Common use of Determination of Interest Rates for LIBOR Classes Clause in Contracts

Determination of Interest Rates for LIBOR Classes. (a) The Interest Rate for any LIBOR Class of an SMBS Series for each Interest Accrual Period will be determined by the Issuer on the Index Determination Date in the month following the month in which the Settlement Date for such SMBS Series occurs and on each Index Determination Date thereafter so long as such LIBOR Class is outstanding. The Issuer will determine the Interest Rate on the basis of LIBOR and the applicable formula specified in the related Xxxxxx Xxx Offering Document. (b) For any period during which LIBOR for any LIBOR Class is to be determined on the basis of the LIBO Method, until such Class is paid in full, the Issuer will at all times retain at least four Reference Banks. (c) The Issuer will not have any 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 caused by circumstances beyond its reasonable control. (d) In determining LIBOR, any Interest Rate for any LIBOR Class or any Reserve Interest Rate, the Issuer may conclusively rely and will be protected in relying upon the rates or offered quotations (whether written, oral or disseminated by means of an electronic information system) provided by the sources specified in the related Xxxxxx Mae Offering Document. The Issuer will not have any liability or responsibility to any Person for (i) the Issuer’s selection of New York City banks for purposes of determining any Reserve Interest Rate or (ii) the Issuer’s inability, following a good-faith reasonable effort, to obtain the applicable rates or quotations or to determine the arithmetic mean of such quotations.

Determination of Interest Rates for LIBOR Classes. (a) The Interest Rate for any LIBOR Class of an SMBS a Series for each Interest Accrual Period will be determined by the Issuer on the Index Determination Date in the month following the month in which the Settlement Date for such SMBS Series occurs and on each Index Determination Date thereafter so long as such LIBOR Class is outstanding. The Issuer will determine the Interest Rate on the basis of LIBOR and the applicable formula specified in the related Xxxxxx Xxx Offering DocumentProspectus Supplement. (b) For any period during which LIBOR for any LIBOR Class is to be determined on the basis of the LIBO Method, until such Class is paid in full, the Issuer will at all times retain at least four Reference Banks. (c) The Issuer will not have any 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 which is caused by circumstances beyond its reasonable control. (d) In determining LIBOR, any Interest Rate for any LIBOR Class or any Reserve Interest Rate, the Issuer may conclusively rely and will be protected in relying upon the rates or offered quotations (whether written, oral or disseminated by means of an electronic information system) provided by the sources specified in the related Xxxxxx Mae Offering DocumentProspectus. The Issuer will not have any liability or responsibility to any Person for (i) the Issuer’s selection of New York City banks for purposes of determining any Reserve Interest Rate or (ii) the Issuer’s inability, following a good-good faith reasonable effort, to obtain the applicable rates or quotations or to determine the arithmetic mean of such quotations.

Determination of Interest Rates for LIBOR Classes. (a) The Interest Rate for any LIBOR Class of an SMBS a Series for each Interest Accrual Period will be determined by the Issuer on the Index Determination Date in the month following the month in which the Settlement Date for such SMBS Series occurs and on each Index Determination Date thereafter so long as such LIBOR Class is outstanding. The Issuer will determine the Interest Rate on the basis of LIBOR and the applicable formula specified in the related Xxxxxx Xxx Offering DocumentProspectus Supplement or the related Lower Tier Schedule or Middle Tier Schedule, as the case may be. (b) For any period during which LIBOR for any LIBOR Class is to be determined on the basis of the LIBO Method, until such Class is paid in full, the Issuer will at all times retain at least four Reference Banks. (c) The Issuer will not have any 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 which is caused by circumstances beyond its reasonable control. (d) In determining LIBOR, any Interest Rate for any LIBOR Class or any Reserve Interest Rate, the Issuer may conclusively rely and will be protected in relying upon the rates or offered quotations (whether written, oral or disseminated by means of an electronic information system) provided by the sources specified in the related Xxxxxx Mae Offering DocumentProspectus. The Issuer will not have any liability or responsibility to any Person for (i) the Issuer’s selection of New York City banks for purposes of determining any Reserve Interest Rate or (ii) the Issuer’s inability, following a good-good faith reasonable effort, to obtain the applicable rates or quotations or to determine the arithmetic mean of such quotations.

Determination of Interest Rates for LIBOR Classes. (a) The Interest Rate for any LIBOR Class of an SMBS a Series for each Interest Accrual Period will be determined by the Issuer on the Index Determination Date in the month following the month in which the Settlement Date for such SMBS Series occurs and on each Index Determination Date thereafter so long as such LIBOR Class is outstanding. The Issuer will determine the Interest Rate on the basis of LIBOR and the applicable formula specified in the related Xxxxxx Xxx Mae Offering Document. (b) For any period during which LIBOR for any LIBOR Class is to be determined on the basis of the LIBO Method, until such Class is paid in full, the Issuer will at all times retain at least four Reference Banks. (c) The Issuer will not have any 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 caused by circumstances beyond its reasonable control. (d) In determining LIBOR, any Interest Rate for any LIBOR Class or any Reserve Interest Rate, the Issuer may conclusively rely and will be protected in relying upon the rates or offered quotations (whether written, oral or disseminated by means of an electronic information system) provided by the sources specified in the related Xxxxxx Mae Xxx Offering Document. The Issuer will not have any liability or responsibility to any Person for (i) the Issuer’s selection of New York City banks for purposes of determining any Reserve Interest Rate or (ii) the Issuer’s inability, following a good-faith reasonable effort, to obtain the applicable rates or quotations or to determine the arithmetic mean of such quotations.

Determination of Interest Rates for LIBOR Classes. (a) The Interest Rate for any LIBOR Class of an SMBS Series for each Interest Accrual Period will be determined by the Issuer on the Index Determination Date in the month following the month in which the Settlement Date for such SMBS Series occurs and on each Index Determination Date thereafter so long as such LIBOR Class is outstanding. The Issuer will determine the Interest Rate on the basis of LIBOR and the applicable formula specified in the related Xxxxxx Xxx Offering Document. (b) For any period during which LIBOR for any LIBOR Class is to be determined on the basis of the LIBO Method, until such Class is paid in full, the Issuer will at all times retain at least four Reference Banks. (c) The Issuer will not have any 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 caused by circumstances beyond its reasonable control. (d) In determining LIBOR, any Interest Rate for any LIBOR Class or any Reserve Interest Rate, the Issuer may conclusively rely and will be protected in relying upon the rates or offered quotations (whether written, oral or disseminated by means of an electronic information system) provided by the sources specified in the related Xxxxxx Mae Xxx Offering Document. The Issuer will not have any liability or responsibility to any Person for (i) the Issuer’s selection of New York City banks for purposes of determining any Reserve Interest Rate or (ii) the Issuer’s inability, following a good-faith reasonable effort, to obtain the applicable rates or quotations or to determine the arithmetic mean of such quotations.