Securities set forth in the related Trust Agreement or MX Trust Agreement, at the Corporate Trust Office of the Trustee.  Among other restrictions, the Residual Securities may not be transferred to (i) a Plan Investor, (ii) a Non-U.S. Person or (iii) a Disqualified Organization.  The Trustee may impose a service charge upon Holders for any registration of exchange or transfer of Certificated Securities (other than Residual Securities), and the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge incurred in connection with any transfer, including the transfer of a Residual Security. Minimum Denominations  Unless otherwise noted in the applicable Offering Circular Supplement, each Trust and MX Trust will issue Regular Securities and MX and/or Modifiable Securities, respectively (other than Securities of Increased Minimum Denomination Classes), in minimum dollar denominations representing initial principal balances of $1,000 and multiples of $1 in excess of $1,000. Unless otherwise noted in the applicable Offering Circular Supplement, Residual Securities will be issued in minimum percentage Interests of 10% and integral multiples of 10%. An Offering Circular Supplement may identify one or more Increased Minimum Denomination Classes, as described in the Offering Circular Supplement. An Increased Minimum Denomination Class is a Class that is deemed to be a suitable investment only for an Accredited Investor that has substantial experience in mortgage-backed securities and that is capable of understanding, and is able to bear the risks associated with, an investment in a Class such as an Increased Minimum Denomination Class. An investor should not conclude, however, that Classes not designated as Increased Minimum Denomination Classes are suitable for all investors. No investor should purchase Securities of any Class unless the investor understands, and is able to bear the risks associated with, that Class. Standard Definitions and Abbreviations for Classes and Components Classes of Securities (as well as Components of such Classes) are categorized according to “Principal Types,” “Interest Types” and “Other Types.”  The chart attached as Appendix I identifies the standard abbreviations for most of these categories.  Definitions of Class Types may be found in Appendix II.  The first column of the chart shows the standard abbreviation for each Class Type.  Each Offering Circular Supplement will identify the category of Classes of the related Securities (and the related Terms Sheet will identify the category of any related Components) by means of one or more of these abbreviations. Distributions  Distribution Dates Each month, the Trustee for a Series shall calculate the amount of principal and interest distributable on the Securities on the Distribution Date.  The Distribution Amount for each Series (or, if the Series is segregated into Security Groups, for each Security Group) for any Distribution Date for the related Series (or Security Group) will equal the sum of the Principal Base Offering Circular – Multifamily 5 RICHMOND 801041v3