Keading $1$: A primer on CDSs

This is based on the reading "Bond Basics: What are Credit Default Swaps and how do they work?," published by PIMCO corporation.

Read the article carefully and then address the following questions.

$(1)$ Describe the typical CDS contract between a seller of credit risk $($buycr of protection$)$ and a buyer of credit risk $($seller of protection$).$ Who pays whom in this transaction and how?

$(2)$ Describe the "credit events" that trigger payments from the buyer of credit risk $($or insurer$)$ to the seller.

$(3)$ In a mutshell, why are CDS contracts useful? $($One$-$to$-$two line anwwer$)$

$(4)$ Why wes the C$79$ martet orfytratty eathtinhont $($The$,$ what was its eriginal purpose?$)$

$(5)$ List some of the additional benefits that CDSs bring about.