Mae will at all times retain at least four Reference Banks for the purpose of determining LIBOR with respect to each Interest Determination Date. Each Reference Bank shall be a leading bank engaged in transactions in Eurodollar deposits in the international Eurocurrency market, shall not control, be controlled by, or be under common control with, Xxxxxx Xxx and shall have an established place of business in London. If any such Reference Bank should be unwilling or unable to act as such or if Xxxxxx Mae should terminate its appointment as Reference Bank, Xxxxxx Xxx will promptly appoint or cause to be appointed another Reference Bank. The Paying Agent and Xxxxxx Mae shall have no liability or responsibility to any Person for (i) the selection of any Reference Bank for purposes of determining LIBOR or (ii) any inability to retain at least four Reference Banks that which is caused by circumstances beyond their reasonable control. The Certificate Interest Rate on the Floating Rate Certificates for each Interest Accrual Period after the initial Interest Accrual Period shall be determined by Xxxxxx Xxx or the Paying Agent on the Interest Determination Date in December 1996 February 1997 and on each Interest Determination Date thereafter so long as the Floating Rate Certificates are outstanding on the basis of LIBOR and the applicable formulae formula appearing in footnote (12) to the table in Section 13.01 hereof. In determining LIBOR, any Certificate Interest Rate for the Floating Rate Certificates or any Reserve Interest Rate, Xxxxxx Mae or the Paying Agent may conclusively rely and shall be protected in relying upon the offered quotations (whether written, oral or on the Reuters screen) from the Reference Banks or the New York City banks as to LIBOR or the Reserve Interest Rate, as appropriate, in effect from time to time. Neither Xxxxxx Xxx nor the Paying Agent shall have any liability or responsibility to any Person for (i) the Paying Agent’s selection of New York City banks for purposes of determining any Reserve Interest Rate or (ii) its inability, following a good- good-faith reasonable effort, to obtain such quotations from the Reference Banks or the New York City banks or to determine such arithmetic mean, all as provided for in this Section 73.04. The establishment of LIBOR and each Certificate Interest Rate for the Floating Rate Certificates by Xxxxxx Mae or the Paying Agent shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a Certificate and Xxxxxx Xxx and any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns.

Determination of Certificate Interest Rates for Floating Rate Certificates. On each Interest Determination Date so long as the Floating Rate Certificates are outstanding, Xxxxxx Mae shall cause the Paying Agent to either (i) request each Reference Bank to inform the Paying Agent of the quotation offered by its principal London office for making one-month United States dollar deposits in leading banks in the London interbank market, as of 11:00 a.m. (London time) on such Interest Determination Date or (ii) in lieu of making any such request, rely on such Reference Bank quotations that appear at such time on the Reuters Screen LIBO Page (as defined in the International Swap Dealers Association Inc. Code of Standard Wording, Assumptions and Provisions for Swaps, 1986 Edition), to the extent available. LIBOR for the next Interest Accrual Period will be established by Xxxxxx Xxx or the Paying Agent on each Interest Determination Date as follows: (a) If on any Interest Determination Date two or more Reference Banks provide such offered quotations, LIBOR for the next Interest Accrual Period shall be the arithmetic mean of such offered quotations (rounding such arithmetic mean upwards if necessary to the nearest whole multiple of 1/32%). (b) If on any Interest Determination Date only one or none of the Reference Banks provides such offered quotations, LIBOR for the next Interest Accrual Period shall be whichever is the higher of (i) LIBOR as determined on the previous Interest Determination Date or (ii) the Reserve Interest Rate. The “Reserve Interest Rate” shall be the rate per annum that Xxxxxx Mae or the Paying Agent determines to be either (i) the arithmetic mean (rounded upwards if necessary to the nearest whole multiple of 1/32%) of the one-month United States dollar lending rates that New York City banks selected by Xxxxxx Xxx or the Paying Agent are quoting, on the relevant Interest Determination Date, to the principal London offices of at least two of the Reference Banks to which such quotations are, in the opinion of Xxxxxx Mae or the Paying Agent, being so made, or (ii) in the event that Xxxxxx Xxx or the Paying Agent can determine no such arithmetic mean, the lowest one-month United States dollar lending rate that New York City banks selected by Xxxxxx Mae or the Paying Agent are quoting on such Interest Determination Date to leading European banks. (c) If on the first Interest Determination Date Xxxxxx Xxx or the Paying Agent is required but is unable to determine the Reserve Interest Rate in the manner provided in paragraph (b) above, LIBOR shall be 5.375% per annumequal to 5.4375%. Until the Floating Rate Certificates are paid in full, Xxxxxx Mae will at all times retain at least four Reference Banks for the purpose of determining LIBOR with respect to each Interest Determination Date. Each Reference Bank shall be a leading bank engaged in transactions in Eurodollar deposits in the international Eurocurrency market, shall not control, be controlled by, or be under common control with, Xxxxxx Xxx and shall have an established place of business in London. If any such Reference Bank should be unwilling or unable to act as such or if Xxxxxx Mae should terminate its appointment as Reference Bank, Xxxxxx Xxx will promptly appoint or cause to be appointed another Reference Bank. The Paying Agent and Xxxxxx Mae shall have no liability or responsibility to any Person for (i) the selection of any Reference Bank for purposes of determining LIBOR or (ii) any inability to retain at least four Reference Banks that is caused by circumstances beyond their reasonable control. The Certificate Interest Rate on the Floating Rate Certificates for each Interest Accrual Period after the initial Interest Accrual Period shall be determined by Xxxxxx Xxx or the Paying Agent on the Interest Determination Date in December October 1996 and on each Interest Determination Date thereafter so long as the Floating Rate Certificates are outstanding on the basis of LIBOR and the applicable formulae appearing in footnote (12) to the table in Section 1. In determining LIBOR, any Certificate Interest Rate for the Floating Rate Certificates or any Reserve Interest Rate, Xxxxxx Mae or the Paying Agent may conclusively rely and shall be protected in relying upon the offered quotations (whether written, oral or on the Reuters screen) from the Reference Banks or the New York City banks as to LIBOR or the Reserve Interest Rate, as appropriate, in effect from time to time. Neither Xxxxxx Xxx nor the Paying Agent shall have any liability or responsibility to any Person for (i) the Paying Agent’s selection of New York City banks for purposes of determining any Reserve Interest Rate or (ii) its inability, following a good- good-faith reasonable effort, to obtain such quotations from the Reference Banks or the New York City banks or to determine such arithmetic mean, all as provided for in this Section 7. The establishment of LIBOR and each Certificate Interest Rate for the Floating Rate Certificates by Xxxxxx Mae or the Paying Agent shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a Certificate and Xxxxxx Xxx and any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns.

