Base Offering Circular - Multifamily 482090 85 Sponsor Agreement.................... An agreement, which incorporates by reference the related Standard Sponsor Provisions, pursuant to which, among other things, the Sponsor agrees, subject to certain conditions, to convey the Trust Assets to the Trust and to purchase the Securities from the Trust, and Ginnie Mae agrees, subject to certain conditions, to guarantee the Securities. Standard Sponsor Provisions ..... With respect to each Series, the Standard Sponsor Provisions in effect as of the date of the related Sponsor Agreement. Standard Trust Provisions .......... With respect to each Series, the Standard Trust Provisions for Multifamily REMIC Trusts in effect as of the date of the related Trust Agreement. Startup Day................................. With respect to a Trust REMIC, the first date on which the Regular Interests and the Residual Interest in respect of such Trust REMIC are issued or such other date designated in the Trust Agreement as the startup day of the REMIC in accordance with Treasury Regulations sections 1.860G- 1(a)(4) and 1.860G-2(k). Structural Excess........................ As of any Distribution Date, (i) in the case of a Trust REMIC that issues a Single REMIC series, the excess of (a) the interest that would have been received on the Trust Assets included in such Trust REMIC for the current period based on the Structural Excess Assumptions over (b) amounts then due on the related Securities, the allocable portion of the Trustee Fee then due, and the allocable portion of any other unpaid related administrative expenses of the Trust; and (ii) in the case of one or more Pooling REMICs that relate to a Double REMIC Series, the excess of (a) any amounts that would have been received, on the portion of the Trust Assets held by each such Pooling REMIC, for the current period based on the Structural Excess Assumptions over (b) amounts then due on the related Pooling REMIC Regular Interests, the allocable portion of the Trustee Fee then due, and the allocable portion of any other unpaid related administrative expenses of the Trust.