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Archean - Proterozoic Era: The period of time beginning 4.6 billion years ago with the formation of the Earth and ending 570 million years ago.

Pass-Throughs: Payments on securities sold in the secondary market that are sent directly to investors.

Passive Income Generator (PIG): An investment that favors passive income, such as an income-oriented real estate limited partnership.

Passport-Visa Service: A service that will take your passport and hand carry, if necessary, to the appropriate embassy in order to expedite a visa. Can be expensive if you have waited until the last minute to obta . . . View Full Definition

Path-Dependent Option: An option whose value depends on the sequence of prices of the underlying asset rather than just the final price of the asset.

Pass-Through Security: When a corporation or government agency buys loans from lenders to pool and package as securities for resale to investors, the products may be pass-through securities. That means regular pay . . . View Full Definition

Pay-As-You-Go Basis: A method of paying income tax in which the employer deducts a portion of an employee's monthly salary to remit to the IRS.

Pass-Through Coupon Rate: The interest rate paid on a securitized pool of assets, which is less than the rate paid on the underlying loans by an amount equal to the servicing and guaranteeing fees.

Pass-Through Rate: The net interest rate passed through to investors after deducting servicing, management, and guarantee fees from the gross mortgage coupon.

Pass-Through Securities: A pool of fixed income securities backed by a package of assets (i.e., mortgages) where the holder receives the principal and interest payments. Related: Mortgage pass-through security