Base Offering Circular - Multifamily
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Standard
Abbreviation
Category of
Class
Definition
PAC
PAC (or Planned
Amortization
Class)
Classes that are designed to receive distributions of principal using a
predetermined schedule derived by assuming two constant
prepayment rates for the Mortgage Loans. These two rates are the
endpoints for the structuring range for the PAC Class. The
endpoints must be at least 30 percentage points above and below the
pricing speed. The PAC Classes 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 Class
of a Series or Security Group usually is wider than the structuring
range for a PAC II Class of such Series or Security Group, as
applicable.
PT
Pass-Through
Classes 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 Ginnie Mae Multifamily
Certificates and that are not Strip or Sequential Pay Classes.
SC
Structured
Collateral
Classes that are designed to receive payments based on distributions
of Underlying Certificates.
SCH
Scheduled
Classes that are designed to receive distributions of principal using a
predetermined schedule, but that do not fit the definitions of PAC or
TAC Classes.
SEQ
Sequential Pay
Classes that receive 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.
SJ
Sticky Jump
Classes for which the principal distribution priorities change
permanently upon the occurrence of one or more trigger events. A
Sticky Jump Class jumps to its new priority on the first Distribution
Date when the trigger condition is met and retains (sticks to) that
priority until retired.
STP
Strip
Classes that receive a constant proportion, or strip, of the principal
payments on the underlying Ginnie Mae Multifamily Certificates.
SUP
Support (or
Companion)
Classes that receive distributions of principal on any Distribution
Date only if scheduled payments have been made on specified PAC,
TAC and/or Scheduled Classes.
TAC
TAC (or
Targeted
Amortization
Class)
Classes that are designed to receive distributions of principal using a
predetermined schedule derived by assuming a single constant
prepayment rate for the Mortgage Loans underlying the Ginnie Mae
Multifamily Certificates.