Common use of Determination of One-Month LIBOR Clause in Contracts

Determination of One-Month LIBOR. Pursuant to the terms of the Global Agency Agreement, the Global Agent shall calculate the Class Coupons for the Notes for each Accrual Period (after the first Accrual Period) on the applicable LIBOR Adjustment Date. "One-Month LIBOR" will be determined by using the "Interest Settlement Rate" for U.S. dollar deposits with a maturity of one month set by ICE Benchmark Administration ("ICE") as of 11:00 a.m. (London time) on the LIBOR Adjustment Date (the "ICE Method"). ICE's Interest Settlement Rates are currently displayed on the ICE Secure File Transfer Protocol service or on the Reuters Screen LIBOR01 Page. That page, or any other page that may replace the ICE Secure File Transfer Protocol service or the Reuters Screen LIBOR01 Page on that service or any other service ICE nominates as the information vendor to display ICE's Interest Settlement Rates for deposits in U.S. dollars, is a "Designated Page." ICE's Interest Settlement Rates currently are rounded to six decimal places (and rounded up to five decimal places where the sixth digit is five or greater). If ICE's Interest Settlement Rate does not appear on the Designated Page as of 11:00 a.m. (London time) on a LIBOR Adjustment Date, or if the Designated Page is not then available, One-Month LIBOR for that date will be the most recently published Interest Settlement Rate. If Xxxxxx Mae determines that the methods for establishing LIBOR are no longer viable or that prevailing industry practices with respect to benchmark rates have transitioned, or are very likely to transition, away from the use of LIBOR, Xxxxxx Xxx may in its discretion designate an alternative method or, if appropriate, an alternative index for the determination of monthly interest rates on the floating rate Notes. In making any such designation, Xxxxxx Mae will take into account general comparability and other factors, including then-prevailing industry practices. Further, Xxxxxx Xxx may apply an adjustment factor to any designated alternative index as deemed appropriate to better achieve comparability to the current index and otherwise in keeping with industry-accepted practices.

Determination of One-Month LIBOR. Pursuant to the terms of the Global Agency Agreement, the Global Agent shall calculate the Class Coupons for the Notes for each Accrual Period (after the first Accrual Period) on the applicable LIBOR Adjustment Date. "One-Month LIBOR" will be determined by using the "Interest Settlement Rate" for U.S. dollar deposits with a maturity of one month set by ICE Benchmark Administration ("ICE") as of 11:00 a.m. (London time) on the LIBOR Adjustment Date (the "ICE Method"). ICE's Interest Settlement Rates are currently displayed on the ICE Secure File Transfer Protocol service or on the Reuters Screen LIBOR01 Page. That page, or any other page that may replace the ICE Secure File Transfer Protocol service or the Reuters Screen LIBOR01 Page on that service or any other service ICE nominates as the information vendor to display ICE's Interest Settlement Rates for deposits in U.S. dollars, is a "Designated Page." ICE's Interest Settlement Rates currently are rounded to six decimal places (and rounded up to five decimal places where the sixth digit is five or greater). If ICE's Interest Settlement Rate does not appear on the Designated Page as of 11:00 a.m. (London time) on a LIBOR Adjustment Date, or if the Designated Page is not then available, One-Month LIBOR for that date will be the most recently published Interest Settlement Rate. If Xxxxxx Mae Xxx determines that the methods for establishing LIBOR are no longer viable or that prevailing industry practices with respect to benchmark rates have transitioned, or are very likely to transition, away from the use of LIBOR, Xxxxxx Xxx may in its discretion designate an alternative method or, if appropriate, an alternative index for the determination of monthly interest rates on the floating rate Notes. In making any such designation, Xxxxxx Mae Xxx will take into account general comparability and other factors, including then-prevailing industry practices. Further, Xxxxxx Xxx may apply an adjustment factor to any designated alternative index as deemed appropriate to better achieve comparability to the current index and otherwise in keeping with industry-accepted practices.

