Suppose that you bought a standard CDS on Dec 20th, 2018. The CDS was quoted as 510 bps when you entered the contract. The standard premium (spread) was 500 bps. Which of the following statement is correct? You paid an upfront payment to the CDS seller when you entered the contract. The direction of the upfront payment cannot be determined based on the information provided. The CDS seller paid an upfront payment to you when you entered the contract. There was no upfront payment when you entered the contract