Base Offering Circular - Single Family
63
designation, Original Class Principal Balance or original Class
Notional Balance, Interest Rate and Class Type of each Class, the
priority of distributions among the Classes and any call rights related
to a Class.
Security .....................................................
A Ginnie Mae Guaranteed REMIC Pass-Through Security or an MX
or Modifiable Security.
Security Group ..........................................
One of two or more groups into which the Securities of a Series may
be segregated as described in the related Trust Agreement or MX
Trust Agreement and Offering Circular Supplement.
Sequential Pay Class .................................
A Class that receives distributions of principal in a prescribed
sequence, that do not have predetermined schedules and that
generally are designed to receive distributions of principal
continuously from the first Distribution Date on which they receive
principal until they are retired. Sequential Pay Classes may receive
principal distributions concurrently with one or more other
Sequential Pay Classes.
Series.........................................................
A series of Securities issued pursuant to the terms of a Trust
Agreement and, if applicable, MX Trust Agreement and having the
numerical or other designation specified in the related Trust
Agreement and any related MX Trust Agreement.
Single REMIC Series ................................
A Series that establishes one or more single tier Trust REMICs.
Special Tax Consent..................................
The written consent of a Residual Holder to any tax (or risk thereof)
arising out of a proposed transaction or activity that may be imposed
upon that Holder or that may affect adversely the value of that
Holders Residual Security.
Sponsor......................................................
With respect to any Trust or MX Trust, the Person, identified in the
related Trust Agreement and any MX Trust Agreement, who
establishes the Trust by (a) executing such Trust or MX Trust
Agreement, and (b) depositing the appropriate Trust Assets in the
Trust or MX Trust in exchange for the Securities.
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 .........................
The REMIC Standard Trust Provisions or the MX Standard Trust
Provisions, as the context requires.
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).