So what happens then after the CDS of the credit default swap has been agreed? Well, most of the time, not much actually. In this case, Birkdale has bought insurance from Augusta for $10 million worth of Muirfield PLC bonds. The premium is 55bps, settlements in cash, and the term is only one year. Well, during this one year there was no credit event on the Muirfield PLC bonds. So what's happened? Well, Birkdale paid their 55bps on $10 million throughout the year, that's $55,000 of course, and Augusta received the same amount of course. There was no credit event so the CDS does not pay out. So of course, net-net Birkdale has paid $55,000 and Augusta has received $55,000. So in hindsight, of course, Birkdale did not need this credit protection.