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  3. Pay As You Go Swap (PAUG)
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Pay As You Go Swap (PAUG) - Meaning

A credit default Swap Transaction on an underlying Asset Backed Security (ABS) or Residential Mortgage Backed Security (RMBS) transaction. The protection Seller compensates the protection Buyer over the life of the transaction for any cash flow deficiencies, for example interest shortfalls, principal shortfalls or writedowns. PAUG is cash flow driven as opposed to single event driven as in corporate credit derivatives. Calculations and determinations are made based on the servicer report.

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