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In a CDS the payoff is a payment made by CDS _____ to CDS _______ and occurs when the _______ defaults buyer; seller; buyer seller;

  1. In a CDS the payoff is a payment made by CDS _____ to CDS _______ and occurs when the _______ defaults
  1. buyer; seller; buyer
  2. seller; buyer; reference entity
  3. buyer; seller; reference entity
  4. seller; buyer; buyer
  5. buyer; seller; seller

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