Which of the Following Is Not True? Choose One)

Which of the following is not true? choose one)

A) There is a payoff when the nth default occurs in an nth-to-default CDS.
B) An add-up basket CDS provides a payoff when any of the reference entities defaults.
C) The CDS spread on a first-to-default swap decreases as the default correlation between the reference entities in the basket declines.
D) The payer in a total return swap suffers a loss if the receiver defaults when the reference bond's yield has increased.