PARRS Rate Reset Calculation Illustrations

1998 Series D (TVC) Calculation

The coupon rate on the 1998 Series D ("TVC") PARRS may be reset downward, under certain conditions, on June 1 of each year. The coupon rate will be reset if the sum of the average of the U.S. Treasury 30-Year CMT rate for the week ending the last Friday in April, plus 0.94% (94 basis points), is less than the current coupon rate.

2009 Reset Calculation for TVC
Date		U.S. Treasury 30-YR CMT Rate (1)
4/20/09		3.69%
4/21/09		3.74%
4/22/09		3.82%
4/23/09		3.80%
4/24/09		3.89%
Average		3.788%
+94 Basis Points (2)		0.940%
= Calculated Rate(3)		4.728%
Current Rate		5.460%
(1) Per 1998 Series D Offering Circular, and 1998 Series D Legal Notice
(2) Per 1998 Series D Offering Circular
(3) Coupon rate will reset if "Calculated Rate" is below the "Current Rate".

1999 Series A (TVE) Calculation

The coupon rate on the 1999 Series A ("TVE") PARRS may be reset downward, under certain conditions, on May 1 of each year. The coupon rate will be reset if the sum of the average of the U.S. Treasury 30-Year CMT rate for the week ending the last Friday in March, plus 0.84% (84 basis points), is less than the current coupon rate.

2009 Reset Calculation for TVE
Date		U.S. Treasury 30-YR CMT Rate (1)
03/23/2009		3.69%
03/24/2009		3.60%
03/25/2009		3.73%
03/26/2009		3.66%
03/27/2009		3.62%
	Average	3.660%
	+84 Basis Points (2)	0.840%
	= Calculated Rate(3)	4.500%
	Current Rate	5.174%
(1) Per 1999 Series A Offering Circular, and 1999 Series A Legal Notice
(2) Per 1999 Series A Offering Circular
(3) Coupon rate will reset if Calculated Rate is below the Current Rate.

 

2008 Rate Reset Calculations

2007 Rate Reset Calculations

2006 Rate Reset Calculations

2005 Rate Reset Calculations