Determination of Certificate Interest Rates for Floating Rate Certificates. On each Interest Determination Date so long as the Floating Rate Certificates are outstanding, Xxxxxx Mae shall cause the Paying Agent to either (i) request each Reference Bank to inform the Paying Agent of the quotation offered by its principal London office for making one-month United States dollar deposits in leading banks in the London interbank market, as of 11:00 a.m. (London time) on such Interest Determination Date or (ii) in lieu of making any such request, rely on such Reference Bank quotations that appear at such time on the Reuters Screen LIBO Page (as defined in the International Swap Dealers Association Inc. Code of Standard Wording, Assumptions and Provisions for Swaps, 1986 Edition), to the extent available. LIBOR for the next Interest Accrual Period will be established by Xxxxxx Xxx or the Paying Agent on each Interest Determination Date as follows: (a) If on any Interest Determination Date two or more Reference Banks provide such offered quotations, LIBOR for the next Interest Accrual Period shall be the arithmetic mean of such offered quotations (rounding such arithmetic mean upwards if necessary to the nearest whole multiple of 1/32%). (b) If on any Interest Determination Date only one or none of the Reference Banks provides such offered quotations, LIBOR for the next Interest Accrual Period shall be whichever is the higher of (i) LIBOR as determined on the previous Interest Determination Date or (ii) the Reserve Interest Rate. The “Reserve Interest Rate” shall be the rate per annum that Xxxxxx Mae or the Paying Agent determines to be either (i) the arithmetic mean (rounded upwards if necessary to the nearest whole multiple of 1/32%) of the one-month United States dollar lending rates that New York City banks selected by Xxxxxx Xxx or the Paying Agent are quoting, on the relevant Interest Determination Date, to the principal London offices of at least two of the Reference Banks to which such quotations are, in the opinion of Xxxxxx Mae or the Paying Agent, being so made, or (ii) in the event that Xxxxxx Xxx or the Paying Agent can determine no such arithmetic mean, the lowest one-month United States dollar lending rate that New York City banks selected by Xxxxxx Mae or the Paying Agent are quoting on such Interest Determination Date to leading European banks. (c) If on the first Interest Determination Date Xxxxxx Xxx or the Paying Agent is required but is unable to determine the Reserve Interest Rate in the manner provided in paragraph (b) above, LIBOR shall be 5.375% per annumas determined for such Interest Accrual Period for the applicable Xxxxxx Mae Securities. Until all of the Floating Rate Certificates are paid in full, Xxxxxx Mae Xxx will at all times retain at least four Reference Banks for the purpose of determining LIBOR with respect to each Interest Determination Date. Each Reference Bank shall be a leading bank engaged in transactions in Eurodollar deposits in the international Eurocurrency market, shall not control, be controlled by, or be under common control with, Xxxxxx Xxx Mae and shall have an established place of business in London. If any such Reference Bank should be unwilling or unable to act as such or if Xxxxxx Mae Xxx should terminate its appointment as Reference Bank, Xxxxxx Xxx Mae will promptly appoint or cause to be appointed another Reference Bank. The Paying Agent and Xxxxxx Mae Xxx shall have no liability or responsibility to any Person for (i) the selection of any Reference Bank for purposes of determining LIBOR or (ii) any inability to retain at least four Reference Banks that is caused by circumstances beyond their reasonable control. The Certificate Interest Rate on the Floating Rate Certificates for each Interest Accrual Period after the initial Interest Accrual Period shall be determined by Xxxxxx Xxx Mae or the Paying Agent on the Interest Determination Date in December May 1996 and on each Interest Determination Date thereafter so long as the Floating Rate Certificates are outstanding on the basis of LIBOR and the applicable formulae formula appearing in footnote (12) to the table in Section 1. In determining LIBOR, any Certificate Interest Rate for the Floating Rate Certificates or any Reserve Interest Rate, Xxxxxx Mae Xxx or the Paying Agent may conclusively rely and shall be protected in relying upon the offered quotations (whether written, oral or on the Reuters screen) from the Reference Banks or the New York City banks as to LIBOR or the Reserve Interest Rate, as appropriate, in effect from time to time. Neither Xxxxxx Xxx Mae nor the Paying Agent shall have any liability or responsibility to any Person for (i) the Paying Agent’s selection of New York City banks for purposes of determining any Reserve Interest Rate or (ii) its inability, following a good- good-faith reasonable effort, to obtain such quotations from the Reference Banks or the New York City banks or to determine such arithmetic mean, all as provided for in this Section 7. The establishment of LIBOR and each Certificate Interest Rate for the Floating Rate Certificates by Xxxxxx Mae Xxx or the Paying Agent shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a Certificate and Xxxxxx Xxx Mae and any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns.