PAC BOND Definition

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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.

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PURCHASE MONEY AGREEMENT is an agreement under which a person pledges the property or item bought as security.

JIT see JUST-IN-TIME.

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