Base Offering Circular - Multifamily 482090 4 effect to the distribution of principal to be made on the Securities (and any addition to the Class Principal Balance of any Accrual Class) on the related Distribution Date.  The Information Agent identified in the Offering Circular Supplement will post the Class Factors, along with the Interest Rate for each Class, on gREX. For any Distribution Date, investors can calculate the amount of principal to be distributed on any Class (other than an Accrual Class) by multiplying the Original Class Principal Balance of that Class by the difference between its Class Factors for the preceding and current months (or, if an Adjusted Class Factor, described below under “—Special Excess Distribution Dates,” was posted in the preceding month, the difference between that Adjusted Class Factor and the Class Factor for the current month).  The amount of interest to be distributed on any Class (other than an Accrual Class) on each Distribution Date will equal 30 days’ interest at the Interest Rate for that Class on its Class Principal Balance (or Class Notional Balance) as determined by its Class Factor for the preceding month (or, if an Adjusted Class Factor was posted for the preceding month, by that Adjusted Class Factor).  Based on the Class Factors, Adjusted Class Factors, if any, and Interest Rates published each month, investors in an Accrual Class can calculate the total amount of principal and interest to be distributed to (or interest to be added to the Class Principal Balance of) that Class. Prepayment Penalties received by the Trustee with respect to a Ginnie Mae Multifamily Certificate will be distributed, along with the related prepayment, on either the Distribution Date or Special Excess Distribution Date, if applicable, immediately following the Trustee’s actual receipt of the Prepayment Penalties, to Holders of one or more Classes of Securities in accordance with provisions set forth in the related Offering Circular Supplement.  A distribution of Prepayment Penalties will not decrease the Class Principal Balance of any Class receiving such a distribution. Special Excess Distribution Dates On occasion, a Ginnie Mae Issuer may pay to the Trustee on a Ginnie Mae Certificate Payment Date amounts in excess of the amounts required to be paid pursuant to the applicable Calculated Certificate Factor for the related month. This may happen, for example, if the Trustee is unable to verify a Certificate Factor that appears to include a prepayment amount on or before noon on the second Business Day preceding the Distribution Date, and, as a result, makes principal distributions on the Distribution Date based on a Calculated Certificate Factor, which assumes receipt of only scheduled payments on the Mortgage Loan underlying the related Ginnie Mae Multifamily Certificate.  In this case, the Trustee will calculate an Adjusted Certificate Factor for the month for that Ginnie Mae Multifamily Certificate that reflects the Excess Payments (excluding any Prepayment Penalties) and, using this Adjusted Certificate Factor, will calculate, and cause to be posted, Adjusted Class Factors for the related Securities for the month. The Adjusted Class Factor, if any, for any month is the factor (carried to eight decimal places) that, when multiplied by the Original Class Principal Balance (or original Class Notional Balance) of the related Class, determines the Class Principal Balance (or Class Notional Balance) of that Class after giving effect to the distribution of principal to be made on the Securities on the Special Excess Distribution Date that occurs in that month.