PAC

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PAC (1)


PAC (2)

Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

PAC

Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in classic literature ?
The she-wolf, the young leader on her left, and the one-eyed elder on her right, led their half of the pack down to the Mackenzie River and across into the lake country to the east.
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.
There was a chorus of deep growls, and a young wolf in his fourth year flung back Shere Khan's question to Akela: "What have the Free People to do with a man's cub?" 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.
Then the only other creature who is allowed at the Pack Council--Baloo, the sleepy brown bear who teaches the wolf cubs the Law of the Jungle: old Baloo, who can come and go where he pleases because he eats only nuts and roots and honey--rose upon his hind quarters and grunted.
He came and sat down on things, just when they were wanted to be packed; and he laboured under the fixed belief that, whenever Harris or George reached out their hand for anything, it was his cold, damp nose that they wanted.
"No, mum, I know my place," said Bob, lifting up his pack and shouldering it.
"Come, put down your pack, and let me see," said Mrs.
"Eh mum, I'm loth, that I am," said Bob, slowly depositing his pack on the step, and beginning to untie it with unwilling fingers.
"Didn't I tell you now, mum, as it 'ud hurt your feelings to look at my pack? That damaged bit's turned your stomach now; I see it has," said Bob, wrapping the muslin up with the utmost quickness, and apparently about to fasten up his pack.
Kaviri was only too glad to comply with any demands that the ape-man might make if only such compliance would hasten the departure of the horrid pack; but it was easier, he discovered, to promise men than to furnish them, for when his people learned his intentions those that had not already fled into the jungle proceeded to do so without loss of time, so that when Kaviri turned to point out those who were to accompany Tarzan, he discovered that he was the only member of his tribe left within the village.
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.