English: Credit Default Swap (CDS) payment streams between a "Protection seller" and an "Protection buyer". Buyer purchased a CDS at time t0 and makes regular premium payments at times t1, t2, t3, and t4. If the associated credit instrument suffers a credit event at any time, then the seller would be obliged to pay the buyer, and the buyer would cease paying premiums ( see Image:Cds_paymentstream_protection_loss_event.svg). Otherwise, as shown here, if no credit event occured, then the buyer continues paying premiums at t5, t6 and so on until the end of the contract at time tn.
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{{Information |Description={{en|Credit Default Swap (CDS) payment streams between a "Protection seller" and an "Protection buyer". Buyer purchased a CDS at time t0 and makes regular premium payments at times t1, t2, t3, and t4. If the associated credit in