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 of a Book-Entry Security may receive, (i) upon compliance with the procedures of the Book-Entry Depository and its participants and (ii) payment of a required exchange fee of $25,000 per physical certificate, one or more certificated, fully registered Securities in authorized denominations evidencing that Beneficial Owner’s interest in the appropriate Class of Securities. The Trustee will authenticate the Certificated 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 or MX 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 and MX Trust will issue Regular Securities and MX and/or Modifiable Securities, respectively (other than Securities of Increased Minimum Denomination Classes), in minimum dollar denominations representing initial principal balances of $1,000 and integral multiples of $1 in excess of $1,000.  Unless otherwise noted in the applicable Offering Circular Supplement, Residual Securities will be issued in minimum Percentage Interests of 10% and integral multiples of 10%. An Offering Circular Supplement may identify one or more Increased Minimum Denomination 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 the standard abbreviations for most of these categories.  Definitions of Class Types may be found in Appendix II.  The first column of the chart shows the standard abbreviation for each Class Type.  Each Offering Circular Supplement will identify the category of Classes of the Base Offering Circular – Multifamily 482090 5