Base Offering Circular – Multifamily 482090 5 ownership only if it complies with the procedures of the appropriate financial intermediaries. Correspondingly, a Beneficial Owner of a Book-Entry Security must depend upon its financial intermediaries (including the Book-Entry Depository, as Holder) to enforce its rights with respect to a Book-Entry Security.  Alternatively, a Beneficial Owner may receive, upon compliance with the procedures of the Book-Entry Depository and its financial intermediaries and payment of a required transfer fee of $25,000 per physical certificate issued, one or more certificated, fully registered Securities in authorized denominations evidencing that Holder’s interest in the appropriate Class of Securities. The Trustee will authenticate the Securities. The Securities will be freely transferable and exchangeable, subject to the transfer restrictions applicable to Residual Securities set forth in the related Trust Agreement, at the Corporate Trust Office of the Trustee.  Among other restrictions, the Residual Securities may not be transferred to (i) a Plan Investor, (ii) a Non-U.S. Person or (iii) a Disqualified Organization.  The Trustee may impose a service charge upon Holders for any registration of exchange or transfer of Certificated Securities (other than Residual Securities), and the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge incurred in connection with any transfer, including the transfer of a Residual Security. Minimum Denominations Unless otherwise noted in the applicable Offering Circular Supplement, each Trust will issue Regular Securities (other than Securities of Increased Minimum Denomination Classes) in minimum dollar denominations representing initial principal balances or initial notional balances of $1,000 and multiples of $1 in excess of $1,000. Unless otherwise noted in the applicable Offering Circular Supplement, the Trust will issue Residual Securities in minimum Percentage Interests of ten percent and integral multiples of ten percent. An Offering Circular Supplement may identify one or more Increased Minimum Denomination Classes, which will be issued in higher minimum denominations than other Classes, as described in the Offering Circular Supplement. An Increased Minimum Denomination Class is a Class that is deemed to be a suitable investment only for an Accredited Investor that has substantial experience in mortgage-backed securities and that is capable of understanding, and is able to bear the risks associated with, an investment in a Class such as an Increased Minimum Denomination Class. An investor should not conclude, however, that Classes not designated as Increased Minimum Denomination Classes are suitable for all investors. No investor should purchase Securities of any Class unless the investor understands, and is able to bear the risks associated with, that Class. Standard Definitions and Abbreviations for Classes and Components Classes of Securities (as well as Components of such Classes) are categorized according to “Principal Types,” “Interest Types” and “Other Types.”  The chart attached as Appendix I identifies and generally defines most of these categories.  The first column of the chart shows the standard abbreviation for each Class Type.  Each Offering Circular Supplement will identify the