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A portfolio of ten companies is formed. In a third-to-default swap Group of answer choices None of the choices There is a payoff when the

A portfolio of ten companies is formed. In a third-to-default swap

Group of answer choices

None of the choices

There is a payoff when the third default on the portfolio happens

There is a payoff when the first, second and third companies defaults happen

There is a payoff when the third, fourth, fifth...tenth companies defaults happen

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