A portfolio of the following ten companies is formed:

#	Company	Symbol	Stock price as of Sep 16, 2022
1	Apple Inc	AAPL	151.29
2	Microsoft Corp	MSFT	245.65
3	Amazon.com Inc	AMZN	124.30
4	Tesla Inc	TSLA	304.08
5	Alphabet Inc	GOOG	104.00
6	T-Mobile US Inc	TMUS	140.94
7	Meta Platforms Inc	META	146.69
8	NVIDIA Corp	NVDA	132.45
9	PepsiCo Inc	PEP	167.25
10	Costco Wholesale Corp	COST	505.50

In a second-to-default CDS:

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

b.) There is a payoff when the second default on the portfolio happens

c.) There is a payoff when the third default on the portfolio happens

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

e.). None of the above