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The PAC tranche has significant protection against prepayment risk at the expense of the support or companion tranches. The more the support tranche’s par value rises relative to that of the PAC bond, the better the protection against prepayment risk. PAC tranches are designed to deal with prepayment risk, and as such pass the contraction or extension risk onto the support tranches. PAC tranches can siphon interest slated for the support tranches, but do not redistribute it. In fact, PAC tranches are designed to provide a minimum guaranteed principal payment by collecting interest targeted for a support tranche when prepayments are low