PAC

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PAC (1)


PAC (2)

PAC Bond

A collateralized mortgage obligation that seeks to protect investors from prepayment risk. PACs do this by setting a schedule of payments; if prepayments of the underlying mortgages exceed a certain rate, the life of the PAC is shortened. If they fall below a certain rate, the life of the tranche is extended. This helps protect investors in case the holders of the underlying mortgages do not pay off their mortgages as expected.

PAC

References in classic literature ?
The Law of the Jungle lays down very clearly that any wolf may, when he marries, withdraw from the Pack he belongs to.
Father Wolf waited till his cubs could run a little, and then on the night of the Pack Meeting took them and Mowgli and Mother Wolf to the Council Rock--a hilltop covered with stones and boulders where a hundred wolves could hide.
Now, the Law of the Jungle lays down that if there is any dispute as to the right of a cub to be accepted by the Pack, he must be spoken for by at least two members of the Pack who are not his father and mother.
Hairy monsters were overcoming his fighting men, and a black chieftain like himself was fighting shoulder to shoulder with the hideous pack that opposed him.
Then the ape-man rose, and, calling his pack about him, commanded that Mugambi remain with Kaviri, and disappeared in the jungle with Sheeta and the apes at his heels.
When he had thus disappeared within his shelter of flame, the whole pack came curiously to the rim of the fire to see what had become of him.
He went back to put his pack into shape for travelling.
He placed his pack on the ground and stalked them as a cat stalks a sparrow.
Charles is liable to get kicking because I ain't packin' my share' just the same, you can't expect a hundred-pound man to pack as much as a hundred-and-sixty-pounder.
Also, the cookin' 'll be better, and that'll make you pack better.
added Bob, laying down his pack on the gravel, "it's a thousand pities such a lady as you shouldn't deal with a packman, i' stead o' goin' into these newfangled shops, where there's half-a-dozen fine gents wi' their chins propped up wi' a stiff stock, a-looking like bottles wi' ornamental stoppers, an' all got to get their dinner out of a bit o' calico; it stan's to reason you must pay three times the price you pay a packman, as is the nat'ral way o' gettin' goods,--an' pays no rent, an' isn't forced to throttle himself till the lies are squeezed out on him, whether he will or no.
if I'd had the luck to call at the stone house wi' my pack, as lies here,"--stooping and thumping the bundle emphatically with his fist,--"an' th' handsome young lasses all stannin' out on the stone steps, it ud' ha' been summat like openin' a pack, that would.