A linear credit default swap; a basket credit default swap (credit default basket swap) in which the investors (protection sellers) are exposed to all reference obligations (entities) in the basket. When any of the reference entities defaults, the swap compensates the protection buyer for any losses. That is, the swap provides payoff when any of the reference entities stop paying its obligations. This structure is equivalent to a portfolio of credit default swaps, one for each entity.

This swap is alternatively known as an add-up basket credit default swap.