Base Offering Circular - Multifamily 482090 74 Multifamily Base Offering Circular....................................... A Base Offering Circular for Guaranteed REMIC Pass- through Securities backed primarily by Ginnie Mae Multifamily Certificates. Multifamily Series...................... A series of Government National Mortgage Association Multifamily REMIC Pass-Through Securities issued pursuant to a Trust Agreement and having the numerical or other designation specified in the related Trust Agreement. MX Class.................................... A class that may be exchanged for proportionate interests in related Classes of Modifiable Securities. Net Certificate Rate.................... For any Distribution Date as to any Ginnie Mae Multifamily Certificate, the applicable Certificate Rate less the Trustee Fee Rate, if any, for the related Series. Nonpermitted Transferee............ Any person that acquires an Ownership Interest in a Transfer that is considered null and void by the Trustee under the Standard Trust Provisions or the Trust Agreement. Non-U.S. Person......................... A Person other than a U.S. Person. Notional Class ............................ A Class that does not have a Class Principal Balance (but rather has a Class Notional Balance) and is entitled to payments of interest only. Offering Circular........................ In connection with each offering of Securities, the Multifamily Base Offering Circular therefor and related Offering Circular Supplement. Offering Circular Supplement.... The supplement to the Multifamily Base Offering Circular constituting a part of the Offering Circular and all supplements, if any, to the supplement. Opinion of Counsel .................... A written opinion of counsel, given by counsel reasonably acceptable to the addressee and Ginnie Mae, upon which Ginnie Mae is authorized to rely. Original Class Principal Balance....................................... As to each Class, the original principal amount of those Securities, as set forth in the related Offering Circular Supplement and Trust Agreement.