PAC BOND is a planned amortization class collateralized mortgage obligation (CMO) that provides a set average life within a specified band of prepayment assumptions. PACs are considered the most stable CMO class in terms of average life variability.
PROSPECTIVE FINANCIAL STATEMENTS are either financial forecasts or financial projections. Prospective financial statements may cover a period that has partially expired. Statements for periods that have completely expired are not prospective financial statements.
DISCLOSURE NOTE see DISCLOSURE PRINCIPLE.
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