1. Company A is a protection buyer in a $10 million notional principle senior unsecured CDS of iX USA Inc. iX USA Inc defaults and the market prices of its bonds after the credit event are as follows:

   • Bond A - Subordinated unsecured debenture is trading at 20% of par

   • Bond B - Junior secured debenture is trading at 30% of par

   • Bond C - Senior unsecured debenture trading at 35% of par

   • Bond D - Senior secured debenture trading at 40% of par

     1. What will the payoff the CDS be?