 For example, the hedge would have to pay swaps in the foreign currency.If FX spot moves in a correlated fashion with the foreign currency swap rate (that is, foreign currency swap rate increases as FX spot increases), the hedger would need to pay a higher swap rate as FX spot goes up, and receive a lower swap rate as FX spot goes down.This is an example of how the hedger of a PRDC note is short cross gamma.