Base Offering Circular - Multifamily 482090 13 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, an “FHA 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 United States 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 Securities.  Ginnie Mae does not guarantee the payment of any Prepayment Penalties. THE GINNIE MAE MULTIFAMILY CERTIFICATES General Each Ginnie Mae Multifamily Certificate securing a Series will be either (a) “fully- modified pass-through” mortgage-backed certificate issued and serviced by a multifamily mortgage banking company or other financial concern approved by Ginnie Mae (a “Ginnie Mae Issuer”) or (b) a Ginnie Mae Platinum Certificate issued by the Ginnie Mae Platinum Trust and backed by Ginnie Mae Multifamily Certificates. The Sponsor will represent and warrant in the Trust Agreement that the information set forth in the Offering Circular Supplement or the Final Data Statement, if necessary, including the principal balance and Certificate Rate for each Trust MBS as of the Closing Date, is true and correct as of the Closing Date.  If this representation and warranty is untrue for any Trust MBS, the Sponsor, at its option, may (a) cure the breach, (b) substitute another Ginnie Mae Multifamily Certificate for the affected Trust MBS, or (c) with Ginnie Mae’s consent, repurchase the affected