Base Offering Circular – Multifamily 15 A Beneficial Owner proposing to effect an exchange must so notify the Trustee through the Beneficial Owner’s Book-Entry Depository participant.  The procedures for effecting exchanges of MX Securities are described in “Description of the Securities -- Modification and Exchange” in the related Offering Circular Supplement. The Securities to be exchanged must be in the correct exchange proportions.  The Trustee will verify that the proposed proportions ensure that the principal and interest entitlements of the Securities received equal such entitlements of the Securities surrendered.  If there is an error, the exchange will not occur until such error is corrected.  Unless rejected for error, the notice of exchange will become irrevocable two Business Days prior to the proposed exchange. The first distribution on a REMIC Security or an MX Security received in an exchange will be made on the Distribution Date in the month following the month of the exchange.  Such distribution will be made to the Holder of record as of the Record Date in the month of exchange. THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION The Government National Mortgage Association is a wholly-owned corporate instrumentality of the United States within the Department of Housing and Urban Development.   Section 306(g) of Title III of the National Housing Act of 1934, as amended (the “Housing Act”), authorizes Ginnie Mae to guarantee the timely payment of the principal of, and interest on, certificates or securities that are based on and backed by a pool of mortgage loans insured by the Federal Housing Administration under the Housing Act or coinsured by the FHA and certain mortgage lenders approved by the FHA (each, a “Mortgage Loan”). Section 306(g) of the Housing Act provides that “the full faith and credit of the United States is pledged to the payment of all amounts which may be required to be paid under any guaranty under this subsection.” To meet its obligations under its guaranties, Ginnie Mae is authorized, under section 306(d) of the Housing Act, to borrow from the U.S. Treasury with no limitations as to amount. GINNIE MAE GUARANTY Ginnie Mae guarantees the timely payment of principal and interest on each Class of Securities (in accordance with the terms of those Classes as specified in the related Offering Circular Supplement).  The Ginnie Mae Guaranty is backed by the full faith and credit of the United States of America.  The Ginnie Mae Guaranty will be set forth on the Certificated Securities.  Ginnie Mae does not guarantee the payment of any Prepayment Penalties. THE GINNIE MAE MULTIFAMILY CERTIFICATES General The Trust Assets for a Series of Securities may include Ginnie Mae Multifamily Certificates conveyed by the Sponsor to a Trust pursuant to the terms and conditions of the Trust Agreement (collectively, the “Trust MBS”). Ginnie Mae will have guaranteed the timely payment of principal and interest on each Trust MBS in accordance with a Certificate Guaranty