Base Offering Circular – Multifamily 482090 16 can be any Business Day other than the last Business Day of the month.  The notice must contain the outstanding Class Principal balance (or Class Notional Balance) of the Securities to be included in the exchange and the proposed exchange date.  Any such notice is required to be delivered to the Trustee in writing at its Corporate Trust Office. 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 Trustee will notify the Book-Entry Depository participant of the error and will not process the exchange until such error is corrected.  Unless rejected for error, the notice of exchange will become irrevocable two Business Days prior to the proposed exchange. A fee will be payable to the Trustee in connection with each exchange equal to 1/32 of 1% of the outstanding Class Principal Balance (or Class Notional Balance) of the Securities surrendered for exchange (but not less than $2,000 or greater than $25,000); provided, however that no fee will be payable in respect of a Notional Class, unless all Classes involved in an exchange are Notional Classes.  If the notional balance of the Securities surrendered exceeds that of the Securities received, the fee will be based on the latter.  The fee must be paid not later than two Business Days prior to the 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, 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.