A Z-tranche that may start
receiving principal payments before prior tranches are retired if market
forces create a "triggering" event, such as a drop in Treasury yields to a
defined level, or a prepayment experience that differs from assumptions by a
specific margin. "Sticky" jump Z-tranches maintain their changed payment
priority until they are retired. "Non sticky" jump Z-tranches maintain their
priority only temporarily, for as long as the triggering event is present.
Although jump Z-tranches are no longer issued, some still trade in the