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Credit linked notes (CLN): The notes or debt obligation issued by some one, usually a Special purpose vehicle, for cash, whereby the issuer will be entitled to offset credit event payments from the interest, principal, or both payable or repayable to the holder of the credit linked note. Thus, credit linked notes are like any other debt security, but with an embedded derivative, which is protection sold by the investor in the CLN and protection bought by the issuer of the CLN.