The credit events most commonly specified in CDS transactions are failure of the reference entity to make a payment under a debt obligation (failure to pay) and bankruptcy of, including the occurrence of certain insolvency-related events relating to, the reference entity. Note that whether a credit even has occurred with respect to a particular reference entity is determined by an ISDA "determinations committee" or DC, comprised of both buy-side and dealer-side regional market participants (see Practice Note, Credit Derivatives: Overview (US): Box, ISDA's Big Bang: CDS Determinations Committees).