In a typical Credit Linked Note structure, a special-purpose vehicle (SPV) issues notes tied to the credit performance of a reference obligation. Buyers of these notes are protection on the reference obligation and are the risk of the SPV mismanaging the collateral

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In a typical Credit Linked Note structure, buyers of the notes are only buying protection on the reference obligation and are not taking on the risk of the SPV mismanaging the collateral.

In a Typical Credit Linked Note Structure, a Special-Purpose Vehicle