Base Offering Circular – Multifamily 77 PAC Component .......................  A Component that is designed to receive distributions of principal using a predetermined schedule derived by assuming two constant prepayment rates for the underlying Mortgage Loans.  These two rates are the endpoints for the Structuring Range for the PAC Component.  The endpoints must be at least 30% points above and below the pricing speed.  The PAC Components in any Series or Security Group may be subdivided into different categories (e.g., PAC I, PAC II) having different structuring ranges.  The structuring range for a PAC I Component of a Series or Security Group usually is wider than the structuring range for a PAC II Component of such Series or Security Group, as applicable. Partial Accrual Class.................  A Class on which interest accrues during any Accrual Period and (a) a portion of such accrued interest is added to its principal amount on each Distribution Date and is not distributable as interest until a later date or the occurrence of a specified future event, and (b) the Class receives distribution of the remainder as interest.  The interest that accrues on such Classes but is not distributed to such Classes is distributed to certain Accretion Directed Classes or other Classes as principal. Participant .................................  With respect to a Series, a Person named in the related Sponsor Agreement as Sponsor, Participating Affiliate, Co-Sponsor (if any), Trust Counsel, Co-Trust Counsel (if any), Accountants, Trustee or Trustee’s Counsel. Participating Affiliate................  As specified in the Sponsor Agreement, an Affiliate of the Sponsor, which Affiliate is participating in the related transaction. Pass-Through Class...................  A Class that either individually or together with other Classes receive on each Distribution Date all or substantially all of the principal payments received on the related Trust Assets and that is not a Strip or Sequential Pay Class. Paying Agent.............................  The Book-Entry Depository or another Person appointed with Ginnie Mae’s consent to act, pursuant to the Trust Agreement and, if applicable, the MX Trust Agreement, as paying agent.