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A portfolio of ten companies is formed. In a third-to-default swap a. There is a payoff when the third default on the portfolio happens. b.

A portfolio of ten companies is formed. In a third-to-default swap a. There is a payoff when the third default on the portfolio happens. b. There is a payoff when the first, second and third companies defaults happen. c. There is a payoff when the third, fourth, fifthtenth companies defaults happen. d. None of the above

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