CDS confirmations also specify the "credit events" that will give rise to payment obligations by the protection seller and delivery obligations by the protection buyer. Typical credit events include "bankruptcy" with respect to the reference entity and "failure to pay" with respect to its direct or guaranteed bond or loan debt. CDS written on North American investment grade corporate reference entities, European corporate reference entities and sovereigns generally also include "restructuring" as a credit event, whereas trades referencing North American high-yield corporate reference entities typically do not.