Common use of Monthly Post-ARD Contingent Interest Clause in Contracts

Monthly Post-ARD Contingent Interest. From and after the Series 2016-1 Anticipated Repayment Date, if the Series 2016-1 Final Payment has not been made, then contingent interest will accrue on the Series 2016-1 Class A-2 Outstanding Principal Amount at an annual interest rate (the “Series 2016-1 Class A-2 Monthly Post-ARD Contingent Interest Rate”) equal to the greater of (A) 5% per annum and (B) a per annum rate equal to the excess, if any, by which (i) the sum of (1) the yield to maturity (adjusted to a “mortgage equivalent basis” for a monthly-pay security pursuant to the standards and practices of the Securities Industry and Financial Markets Association), on the Series 2016-1 Anticipated Repayment Date of the United States Treasury Security having a term closest to 10 years plus (2) 5% plus (3) 3.15% exceeds (ii) the Series 2016-1 Class A-2 Note Rate (such contingent interest, the “Series 2016-1 Class A-2 Monthly Post-ARD Contingent Interest”). All computations of Series 2016-1 Class A-2 Monthly Post-ARD Contingent Interest shall be made on the basis of a year of 360 days and twelve 30-day months.

Monthly Post-ARD Contingent Interest. From and after the Series 20162018-1 Anticipated Repayment Date, if the Series 20162018-1 Final Payment has not been made, then contingent interest will accrue on the Series 20162018-1 Class A-2 Outstanding Principal Amount at an annual interest rate (the “Series 20162018-1 Class A-2 Monthly Post-ARD Contingent Interest Rate”) equal to the greater of (A) 5% per annum and (B) a per annum rate equal to the excess, if any, by which (i) the sum of (1) the yield to maturity (adjusted to a “mortgage equivalent basis” for a monthly-pay security pursuant to the standards and practices of the Securities Industry and Financial Markets Association), on the Series 20162018-1 Anticipated Repayment Date of the United States Treasury Security having a term closest to 10 years plus (2) 5% plus (3) 3.151.50% exceeds (ii) the Series 20162018-1 Class A-2 Note Rate (such contingent interest, the “Series 20162018-1 Class A-2 Monthly Post-ARD Contingent Interest”). All computations of Series 20162018-1 Class A-2 Monthly Post-ARD Contingent Interest shall be made on the basis of a 360 day year consisting of 360 days and twelve 30-day months.

Monthly Post-ARD Contingent Interest. From and after the Series 20162011-1 Anticipated Repayment Date, if the Series 20162011-1 Final Payment has not been made, then contingent additional interest will accrue on the Series 20162011-1 Class A-2 Outstanding Principal Amount at an annual interest rate (the “Series 20162011-1 Class A-2 Monthly Post-ARD Contingent Interest Rate”“) equal to the greater of (A) 5% per annum and (B) a per annum rate equal to the excess, if any, by which (i) the sum of (1) the yield to maturity (adjusted to a “mortgage equivalent basis” for a monthly-pay security pursuant to the standards and practices of the Securities Industry and Financial Markets Association), ) on the Series 20162011-1 Anticipated Repayment Date of the United States Treasury Security having a term closest to 10 years plus (2) 5% plus (3) 3.152.99% exceeds (ii) the Series 20162011-1 Class A-2 Note Rate (such contingent additional interest, the “Series 20162011-1 Class A-2 Monthly Post-ARD Contingent Interest”). All computations of Series 20162011-1 Class A-2 Monthly Post-ARD Contingent Interest shall be made on the basis of a year of 360 days and twelve 30-day months.

Monthly Post-ARD Contingent Interest. From and after the Series 20162013-1 Anticipated Repayment Date, if the Series 20162013-1 Final Payment has not been made, then contingent additional interest will accrue on the Series 20162013-1 Class A-2 Outstanding Principal Amount at an annual interest rate (the “Series 20162013-1 Class A-2 Monthly Post-ARD Contingent Interest Rate”“) equal to the greater of (A) 5% per annum and (B) a per annum rate equal to the excess, if any, by which (i) the sum of (1) the yield to maturity (adjusted to a “mortgage equivalent basis” for a monthly-pay security pursuant to the standards and practices of the Securities Industry and Financial Markets Association), ) on the Series 20162013-1 Anticipated Repayment Date of the United States Treasury Security having a term closest to 10 years plus (2) 5% plus (3) 3.152.99% exceeds (ii) the Series 20162013-1 Class A-2 Note Rate (such contingent additional interest, the “Series 20162013-1 Class A-2 Monthly Post-ARD Contingent Interest”). All computations of Series 20162013-1 Class A-2 Monthly Post-ARD Contingent Interest shall be made on the basis of a year of 360 days and twelve 30-day months.