With respect to the credit default swap (CDS), which of the following statements is INCORRECT? Select one: O a. The CDS seller promises to pay the buyer a big payment if a reference company's bonds or loans default. O b. CDS prices can be greatly influenced by non-credit events. O c. The CDS buyer is required to hold debts issued by the reference entity when entering into the CDS contract. O d. The higher the perceived credit risk of the reference entity, the higher the CDS price