Determination of One-Month LIBOR. Pursuant to the terms of the Global Agency Agreement, the Global Agent shall calculate the Class Coupons for the Notes for each Accrual Period (after the first Accrual Period) on the applicable LIBOR Adjustment Date. "One-Month LIBOR" will be determined by using the "Interest Settlement Rate" for U.S. dollar deposits with a maturity of one month set by ICE Benchmark Administration ("ICE") as of 11:00 a.m. (London time) on the LIBOR Adjustment Date (the "ICE Method"). ICE's Interest Settlement Rates are currently displayed on the ICE Secure File Transfer Protocol service or on the Reuters Screen LIBOR01 Page. That page, or any other page that may replace the ICE Secure File Transfer Protocol service or the Reuters Screen LIBOR01 Page on that service or any other service ICE nominates as the information vendor to display ICE's Interest Settlement Rates for deposits in U.S. dollars, is a "Designated Page." ICE's Interest Settlement Rates currently are rounded to six decimal places (and rounded up to five decimal places where the sixth digit is five or greater). If ICE's Interest Settlement Rate does not appear on the Designated Page as of 11:00 a.m. (London time) on a LIBOR Adjustment Date, or if the Designated Page is not then available, One-Month LIBOR for that date will be the most recently published Interest Settlement Rate. If Xxxxxx Mae determines that the methods for establishing LIBOR are no longer viable or that prevailing industry practices with respect to benchmark rates have transitioned, or are very likely to transition, away from the use of LIBOR, Xxxxxx Xxx may in its discretion designate an alternative method or, if appropriate, an alternative index for the determination of monthly interest rates on the floating rate Notes. In making any such designation, Xxxxxx Mae will take into account general comparability and other factors, including then-prevailing industry practices. Further, Xxxxxx Xxx may also determine or adjust, as applicable, the Business Day convention, the definition of Business Day, the LIBOR Adjustment Date to be used and any other methodology for calculating the alternative method or index, and may apply an adjustment factor to any designated alternative index index, in each case, as deemed appropriate to better achieve comparability to the current index and otherwise in keeping with industry-accepted practices.

Determination of One-Month LIBOR. Pursuant to the terms of the Global Agency Agreement, the Global Agent shall calculate the Class Coupons for the Notes for each Accrual Period (after the first Accrual Period) on the applicable LIBOR Adjustment Date. "One-Month LIBOR" will be determined by using the "Interest Settlement Rate" for U.S. dollar deposits with a maturity of one month set by ICE Benchmark Administration ("ICE") as of 11:00 a.m. (London time) on the LIBOR Adjustment Date (the "ICE Method"). ICE's Interest Settlement Rates are currently displayed on the ICE Secure File Transfer Protocol service or on the Reuters Screen LIBOR01 Page. That page, or any other page that may replace the ICE Secure File Transfer Protocol service or the Reuters Screen LIBOR01 Page on that service or any other service ICE nominates as the information vendor to display ICE's Interest Settlement Rates for deposits in U.S. dollars, is a "Designated Page." ICE's Interest Settlement Rates currently are rounded to six decimal places (and rounded up to five decimal places where the sixth digit is five or greater). If ICE's Interest Settlement Rate does not appear on the Designated Page as of 11:00 a.m. (London time) on a LIBOR Adjustment Date, or if the Designated Page is not then available, One-Month LIBOR for that date will be the most recently published Interest Settlement Rate. If Xxxxxx Mae Xxx determines that the methods for establishing LIBOR are no longer viable or that prevailing industry practices with respect to benchmark rates have transitioned, or are very likely to transition, away from the use of LIBOR, Xxxxxx Xxx Mae may in its discretion designate an alternative method or, if appropriate, an alternative index for the determination of monthly interest rates on the floating rate Notes. In making any such designation, Xxxxxx Mae Xxx will take into account general comparability and other factors, including then-prevailing industry practices. Further, Xxxxxx Xxx Mae may also determine or adjust, as applicable, the Business Day convention, the definition of Business Day, the LIBOR Adjustment Date to be used and any other methodology for calculating the alternative method or index, and may apply an adjustment factor to any designated alternative index index, in each case, as deemed appropriate to better achieve comparability to the current index and otherwise in keeping with industry-accepted practices.